Investment Rating - The report maintains a "Recommend" rating for CITIC Heli [1] Core Views - The company achieved its best quarterly performance in Q1 2025, with a revenue of 496 million yuan, representing a year-on-year growth of 8.37% and a net profit attributable to shareholders of 91 million yuan, up 9.2% year-on-year [6] - The company is deepening its cooperation in the eVTOL field with CITIC Financial Leasing and Fengfei Aviation, including a strategic cooperation agreement for the intention to purchase 100 large eVTOL aircraft [6] - The report emphasizes the company's strong position in the low-altitude economy and its potential to benefit from three key areas: expanding consumer markets, participating in new low-altitude operational network standards, and leveraging opportunities from being a state-owned enterprise [6] Financial Summary - Total revenue is projected to grow from 2,163 million yuan in 2024 to 2,923 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11% [2] - Net profit attributable to shareholders is expected to increase from 303 million yuan in 2024 to 436 million yuan in 2027, with a CAGR of about 9% [2] - Earnings per share (EPS) is forecasted to rise from 0.39 yuan in 2024 to 0.56 yuan in 2027 [2] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 57 times in 2024 to 39 times in 2027 [2] Quarterly Performance - In Q1 2025, the company reported a gross margin of 21.85%, an increase of 2.3 percentage points year-on-year [6] - The net profit margin for Q1 2025 was 18.4%, consistent with the previous quarters [7] - The company’s performance in Q1 2025 was the highest for the same period in its history, second only to Q4 2024 [6] Strategic Developments - The company is actively innovating in the general aviation sector, with the recent acquisition of a specialized drone system, marking a significant step in the low-altitude economy [6] - The strategic partnership with Fengfei Aviation is expected to enhance service offerings in low-altitude sightseeing and transportation [6]

| 海外聚焦 3 | | --- | | 【重点事件】美国交通部长达菲与参议员克鲁兹宣布德州农工大学牵头成立先进航空技术中心3 | | 【重点事件】航空科技公司 Archer 获准在阿布扎比设计阿联酋首个混合型直升机起降场,为商 | | 业电动空中出租车服务铺平道路 . | | 【重点企业】日本: SkyDrive公司全尺寸电动垂直起降飞行器 (eVTOL)样机亮相大阪世博会 4 | | 国内热点 6 | | 【重点事件】共绘产业融合新图景,上海市经济信息化委与GSMA 联合召开智能网联汽车、低空 | | 经济生态对接会 | | 【重点事件】广东省属国资国企挺进低空经济、人工智能等新兴赛道 6 | | 【重点事件】2025 数字中国创新大赛·低空经济赛道颁奖礼举行 . | | 【重点事件】国内首个 eVTOL 试飞员培训计划落地 . | | 【重点事件】低空经济发展趋势报告发布 六大趋势揭示低空经济发展规律 . | | 【重点事件】长三角低空经济产业联盟成立 . | | 【重点事件】"低空经济×智能制造"产才协同生态联盟正式成立 | | 【重点事件】"数智经济·链动未来"2025 新质生产力发展大会在兵团第十 ...

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1]. Core Insights - The low-altitude economy sector is gaining significant attention from the national level, with policies being implemented to support the development of new energy aircraft and the promotion of drones. The sector is expected to form a trillion-level industry scale [6][20]. - The low-altitude economy index has underperformed the broader market, with a decline of 0.20% during the reporting period, lagging behind the Shanghai Composite Index by 1.96 percentage points [6][13]. - Six flying cars were showcased at the Shanghai Auto Show, highlighting advancements in urban air mobility [21]. Summary by Sections Market Review - The low-altitude economy index decreased by 0.20%, underperforming the Shanghai Composite Index by 1.96 percentage points and the CSI 300 Index by 1.18 percentage points during the period from April 14 to April 27, 2025 [6][13]. Policy Dynamics - On April 25, ten departments, including the Ministry of Transport, issued guidelines to enhance support for new energy aircraft and promote the application of drones. This includes establishing airworthiness certification systems for new energy aircraft [19][20]. - The low-altitude economy is recognized as a typical representative of new productive forces, with plans to create a trillion-level industry [20]. Industry Dynamics - The Shanghai Auto Show featured six flying cars, including the Hongqi "Tianran 1," which boasts a flight range of 200 km and a maximum speed of 150 km/h [21]. - Meituan's self-developed fourth-generation drone received the first nationwide low-altitude logistics operation certificate, enabling regular commercial operations across major cities [24]. - The first low-altitude version of "Didi" was launched in Jinan, marking a significant step in the digital platform for low-altitude economy applications [25]. Important Company Announcements - Zhonghe Technology reported a total revenue of 2.024 billion yuan in 2024, a decrease of 12.96% year-on-year, and established a subsidiary focused on low-altitude business development [50]. - Yingboer achieved a revenue of 2.430 billion yuan in 2024, reflecting a growth of 23.77% year-on-year, with significant advancements in low-altitude economic sectors [51]. - The company Lai Si Information reported a revenue of 1.610 billion yuan in 2024, a decrease of 3.94% year-on-year, focusing on low-altitude urban transportation systems [52].

