EHang Holdings (A) (A) WKN: A2PWWB ISIN: US26853E1029 Kürzel: EH Forum: Aktien Thema: Hauptdiskussion

An der Börse wird die Zukunft gehandelt... 🤔

EHang is still one of the most exciting opportunities in the stock market, imo. You currently get a company that is in the process of revolutionising urban air mobility at a forward P/S of just 9x. The fact that we can even assign a revenue multiple to a company like this is impressive, given that its competitors are still essentially pre-revenue. The recent sell-off (down 18% over the past 5 days), despite a strong earnings report, can be partly attributed to a more modest revenue estimate of around 18% growth for 2026. I think this sell-off presents a great opportunity. As we can see, EHang's revenue growth over the past several years has been quite choppy: 2019: +83.2% 2020: +47.8% 2021: -68.5% 2022: -22.0% 2023: +165.0% 2024: +288.5% 2025: +11.7% 2026 (Est): +17.8% (Based on RMB 600M guidance) More importantly, we can see that the company has proven before it can bounce back from revenue declines to deliver incredible growth. I believe we could see the same in the coming years, potentially starting this year. The recent slower growth can be attributed to EHang preparing to roll out its own commercial operations, which arguably represents its most important growth driver. Once commercial operations are in full swing, I expect tremendous first-order and second-order effects on the bottom line: First-order effect: Additional, recurring revenue from the flight operations themselves. Second-order effect: Strong signalling to potential customers who may currently be unsure about the feasibility and logistics of operating autonomous aircraft. Once EHang proves that commercial operations are both possible and profitable, an increasing number of new customers are highly likely to purchase aircraft from them. I know some veteran investors have been burnt before and argue that it will take a couple of years for commercial operations to show meaningful financial results, making it too early to invest. However, it's worth remembering the stock market is mostly forward-looking. I suspect we won't need to wait years for the financials to fully catch up. The share price will, in my opinion, price in this new reality not too long after commercial operations officially get off the ground.

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