Investment Rating - The report assigns a "Buy" rating to the company, marking the first coverage [2] Core Views - The company is a global leader in the eVTOL industry, with significant first-mover advantages in urban air mobility [3] - The company's EH216-S model has obtained the "three major certifications" (TC, AC, PC), positioning it as a pioneer in the industrialization of eVTOL [10] - The company's revenue is expected to grow significantly, with 2024-2026 revenue projections of 4.0/7.6/10.8 billion yuan, and Non-GAAP net profit of -0.5/0.8/1.8 billion yuan [7] Financial Performance and Valuation - Revenue for 2023 was 117 million yuan, a 165% YoY increase, with a net loss of 302 million yuan [1] - Adjusted net profit for 2023 was -138.2 million yuan, with an adjusted net profit margin of -118% [1] - The company's P/S ratio is projected to decrease from 19.9x in 2024 to 7.3x in 2026, while the adjusted P/E ratio is expected to improve from -171.2x in 2024 to 42.9x in 2026 [1] Industry Overview - The eVTOL market is expected to grow from $1.2 billion in 2023 to $23.4 billion by 2030, with a CAGR of 52% [4] - eVTOLs are expected to dominate low-altitude urban transportation due to their intelligence, safety, economic efficiency, and environmental friendliness [24] - The industry is supported by favorable policies, with China's first unmanned aerial vehicle regulation taking effect in 2024 [30] Company Highlights - The company has completed approximately 47,000 safe test flights globally as of March 2024 [6] - The company has secured strategic partnerships with local governments and enterprises, including a 100-unit EH216-S order from Wuxi [46] - The company has a strong order backlog, with significant pre-orders from international clients such as Japan's AirX and Indonesia's Prestige Aviation [47] Technological Advantages - The company adheres to three core technological principles: redundancy, autonomous flying, and cluster management [43] - The EH216-S model is equipped with a distributed electric propulsion (DEP) system and can safely land even if three propellers fail [43] - The company's command and dispatch system can manage up to 3,500 autonomous aircraft simultaneously [43] Market Expansion and Partnerships - The company is actively expanding its overseas market, with operations in 15 countries across Asia, Europe, and the Americas [48] - Strategic partnerships with battery manufacturers like Guoxuan High-Tech and automotive companies like GAC Group are expected to enhance the company's supply chain and market reach [45] - The company has established multiple command centers in China to support its smart city management and urban air mobility operations [43]
全球eVTOL领军企业，迎来产业化进程