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亿航- 在动态电动垂直起降(eVTOL )领域持续调整适应-EHang Holdings Ltd-Continuous adaptation in a dynamic eVTOL sector
2025-08-27 01:12

Summary of EHang Holdings Ltd Conference Call Company Overview - Company: EHang Holdings Ltd - Industry: eVTOL (Electric Vertical Takeoff and Landing) sector - Market Cap: Rmb8,547 million - Current Stock Price: US$17.79 (as of August 25, 2025) - Price Target: US$26.00, indicating a 46% upside potential Key Financial Highlights - 1H25 Revenue: Rmb173 million, a 6% year-over-year increase, representing approximately 35% of the revised full-year guidance of Rmb500 million, down from Rmb900 million [7][5] - 2Q25 Gross Margin: Expanded by 0.2 percentage points year-over-year and quarter-over-quarter to 62.6%, attributed to better scale and lower procurement costs [2] - 2Q25 Net Loss: Increased to Rmb81 million from Rmb78 million in 1Q25, with management targeting breakeven on a quarterly basis by 2026 and full-year breakeven by 2027 [3] Strategic Outlook - 2H25 Expectations: Management is optimistic about a stronger second half of 2025, supported by over 150 units of EH216 orders secured in 2Q25, with 10% of these orders coming from overseas markets, particularly Japan and Thailand [1] - Operational Efficiency: The company aims to limit operating expense growth to less than 30% in 2025, down from a previous target of 40%, indicating a focus on operational leverage in the latter half of the year [2] Upcoming Catalysts - Product Launches: Anticipated unveiling of the VT35 in September and the launch of EH216 public commercial operations [3] - Regulatory Approvals: Potential for operational approvals or project wins that could enhance market position [3] Risks and Challenges - Revenue Target Adjustment: The reduction of the FY25 revenue target reflects a strategic pivot towards prioritizing safety and service over aggressive short-term expansion [7] - Market Acceptance: Risks include potential delays or cancellations in EH216-S shipments and slower market acceptance due to headline risks [9] Valuation and Investment Considerations - Valuation Methodology: The base case valuation is derived from a discounted cash flow (DCF) methodology, with key assumptions including a 15.1% WACC and a 2.5% terminal growth rate [8][9] - Investment Rating: The stock is rated as "Overweight," suggesting expected performance to exceed the average total return of the industry over the next 12-18 months [5][24] Conclusion EHang Holdings Ltd is navigating a challenging yet promising landscape in the eVTOL sector, with a focus on operational efficiency and strategic product launches. The company is positioned for potential growth in the second half of 2025, despite recent adjustments to revenue targets and ongoing market risks.