億航智能: Q2收入超指引,調後淨利潤轉正,訂單持續增長

（以下内容从天风国际证券《億航智能: Q2收入超指引,調後淨利潤轉正,訂單持續增長》研报附件原文摘录）
　　EHang Holdings (EH US) Q2收入超指引，调後净利润转正，订单持续增长 24Q2E results takeaways: revenue surpassed guidance; adjusted net profit turnaround; orders in full flow BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 24Q2业绩概览：收入超此前指引，调後净利润转正。24Q2收入1.0亿元，同比增长920%，高於公司此前指引的9000万元；毛利率62.4%，同比增加2.2pcts；调整後净利润120万元，同比转正。经营现金流连续三季度爲正。EH216-S产品交付数量爲49架，同比/环比均实现大幅增长。 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业绩指引：公司预计24Q3收入1.23亿元，同比增长330%，环比增长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%. 国内业务：公司预计OC将在年内获取，订单持续拓展。认证方面，4月获得CAAC颁发的EH216-S生产许可证（PC）。该许可证允许亿航在其位於广东省云浮市的生产设施中批量生产EH216-S。公司正在稳步扩大生产，以满足增长的订单需求和客户交付要求。此外，公司正支持广州、深圳、太原和无锡的合作方积极准备OC申请。订单方面，5月，公司获得来自山西旅遊的50台订单（已全额支付1.13亿元）及450台额外采购计划，并交付10台。6月，获得浙江文成县政府的30台订单（以全额支付）及270台额外采购计划，并交付27台。7月，与获得香港KC Smart Mobility的30台订单，Q1已交付5台。 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. 海外业务：扩展中东市场，与MLG和阿布扎比投资办公室合作，并在阿联酋和沙特阿拉伯首航。4月，公司与MENA地区的金融科技公司Multi Level Group及阿布扎比投资办公室签署三方协议，推动阿联酋及其他地区的自主eVTOL发展。5月，公司完成EH216-S在阿布扎比的首次载人自主eVTOL飞行。6月，EH216-S在沙特阿拉伯的麦加完成首次自主空中出租车飞行。 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. 投资建议/Investment Ideas 投资建议：公司本季度在运营和财务指标迎来强劲增长，获得EH216-S的三项认证使公司能够加快生产和交付进程，叠加政府在推动低空经济方面的增强举措，来自国内外包括政府和旅遊运营商在内的客户需求和订单大幅增加。我们认爲公司在手订单丰富，OC取证在即，商业化进展有望持续加速。监於公司交付节奏具有波动和不确定性，我们预计公司2024-2026年的营收分别爲4.2/8.3/10.8亿元（前值4.5/8.7/11.3亿元），维持“买入”评级。 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. 风险提示：eVTOL 行业政策落地不及预期；eVTOL技术发展不及预期；eVTOL 商业化进展不及预期；生产能力限制与供应链风险影响产品交付；业务增长速度不及预期 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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