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億航智能: Q2收入超指引,調後淨利潤轉正,訂單持續增長

天风国际  · 公众号  ·  · 2024-09-16 18:41

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EHang Holdings (EH US)


Q2收入超指引,調後淨利潤轉正,訂單持續增長


24Q2E results takeaways: revenue surpassed guidance; adjusted net profit turnaround; orders in full flow

BUY (maintain)


投資要點/Investment Thesis

投資要点/Investment Thesis

24Q2業績概覽:收入超此前指引,調後淨利潤轉正。 24Q2收入1.0億元,同比增長920%,高於公司此前指引的9000萬元;毛利率62.4%,同比增加2.2pcts;調整後淨利潤120萬元,同比轉正。經營現金流連續三季度爲正。EH216-S產品交付數量爲49架,同比/環比均實現大幅增長。


Q2E revenue surpassed company guidance; adjusted net earnings swung to profit

Key metrics: EHang’s unaudited 24Q2E results had revenue at RMB100m, up 920% yoy, higher than its RMB90m guidance. Gross margin came to 62.4%, up 2.2ppt yoy, bringing adjusted net profit to RMB1.2m, a turnaround from the yoy loss. Operating cash flow remained positive for the third straight quarter as the company shipped out 49 EH216-S eVTOLs, a growth leap in both yoy and qoq terms for its proprietary pilotless electric vertical takeoff and landing passenger aircraft.


24Q3業績指引: 公司預計24Q3收入1.23億元,同比增長330%,環比增長21%。


Q3E guidance: EHang expects 24Q3E revenue to come in at RMB123m, which would mean a yoy increase of 330% and qoq increase of 21%.


國內業務:公司預計OC將在年內獲取,訂單持續拓展。 認證方面, 4月獲得CAAC頒發的EH216-S生產許可證(PC)。該許可證允許億航在其位於廣東省雲浮市的生產設施中批量生產EH216-S。公司正在穩步擴大生產,以滿足增長的訂單需求和客戶交付要求。此外,公司正支持廣州、深圳、太原和無錫的合作方積極準備OC申請。 訂單方面, 5月,公司獲得來自山西旅遊的50臺訂單(已全額支付1.13億元)及450臺額外採購計劃,並交付10臺。6月,獲得浙江文成縣政府的30臺訂單(以全額支付)及270臺額外採購計劃,並交付27臺。7月,與獲得香港KC Smart Mobility的30臺訂單,Q1已交付5臺。


China market: EH expects air operator certs within 2024E; likely to bump up orders

Certification: EH216-S obtained the production certificate (PC) from the Civil Aviation Administration of China (CAAC) in April 2024, which kickstarted mass production at EHang’s production facility in Yunfu, Guangdong Province.


Production: the company is expanding production to meet increased order demand on customer delivery requirements. EHang is also helping partners in Guangzhou, Shenzhen, Taiyuan and Wuxi prepare their air operator certificate (AOC) applications.


Customer order profile:

•Shanxi Tourism: ordered 50 aircraft (paid RMB113m in full) and has a purchase plan for 450 more aircraft; EHang has delivered 10 aircraft.

•Wencheng County Government (Zhejiang Province): ordered 30 units (paid in full) and has a purchase plan for 270 more as of June 2024; EHang delivered 27 aircraft.

•KC Smart Mobility (Hong Kong): ordered 30 aircraft in July 2024; EHang delivered 5 aircraft in 24Q1.


海外業務:擴展中東市場,與MLG和阿布扎比投資辦公室合作,並在阿聯酋和沙特阿拉伯首航。 4月,公司與MENA地區的金融科技公司Multi Level Group及阿布扎比投資辦公室簽署三方協議,推動阿聯酋及其他地區的自主eVTOL發展。5月,公司完成EH216-S在阿布扎比的首次載人自主eVTOL飛行。6月,EH216-S在沙特阿拉伯的麥加完成首次自主空中出租車飛行。


International market: Middle East foray on the roll with initial flights completed

EHang is expanding its business footprint in the Middle East:

•April 2024: having flown maiden flights in the UAE and Saudi Arabia in cooperation with MENA fintech company Multi Level Group and Abu Dhabi Investment Office, EHang signed a tripartite agreement in April to develop pilotless eVTOLs in the UAE and other regions.

•May 2024: EHang ran its first EH216-S demo eVTOL flight carrying passengers in Abu Dhabi.

•June 2024: EH216-S flew its first pilotless air taxi flight in Mecca, Saudi Arabia.



投資建議/Investment Ideas


投資建議: 公司本季度在運營和財務指標迎來強勁增長,獲得EH216-S的三項認證使公司能夠加快生產和交付進程,疊加政府在推動低空經濟方面的增強舉措,來自國內外包括政府和旅遊運營商在內的客戶需求和訂單大幅增加。我們認爲公司在手訂單豐富,OC取證在即,商業化進展有望持續加速。鑑於公司交付節奏具有波動和不確定性,我們預計公司2024-2026年的營收分別爲4.2/8.3/10.8億元(前值4.5/8.7/11.3億元),維持“買入”評級。


Valuation and risks

EHang’s operational and financial indicators climbed strongly in Q2 as its triple world-first certificates for EH216-S drove up production volumes and shipments; comprising CAAC’s type certificate, PC and standard airworthiness cert for pilotless eVTOL passenger aircraft. Enhanced policy initiatives also helped promote low-altitude air transportation, where a demand surge drove substantial order growth from both Chinese and foreign customers such as governments and tour operators. With plenty of orders in hand and in anticipation of AOC certification, we anticipate EHang’s commercialization progress will speed up. Anticipating some volatility in view of uncertainties over the company’s shipment schedule, we nudge down our revenue forecast to RMB420m/830m/1.08bn in 2024/25/26E (previously RMB450m/870m/1.13bn). We maintain our BUY rating on the stock.


風險提示: eVTOL 行業政策落地不及預期;eVTOL技術發展不及預期;eVTOL 商業化進展不及預期;生產能力限制與供應鏈風險影響產品交付;業務增長速度不及預期


Risks include: worse-than-expected eVTOL industry policy implementation; worse-than-expected eVTOL technology development; slower-than-expected eVTOL commercialization; limited production capacities and supply chain issues affecting product deliveries; and slower-than-expected business growth.



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文件 由天風國際證券集團有限公司 , 天風國際證券與期貨有限公司(證監會中央編號: BAV573







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