Interface News Reporter | Xue Bingbing
On the evening of November 18th, Yihang Intelligent (Nasdaq: EH), the first domestic "flying car stock", released its third quarter report. After achieving quarterly profits for the first time in the second quarter, the company followed suit in the third quarter, with revenue, adjusted net profit, and delivery volume all hitting historic highs.
According to financial report data, the revenue of Yihang Intelligent reached 128 million yuan in the third quarter, an increase of 347.8% compared to the same period last year and a 25.6% increase compared to the second quarter of this year; After adjustment, the net profit was 15.7 million yuan, which is also the quarterly profit after adjustment for two consecutive quarters. In addition, the profit in the third quarter increased significantly, with a surge of 1262% compared to the second quarter.
According to the third quarter report, the delivery volume of EH216-S, the flagship product of Yihang Intelligent, reached 63 units in the third quarter of this year, setting a record for the highest quarterly delivery volume in the company's history. The delivery volume for the first two quarters of this year was 26 and 49 respectively, with a month on month increase of 142% and 28%.
Yihang Intelligent
Wang Zhao, Chief Operating Officer of Yihang Intelligence, revealed during a conference call that in the third quarter, there were both repurchase orders from existing customers and orders from new customers, and most of these orders came from local governments in various regions.
Wang Zhao listed that the Shanxi customer completed the delivery of 40 aircraft in the third quarter, and the total delivery quantity of the customer reached 50 aircraft; The Wencheng customer in Wenzhou, Zhejiang delivered 3 aircraft in the third quarter, with a total delivery volume of 30 aircraft; Shenzhen and Hefei customers also repurchased 5 aircraft each in the third quarter for the expansion deployment of the Shenzhen Luohu District Operations Center and the newly completed UAM hub port in Luogang Industrial, Hefei.
In addition, we have also received orders from new customers in Fujian, Chongqing, Tianjin, Guizhou, Shaanxi, Zhuhai and other places, and completed delivery in the third quarter, "said Wang Zhao.
However, in terms of gross profit margin, the gross profit margin of Yihang Intelligent in the third quarter was 61.2%, which decreased month on month and year-on-year, with a decrease of 3.4 percentage points from 64.6% in the same period last year and a decrease of 1.2 percentage points from 62.4% in the second quarter of this year.
Regarding this, Yang Jiahong, Chief Financial Officer of Yihang Intelligent, explained that many of the deliveries in the third quarter were repurchase orders from old customers in the past. Because the repurchase orders are based on the sales price agreed upon last year, with a slightly lower unit price, it has affected the overall customer price of Yihang in the third quarter, resulting in a slight decrease in gross profit margin. However, it can still maintain a level of over 60%.
Interface News also learned from the conference call that in addition to the record high delivery volume of 63 aircraft in the third quarter, the current order reserve of Yihang Intelligence in the Chinese market still remains at the level of thousands of aircraft. This also means that increasing production capacity is urgently needed.
According to Yihang, all of the company's aircraft are currently produced and delivered from the Guangzhou Yunfu production base. Considering the unexpected demand for EH216-S in the market, Yihang is launching an upgrade to its existing factory and selecting a location to design a new factory.
We will launch the upgrade and transformation of the existing Guangzhou Yunfu factory, which is the only factory, in the fourth quarter of this year. At the same time, we will prioritize the construction of new factories in Guangzhou, Hefei, Guangxi and other places, "Wang Zhao said in response to investors' questions.
However, during the upgrade and renovation of the Yunfu factory, it is inevitable that it will have a certain impact on production and delivery. In response, Wang Zhao stated that the company has considered this issue from the second quarter to the third quarter of this year and hopes to minimize its impact. After all, the improvement of production technology will greatly help in the subsequent increase of production capacity. We hope that the short-term impact on the factory can be compensated for by the subsequent increase in production capacity
Yihang Intelligent EH216-S is a multi rotor configuration, with a maximum range of only 30KM when fully loaded, a range of 25 minutes, and a 2-hour charging time before it can run again, facing "range anxiety" like new energy vehicles. In order to solve this problem, in recent years, Yihang Intelligent has been continuously working on the performance of core components, such as batteries and motors.
In November of this year, Yihang Intelligent publicly announced that under the incubation of the International Advanced Technology Application Promotion Center (Hefei) Low altitude Economic Battery Energy Research Institute, high-energy solid-state batteries have made significant technological breakthroughs. The EH216-S, equipped with this battery, successfully completed a single uninterrupted flight test, reaching 48 minutes and 10 seconds, suitable for different flight scenarios, and the endurance time can be significantly improved by 60% -90%.
Wang Zhao revealed during a phone conference that the solid-state battery is currently in the stage of small-scale testing, with a relatively high cost, which is twice the cost of existing batteries. There is still room for further reduction in production and installation costs, and the goal is to achieve certification and mass production installation of solid-state batteries on EH216-S by the end of 2025.