EH216-S commercial operations update following new requirements; 1Q26 miss; Buy EH 12m Price Target: $16.90 Price: $6.68 Upside: 153.0% EHang's 1Q26 revenues were -2% YoY/ -86% QoQ to Rmb26m, lower than our previous estimates of Rmb54m, due to the decreased sales volume of eVTOL aircrafts (4 units in 1Q26 vs. 11/ 61 units in 1Q25/ 4Q25) and weak seasonality. Despite the adjustment of revenues in 2025 after the reassessment (Link), the company expects to gradually receive the payment this year, and maintains ...