Unusual options trading activity has been observed in EHang (EH, Financial), as a considerable volume of 11,802 call options were traded, surpassing expectations by sevenfold. This surge in activity has pushed the implied volatility up by nearly two points to reach 78.29%. The most active options are the weekly 19 calls expiring on May 9th and the July 25th 19 calls, with a combined contract volume approaching 10,100. The Put/Call Ratio stands at a remarkably low 0.01, signaling a strong preference for call options over puts. Notably, EHang's earnings announcement is anticipated on May 27th.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 10 analysts, the average target price for EHang Holdings Ltd (EH, Financial) is $26.55 with a high estimate of $32.98 and a low estimate of $17.00. The average target implies an upside of 40.77% from the current price of $18.86. More detailed estimate data can be found on the EHang Holdings Ltd (EH) Forecast page.
Based on the consensus recommendation from 11 brokerage firms, EHang Holdings Ltd's (EH, Financial) average brokerage recommendation is currently 1.7, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for EHang Holdings Ltd (EH, Financial) in one year is $82.63, suggesting a upside of 338.12% from the current price of $18.86. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the EHang Holdings Ltd (EH) Summary page.
EH Key Business Developments
Release Date: March 12, 2025
- Q4 Revenue: RMB164.3 million, a 190% year-over-year increase.
- Full-Year 2024 Revenue: RMB456.2 million, up 289% year-over-year.
- Q4 Deliveries: 78 units of EH216 series, a 239% year-over-year increase.
- Full-Year 2024 Deliveries: 216 units, up 315% from 2023.
- Q4 Gross Margin: 60.7%, slightly down from 64.7% in Q4 2023.
- Full-Year 2024 Gross Margin: 61.4%, down from 64.1% in 2023.
- Q4 Adjusted Operating Expenses: RMB78.2 million, up 22% year-over-year.
- Full-Year 2024 Adjusted Operating Expenses: RMB290.1 million, up 28.2% from 2023.
- Q4 Adjusted Operating Income: RMB27.9 million, improved from a loss of RMB24.9 million in Q4 2023.
- Q4 Adjusted Net Income: RMB36.4 million, improved from a loss of RMB22.1 million in Q4 2023.
- Full-Year 2024 Adjusted Net Income: RMB43.1 million, improved from a loss of RMB139 million in 2023.
- Cash and Cash Equivalents: RMB1,155 million as of end of Q4.
- Full-Year 2024 Positive Operating Cash Flow: Approximately RMB160 million.
- 2025 Revenue Guidance: Expected to reach RMB900 million, a 97% year-over-year increase.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- EHang Holdings Ltd (EH, Financial) achieved record-breaking deliveries and revenues in Q4 2024, with a 239.1% year-over-year increase in quarterly deliveries.
- The company reached a significant milestone by achieving positive adjusted net income and positive operating cash flow for the first time in 2024.
- EHang Holdings Ltd (EH) became the first eVTOL company in the global urban air mobility industry to achieve non-GAAP profitability.
- The company is actively expanding its production capacity, with plans to increase the Yunfu production base's capacity to 1,000 units annually by 2025.
- EHang Holdings Ltd (EH) is collaborating with multiple partners to advance AI technology integration, enhancing its eVTOL lifecycle and operational capabilities.
Negative Points
- Gross margin slightly decreased to 60.7% in Q4 2024, down from 64.7% in the same period of 2023, due to changes in revenue mix and higher unit costs.
- The company anticipates a significant increase in operating expenses, with a projected 40% year-over-year growth in 2025.
- EHang Holdings Ltd (EH) is still awaiting final regulatory approval for operator certificates, which is crucial for commercial eVTOL operations.
- The company faces challenges in achieving full-year GAAP profitability, which is expected to occur sometime in 2026.
- EHang Holdings Ltd (EH) plans to seek additional financing in 2025 to support its growth initiatives, indicating potential financial pressure.
