Core Insights - VOLANT has successfully completed a multi-billion B round financing led by Huaying Capital, with participation from new investors such as SAIC Capital, and existing shareholders including Junlian Capital and Dinghui Baifu, indicating strong market confidence in the company's leadership in the high-grade commercial passenger eVTOL sector and its commercialization potential [1][4] - The low-altitude economy is seen as a strategic area for China, aiming to secure a technological edge in the electric aviation era and improve national airspace management and safety systems [1][2] Company Overview - VOLANT was established in June 2021, focusing on the research and manufacturing of high-grade electric vertical takeoff and landing aircraft (eVTOL), with a core team comprising experienced professionals from the civil aviation sector [2] - The founder and CEO, Dong Ming, has over 20 years of experience in civil aviation, while the CTO, Zhang Baozhu, has nearly 30 years of experience in aircraft product development [2] Product Development - The VOLANT VE25-100 "Tianxing" has completed its maiden flight, designed for the commercial passenger market and capable of covering all application scenarios in the low-altitude economy [3] - The aircraft boasts spacious cabin space, flexible design, excellent payload capacity, and safety levels comparable to commercial airliners, with operational costs per seat per kilometer estimated to be 1/8 to 1/10 of similar helicopters [3] - The company has received confirmed orders from leading domestic airlines and leasing companies, providing a model for commercialization in the low-altitude eVTOL industry [3] Financing and Market Position - The recent financing round reflects the industry's recognition of VOLANT's advanced research and safety systems, positioning the company to potentially be among the first in China to obtain high safety level certifications for eVTOL aircraft [4] - The founder of Huaying Capital emphasized the importance of a mature research and certification system and a strong focus on safety as key factors in assessing the future prospects of leading eVTOL companies [4]

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].