自9月1日沃兰特VE25-100的研制批首架机AC101成功完成首次无保护飞行以来，沃兰特团队目前正全 力完成旋翼试飞科目和试飞员上机操作飞行的准备工作，计划于近期开展有人驾驶飞行试验。 对于本轮融资，华映资本创始管理合伙人季薇表示：成熟的研发适航体系和对安全性的极致追求，是现 阶段我们对于头部eVTOL公司乃至全行业发展前景的核心判断要素，沃兰特航空在这两方面均走在全 球前沿。航空业产品开发有其独特规律，我们欣喜地看到沃兰特在坚持航空业最高安全等级的同时，也 实现了研发的快速迭代、供应链的体系化管理和商业化的快速推进，这让公司有机会成为国内第一批拿 到高安全等级飞行器适航的企业，并率先实现eVTOL商业化。在Joby市值超1000亿的背景下，我们希望 沃兰特航空作为eVTOL行业头部企业，能够为中国参与低空领域大国竞争贡献重要力量。 沃兰特航空正是成长于这种背景下，公司成立于2021年6月，专注于高等级电动垂直起降航空器 （eVTOL）的研发与制造。其核心团队均来自民航系统，创始人兼CEO 董明在民航领域工作20余年， 是资深的航空系统专家，曾就任于航空工业、通用电气GE、罗克韦尔·柯林斯和昂际航电，并深度 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5]. Core Views - The company has received the first batch of operational certificates for manned civil unmanned aerial vehicles in China, marking the beginning of commercial operations in the low-altitude economy [2][31]. - The company has a robust order backlog, with over 1,500 units of the EH216 series aircraft on hand, and expects to receive more than 1,200 new orders from Q3 2023 to December 2024 [2][26]. - The company is expanding its production capacity, planning to double the size of its Yunfu production base to 48,000 square meters and increase annual production capacity to 1,000 units by the end of the year [2][39]. Financial Summary - In Q1 2025, the company reported revenue of 26.09 million yuan, a year-on-year decrease of 57.7% and a quarter-on-quarter decrease of 84.1% [1][8]. - The net profit attributable to shareholders was -78.08 million yuan, compared to -63.33 million yuan in the same period last year [1][8]. - The adjusted net profit (non-GAAP) was -30.82 million yuan, a significant decline from the previous year's -10.03 million yuan [1][8]. - The gross margin for Q1 2025 was 62.4%, showing an increase compared to the previous year [14]. Revenue and Profit Forecast - Revenue forecasts for 2025-2027 are set at 860 million yuan, 1.205 billion yuan, and 1.579 billion yuan, respectively, with expected growth rates of 88.4%, 40.2%, and 31.0% [4]. - The net profit forecasts for the same period are -143 million yuan, 61 million yuan, and 194 million yuan, reflecting a downward adjustment in profit expectations [4][3].