格隆汇12月18日丨安达维尔(300719.SZ)在投资者互动平台表示，公司在低空经济航空器机载配套业务 方面，基于现有机载设备产品成熟的技术和工艺经验，大力拓展座椅、内饰、空调、照明等配套研制业 务，并与多家eVTOL（电动垂直起降飞行器）主机单位签订了研制合同或合作意向书。目前没有为亿 航智能EH216-S无人驾驶载人航空器提供相关产品。 ...

中证报中证网讯(记者王辉)近日，低空出行科技企业高域发布消息称，公司2025年以来累计融资金额达 5亿元。其中，公司在11月完成规模2亿元的Pre-A轮融资，此轮融资由国泰君安基金、四川弘威基金、 广州开发区低空基金等联合投资。 截至目前，公司的一期产线即将投产，并且已开始与地方政府、景区、出行平台进行深度对接。在12月 11日举行的2025世界无人机大会上，高域与南方试验场在韶关市新丰县合作建设的"飞行汽车试飞检测 基地"授牌。 公开信息显示，高域目前有三款不同构型产品，分别是陆空两用的AirCar、城市通勤的多旋翼AirCab， 以及面向城际出行的复合翼AirJet，覆盖了eVTOL(电动垂直起降飞行器)的所有终端场景。其中，多旋 翼AirCar和AirCab可以满足30km以内的短途跨越式出行需求，有效打通局部区域的"经济孤岛"；复合翼 AirJet可满足200km以内跨城市出行需求，未来搭载广汽全固态电池后，续航将有望突破400km，为交通 枢纽、城市之间的快速移动提供全新解决方案。 ...

Core Insights - The "low-altitude economy" is gaining significant attention, being included in government work reports and strategic development plans, highlighting its potential as a key emerging industry during the expo [2][3]. Group 1: Industry Developments - The eighth China International Import Expo showcased various eVTOL (electric vertical takeoff and landing) products from companies like Yufeng Future, Volant, and Shidi Technology, indicating a shift towards practical air transportation solutions [2][3]. - Yufeng Future presented its upgraded "air taxi" M1, featuring a wingspan of 15 meters, a length of 10 meters, and a maximum takeoff weight of 2.5 tons, capable of carrying five passengers with a range of 250 kilometers on a single charge [3][5]. - Tianling Technology introduced the world's first full-size tilt-duct eVTOL, the INFLYNC L600, which can cover a distance of 600 kilometers at a cruising speed of 360 kilometers per hour, aiming to integrate air travel into everyday life [7]. Group 2: Market Opportunities - The pricing for urban routes starts at 50 yuan, while intercity routes range from 100 to 300 yuan, with travel times significantly reduced compared to traditional transport methods [5][6]. - Yufeng Future anticipates that the cost of air travel will eventually align with taxi fares, enhancing travel efficiency and accessibility [5][6]. - Shidi Technology is promoting low-altitude travel solutions along the Belt and Road Initiative, aiming to create a global "air silk road" strategy [10]. Group 3: Partnerships and Orders - Multiple companies signed agreements at the expo, covering financial leasing, operational services, and international expansion, facilitating the commercial viability of eVTOL operations [11][12]. - Volant signed contracts for 95 aircraft worth 2.375 billion yuan, indicating strong demand and confidence in the eVTOL market [12]. - Shidi Technology secured an order for 100 E20 eVTOLs from ICBC Financial Leasing, with plans for commercial operation and global market expansion [13].