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry as of April 27, 2025 [1]. Core Insights - The low-altitude economy sector has received significant attention from the national government, with policies aimed at promoting the development of new energy aircraft and the application of drones. The sector is expected to form a trillion-level industry scale [6][20]. - The low-altitude economy index has underperformed the broader market, with a decline of 0.20% during the reporting period, lagging behind the Shanghai Composite Index by 1.96 percentage points [6][13]. - Six flying cars were showcased at the Shanghai Auto Show, highlighting advancements in urban air mobility [21]. Summary by Sections Market Review - The low-altitude economy index decreased by 0.20%, underperforming the Shanghai Composite Index by 1.96 percentage points and the CSI 300 Index by 1.18 percentage points during the period from April 14 to April 27, 2025 [6][13]. Policy Dynamics - On April 25, ten government departments issued guidelines to enhance support for the development of new energy aircraft and promote the application of drones. This includes establishing airworthiness certification systems for new energy aircraft [19][20]. - The low-altitude economy is recognized as a typical representative of new productive forces, with plans to create a trillion-level industry [20]. Industry Dynamics - The Shanghai Auto Show featured six flying cars, including the debut of Hongqi's "Tianran 1," which boasts a range of 200 km and a top speed of 150 km/h [21]. - Meituan's self-developed fourth-generation drone received the first nationwide low-altitude logistics operation certificate, enabling regular commercial operations across major cities [24]. - The first low-altitude "Didi" platform was launched in Jinan, marking a significant step in the digitalization of the low-altitude economy [25]. Important Company Announcements - Zhonghe Technology reported a 12.96% decrease in total revenue for 2024, while also establishing a subsidiary focused on low-altitude business development [50]. - Yingboer achieved a 23.77% increase in revenue for 2024, with significant advancements in electric propulsion systems for low-altitude applications [51]. - The company Zongheng Communication reported a 22.54% increase in revenue, entering the low-altitude economy sector with a focus on intelligent air traffic management [52].

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The low-altitude economy is experiencing significant support from both central and local governments, with a focus on funding and scene development to accelerate commercialization [3][19] - The recent issuance of 200 billion yuan in special bonds for equipment updates is expected to benefit low-altitude equipment, including consumer drones and eVTOLs [24] - The low-altitude economy is transitioning from conceptualization to commercialization, with various products showcased at the Shanghai Auto Show [19][31] Summary by Sections 1. Weekly Sector Review - The average change in A-share related to the low-altitude economy from April 21 to April 25 was +3.6%, driven by improved risk appetite due to easing tariff expectations [4][11] - Top gainers included Xincheng Technology (+37.2%), Wanfeng Aowei (+14.7%), and Guangyang Co. (+13.1%) [11][13] 2. Industry Dynamics - Meituan's self-developed drone received the first nationwide low-altitude logistics operation certificate [22] - The establishment of the Guangzhou Low-altitude Economy Development Company with a registered capital of 300 million yuan aims to support the industry [25] - The Shanghai Auto Show featured over 15 companies showcasing eVTOL products, indicating a shift towards commercialization [31] 3. Individual Company Updates - Xincheng Technology is developing a low-altitude comprehensive management service platform [36] - XWanda has partnered with Aerospace Feipeng to integrate high-performance batteries into eVTOL systems [37] - Jindun Co. is collaborating with Tsinghua University to develop a ducted fan propulsion system for flying cars and industrial drones [38] - YH Technology has successfully delivered the first domestic eVTOL simulator [39] - Yingboer has completed prototype delivery for a new model in collaboration with Yihang Intelligent [41]

