EHang - ADR 1Q26 results: Miss again, commercialization still waiting for its catalyst

研报英文原文证据摘录

EHang - ADR 1Q26 results: Miss again, commercialization still waiting for its catalyst

J P M O R G A N Asia Pacific Equity Research

10 June 2026

EHang - ADR Neutral

EH, EH US

1Q26 results: Miss again, commercialization still waiting Price (08 Jun 26):$8.71

for its catalyst ▼Price Target (Mar-27):$9.70 Prior (Mar-27):$11.00

We maintain our Neutral rating and lower our price target to US$9.7 from US$11.

1Q26 results missed expectations, with EH216 deliveries falling to four units, the Infrastructure, Industrials &

Transportlowest quarterly level since 3Q22. While the weak quarter reinforced concerns that

commercialization is occurring more slowly than expected, we do not believe it Beatrice Lam AC

materially changes EHang’s competitive position as the global leader in passenger (852) 2800-8738

beatrice.lam@jpmorgan.com

eVTOL certification. We lower our FY26/FY27/FY28 delivery forecasts to

196/245/294 units from 230/315/378 previously and reduce our FY26/FY27/ Karen Li, CFA

(852) 2800-8589

FY28 revenue forecasts by 2%/9%/9% to reflect slower expected deployment and karen.yy.li@jpmorgan.com

more conservative revenue-recognition assumptions. Maintain Neutral. J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

• Four deliveries reinforce our cautious commercialization assumptions.

EH216 deliveries fell to four units in 1Q26 versus 11 units in 1Q25 and 66

aircraft in 4Q25. While the results triggered concerns that the Key Changes (FYE Dec)

commercialization story may be breaking, we believe the more likely Prev Cur Δ

Adj. EPS - 26E (Rmb) 0.43 (1.31)-408.9%

conclusion is that deployment is occurring more slowly than expected rather Adj. EPS - 27E (Rmb) 1.69 0.31 -81.6%

than underlying demand disappearing. We therefore lower FY26-28 delivery