亿航智能：EH216-S 将于 3 月启动商业运营；2025 年第四季度经调整净利润好于预期；买入评级

13 March 2026 | 1:25PM HKT Equity Research EHang (EH): EH216-S commercial operation to launch in Mar; 4Q25 Rev/ NI better-than-expected; Buy EHang's 4Q25 revenues were +48% YoY/ +164% QoQ to Rmb244m, higher than our estimates by 12% and company guidance, driven by accelerated delivery of EH216-S and VT-35 in 4Q and growing eVTOL orders on hand. Looking ahead, the company guides revenues to grow 18% YoY to Rmb600m in 2026E (vs. Rmb510m in 2025) and expects to see incremental revenues from eVTOL operation ser ...