Core Insights - EHang Intelligent's subsidiary, Guangdong EHang General Aviation Co., Ltd., and its joint venture Hefei HeYi Aviation Co., Ltd., have received the first batch of operational qualifications for manned civil unmanned aerial vehicles (UAVs) from the Civil Aviation Administration of China, marking the beginning of the low-altitude flying "manned era" [1][2] - The electric vertical takeoff and landing (eVTOL) industry is witnessing a surge in interest from battery manufacturers, who are seen as key players in driving the commercialization of eVTOLs [1][2] - Despite advancements, the current battery performance still falls short of market demands, posing challenges for the expansion of eVTOL applications [1][10] Industry Developments - EHang Intelligent has completed the necessary certifications to initiate commercial low-altitude services, allowing consumers to purchase tickets for experiences such as low-altitude tours and urban sightseeing in cities like Guangzhou and Hefei [2] - Other companies, such as XPeng Heitech, are also accelerating their industrialization processes, with plans for mass production of their flying cars by 2026 [2] - The eVTOL industry is evolving into a new industrial chain, with various companies vying for a share of the market [2] Battery Technology and Market Dynamics - The value of the "three electrics" (motor, battery, and avionics) constitutes approximately 70% of the total value of eVTOLs, with battery costs accounting for about 20% of the overall costs [3] - Compared to electric vehicles, eVTOLs exhibit lower sensitivity to battery prices, allowing for greater innovation potential and profitability for battery manufacturers [3] - Major battery manufacturers are focusing on developing solid-state and semi-solid-state batteries, with companies like CATL and Guoxuan High-Tech actively collaborating on eVTOL battery projects [4][12] Performance Requirements - The eVTOL industry demands high-performance batteries characterized by high safety, high energy density, high discharge rates, and fast charging capabilities, collectively referred to as "three highs and one fast" [5][6] - Current eVTOL battery energy densities range from 270Wh/kg to 320Wh/kg, with a need for further advancements to meet the demands of longer-range and more frequent urban air mobility applications [11][12] Future Outlook - The industry anticipates a transition towards semi-solid-state batteries by 2025 and solid-state batteries by 2030, which are expected to significantly enhance the flight range of eVTOLs [12] - EHang Intelligent has successfully conducted the first flight test of an eVTOL with a solid-state battery, achieving a flight duration increase of 60% to 90% [12] - The development of charging infrastructure, including ultra-fast charging solutions, is critical for the operational efficiency and profitability of eVTOL services [12][13]

一辆辆飞行汽车"飞入"了2025上海车展的展台。 新京报贝壳财经记者在现场看到，造型前卫的飞行汽车以悬停姿态展示，可以清晰地看到内部简约的驾驶舱布局，有的甚至完全取消了传统方向盘。大家驻 足围观，似乎置身于"地面堵车就起飞"的未来出行时代。 相比于低空经济的管理规范、商业化落地等话题，公众更关注飞行汽车多少钱、何时能乘坐、驾驶难不难等实际问题。或许在不久的将来，人们就能享受到 打"飞的"出行服务。 黄金平衡。 2025上海车展，红旗首款豪华飞行汽车"天辇1 号"。新京报贝壳财经记者李学浩 摄 【现场】 飞行汽车亮相车展 奇瑞今年车展上展示了自己的飞行汽车。2024年10月18日，这款飞行汽车第一次被展示出来，目前已成功试飞，试飞距离大约80公里。 "飞行模块与座舱结合形成飞机形态，行驶模块与座舱结合形成汽车形态"，奇瑞飞行汽车实验室主任李涛向新京报贝壳财经记者介绍，这款三体式复合翼飞 行汽车引入了三体对接结构，由飞行模块（螺旋桨和机翼）、座舱模块和行驶模块组成，通过开发超紧凑对接结构系统可完成上、中、下三模块自主结合、 分离，实现陆空无人驾驶模式无缝切换，以构建城市三维立体交通。 模块化分体式设计，不仅能让汽 ...

