EHang(US:EH) 光大证券研究·2025-03-13 09:05Core Viewpoint - In 2024, Yihang Intelligent achieved total revenue of 456 million yuan, representing a year-on-year growth of 288.5%, with a gross margin of 61.4%, slightly down from 64.1% in 2023. The adjusted net profit reached 43.1 million yuan, marking the first annual adjusted profit for the company. Additionally, the company recorded positive operating cash flow for the first time, with a net inflow of approximately 160 million yuan in operating cash flow [2][3]. Revenue and Profitability - In Q4 2024, total revenue was 164 million yuan, showing a year-on-year increase of 190.2% and a quarter-on-quarter growth of 28.2%. The adjusted net profit for the quarter was 36.4 million yuan, achieving adjusted quarterly profitability for three consecutive quarters, with a gross margin of 60.7% [3]. - The company projects total revenue of approximately 900 million yuan for 2025, indicating a year-on-year growth of about 97% [3]. Delivery and Certification - In 2024, Yihang Intelligent delivered a total of 216 units of the EH216 series unmanned aerial vehicles, a significant increase of 315.4% compared to 52 units in 2023, setting a new record. In Q4 alone, 78 units were delivered, marking a year-on-year growth of 239.1% [3]. - The EH216-S, the flagship product, has received the eVTOL aircraft type certificate, production license, and standard airworthiness certificate from the Civil Aviation Administration of China. The CAAC has completed document reviews and on-site inspections for two companies, with final approval pending [3]. Strategic Partnerships and Infrastructure - In December 2024, Yihang Intelligent entered into a strategic partnership with China Transportation Information Technology Group to advance nationwide digital infrastructure for air traffic, focusing on low-altitude flight hubs and initiating urban air traffic operation centers in Hefei, Shanghai, and Shenzhen [3]. - The company plans to expand its 24,000 square meter production line in Yunfu, aiming for an annual production capacity of 1,000 units by the end of 2025, in collaboration with Inboer to upgrade and expand the production line [4]. - Yihang Intelligent is collaborating with solid-state battery company Xinjie Energy to complete flight tests of eVTOLs equipped with solid-state lithium batteries, significantly enhancing the flight endurance of the EH216-S by 90%, exceeding 48 minutes [4]. Market Application and Future Outlook - Currently, Yihang's revenue and orders are limited to scenic sightseeing applications. The EH216-S's certification is expected to promote the application of eVTOLs in this sector. However, urban and intercity commuting applications are still dependent on the certification progress of other aircraft models within the industry [4]. - The company is closely monitoring the certification progress of its operational capability (OC) and the airworthiness certification (TC) advancements of other companies in the industry [4].