Core Viewpoint - EHang's new eVTOL model, VT35, is designed for longer-distance travel and is priced at 6.5 million yuan, significantly higher than its predecessor EH216-S, which is priced at 2.39 million yuan. The VT35 aims to establish a commercial operational model for the eVTOL industry in China [1][7]. Group 1: Product Features and Specifications - The VT35 has a length of approximately 8 meters, a height of about 3 meters, and a wingspan of around 8 meters, capable of carrying two passengers with a maximum takeoff weight of 950 kilograms [5]. - The VT35 features a serial wing design with eight distributed lift propellers for vertical takeoff and landing, while the EH216-S uses a multi-rotor design with 16 propellers [5]. - The VT35 is expected to have a range of over 200 kilometers when fully loaded, allowing for intercity travel, such as from Shanghai to nearby cities like Hangzhou and Wuxi [6]. Group 2: Market Position and Pricing - The VT35 is priced at 6.5 million yuan, which is lower than similar eVTOLs available internationally, such as SkyDrive's SD-05 priced at approximately 10.71 million yuan [7]. - EHang's cost management strategies, including the use of existing production lines and shared components with the EH216 series, have helped stabilize production costs for the VT35 [8]. Group 3: Industry Context and Regulatory Environment - EHang is the only company with operational certification for eVTOLs in China, and its operations are being closely monitored by the Civil Aviation Administration of China (CAAC) [1][17]. - The successful operation of EHang's eVTOLs is seen as a critical step in establishing industry standards and regulations, which will facilitate further development in the sector [17].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $20, corresponding to a 20x P/S for 2025 [4][6]. Core Insights - The company has lowered its full-year revenue guidance for 2025 from 900 million RMB to approximately 500 million RMB, reflecting a year-on-year growth of about 10% [1]. - In Q2 2025, the company delivered 68 units of the EH216 series aircraft, a significant increase compared to previous quarters, with a total of 79 units delivered in the first half of the year [1]. - The company achieved a revenue of 147 million RMB in Q2, representing a 44% year-on-year increase, with a gross margin of 62.6% [1]. - The company has received over 150 new orders for the EH216 series in Q2, with 90% of these being domestic orders [3]. - The company is actively pursuing the commercial launch of the EH216-S for passenger operations within the year and plans to unveil the VT35 model in September [2]. Financial Summary - The company expects revenues of 500 million RMB in 2025, with projections of 750 million RMB in 2026 and 1.34 billion RMB in 2027 [4]. - Non-GAAP net profit is projected to be 5 million RMB in 2025, increasing to 54 million RMB in 2026 and 167 million RMB in 2027 [4]. - The company has a capital expenditure guidance of approximately $40 million for 2025, with capacity expansion goals remaining unchanged [1]. Operational Developments - The company has obtained all necessary certifications for eVTOL manufacturing and is conducting trial operations for passenger drones [2]. - Strategic partnerships have been established with battery manufacturers to address battery life and charging issues, including the development of solid-state batteries [3].

Core Insights - A UAE company, Autocraft, signed a procurement agreement with Chinese company Shide Technology for 350 units of E20 eVTOL, amounting to $1 billion, marking the largest single eVTOL order from China to date [1][2] - The E20 eVTOL is designed for urban air mobility, featuring a wingspan of 12 meters, a range of 200 kilometers, and a maximum speed of 320 kilometers per hour, capable of carrying one pilot and four passengers [1] - The collaboration aims to leverage Autocraft's local market advantages and Shide Technology's expertise in eVTOL development to facilitate pilot deployments and commercial applications in the Middle East and North Africa [1][2] Summary by Sections - **Procurement Agreement**: Autocraft's $1 billion order for 350 E20 eVTOLs is set to be delivered after obtaining the necessary certifications from the Civil Aviation Administration of China [1] - **E20 eVTOL Specifications**: The E20 model is characterized by its vertical takeoff and landing capabilities, reduced carbon emissions, and low noise levels, making it suitable for various applications such as low-altitude tourism and urban commuting [1] - **Technical Collaboration**: On the signing day, Shide Technology's team engaged in technical discussions with representatives from the UAE Civil Aviation Authority regarding airworthiness certification and operational management, laying a solid foundation for the E20's commercial use in the UAE [2] - **Strategic Importance**: The $1 billion order is seen as a critical breakthrough for Shide Technology's international expansion, with plans to promote Chinese low-altitude technology in more regions [2]