Investment Rating - The investment rating for the industry is optimistic (maintained) [1] Core Insights - The low-altitude economy is recognized as a strategic emerging industry with significant development potential and a solid foundation in China [27] - Recent government initiatives emphasize the acceleration of low-altitude economic development, focusing on innovation, application traction, and standard support [26][19] - The commercial viability of eVTOL (electric vertical takeoff and landing) aircraft is increasing, with multiple manufacturers receiving substantial orders [19][37][39] Summary by Sections Industry Overview - The low-altitude economy encompasses various sectors, including logistics, urban transportation, agriculture, emergency rescue, and cultural tourism, indicating a broad service scope and diverse industry chain [27] - The average fluctuation of low-altitude economy-related stocks was -1.2% from April 14 to April 18, with some stocks driven by strong performance [12][4] Government Initiatives - The National Development and Reform Commission (NDRC) held a meeting to promote low-altitude economic development, emphasizing a coordinated approach to safety and market dynamics [25] - The Ministry of Industry and Information Technology (MIIT) outlined four key areas for enhancing low-altitude economic growth: equipment innovation, application traction, technology integration, and standard support [26] Market Dynamics - Recent data shows a significant increase in consumer interest in low-altitude experiences, with a 645% year-on-year surge in related searches in Chengdu [28] - The number of businesses offering low-altitude flight services in Chengdu has increased by 106% since March 2025, with order volumes rising over 280% [28] Company Developments - Peak Aviation secured a financial leasing agreement for 100 eVTOL aircraft, amounting to over 1 billion yuan, marking a significant step in commercializing eVTOL technology [37] - The partnership between Rui Pu Lan Jun and Yu Feng Future aims to provide customized high-nickel battery solutions for eVTOL projects, enhancing energy solutions in the low-altitude sector [40]

Investment Rating - The investment rating for the industry is optimistic (maintained) [1] Core Insights - The low-altitude economy is recognized as a strategic emerging industry with significant development potential and a solid foundation in China [27] - Recent government initiatives emphasize the acceleration of low-altitude economic development, focusing on innovation, application traction, and standard support [26][19] - The commercial viability of eVTOL (electric vertical takeoff and landing) aircraft is increasing, with multiple manufacturers securing substantial orders [19][37][39] Summary by Sections Industry Overview - The low-altitude economy encompasses various sectors, including logistics, urban transportation, agriculture, emergency rescue, and cultural tourism, indicating a broad service scope and diverse industry chain [27] - The recent surge in consumer interest in low-altitude experiences, particularly in Chengdu, highlights the growing market demand [28] Government Initiatives - The National Development and Reform Commission (NDRC) is actively promoting low-altitude economic development through strategic planning and safety measures [25] - The Ministry of Industry and Information Technology (MIIT) is focusing on four key areas to enhance low-altitude economic growth: equipment innovation, application traction, technology integration, and standard support [26] Market Dynamics - Recent data shows a 645% year-on-year increase in searches related to low-altitude activities in March 2025, indicating a strong consumer interest [28] - The average stock price change for low-altitude economy-related companies was -1.2% from April 14 to April 18, 2025, with notable performers like Puli Te (+11.5%) and Haopeng Technology (+6.7%) [12][4] Company Developments - Several eVTOL manufacturers, including Fengfei Aviation and Shidi Technology, have secured significant orders, indicating a positive trend in commercial applications [19][37][39] - Rui Pu Lan Jun has entered a strategic partnership with Yufeng Future to provide customized high-nickel battery solutions for eVTOL aircraft [40]

Investment Rating - The report maintains an "Overweight" investment rating for the low-altitude economy sector [3]. Core Insights - The issuance of the Operations Certificate (OC) to EHang and Hefei Hewei Aviation marks a significant milestone in the commercialization of low-altitude services, establishing EHang as the first company globally to achieve complete commercial operation qualifications for unmanned eVTOL aircraft [1][19][29]. - Hefei is positioning itself as a "Sky City" by attracting key players in the low-altitude economy, including the establishment of the East China headquarters for Fengfei Aviation, which will enhance the local industrial ecosystem [2][30][34]. - The low-altitude economy is supported by strong capital market performance, with significant investment activity in the sector, indicating a robust long-term growth potential despite short-term market fluctuations [5][37]. Summary by Sections 1. Key Events and Announcements - EHang and Hefei Hewei Aviation received the first Operations Certificates for manned unmanned aerial vehicles in China, enabling the start of commercial operations in low-altitude services [1][19]. - Hefei signed a cooperation agreement with Fengfei Aviation to establish its East China headquarters, which will focus on various aspects of low-altitude operations [2][30]. 2. Capital Market Performance - In March 2025, the low-altitude economy sector experienced a decline of 1.63%, underperforming compared to the military industry index, which rose by 2.20% [37]. - The overall market showed a mixed performance, with notable gains in specific companies like Xirui and losses in others like Shencheng [38]. 3. Low-Altitude Industry Chain Key Enterprises - The report identifies key segments within the low-altitude economy, including low-altitude air traffic management, low-altitude aircraft systems, and low-altitude manufacturing, highlighting various enterprises involved in these areas [6][35].