EHang(US:EH) Tianfeng Securities·2025-09-19 10:59Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4]. Core Views - The company is progressing in commercialization, with the new model VT35 expected to be launched in September. The second quarter of 2025 saw revenue of 150 million yuan, a year-on-year increase of 44.2%, and an adjusted net profit of 9.4 million yuan, up 719.9% year-on-year [1][2]. - The company has delivered 68 units of the EH216 series to 13 enterprise customers in China and Japan, with over 150 new orders received in the second quarter, indicating enhanced market penetration [2]. - The company is focusing on expanding its global footprint, having completed flights in Mexico, Indonesia, and the Dominican Republic, bringing its operational reach to 20 countries [3]. Business Progress - The company has initiated commercial trial operations for the EH216-S in Guangzhou and Hefei, following the acquisition of OC certification, laying the groundwork for public commercial services expected to launch within the year [2]. - Strategic partnerships have been established, including collaboration with Guoxuan High-Tech for high-energy density battery systems and with Minth Group for lightweight fuselage structures and smart cockpit solutions [2]. - The company has adjusted its revenue guidance for 2025 to approximately 500 million yuan, reflecting a strategic focus on eVTOL commercialization and operational demonstration models [3]. Future Outlook - Revenue projections for 2025-2027 are set at 500 million, 750 million, and 1.35 billion yuan respectively, with a focus on the delivery rhythm and commercialization efforts [3].