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    Cindy Huang

    Research Analyst at Morgan Stanley

    Cindy Huang is an Analyst at Morgan Stanley, specializing in equity research and stock rating analysis with a focus on Chinese technology and EV companies. She covers firms such as EHang Holdings, recently initiating coverage with an 'Overweight' rating and projecting a target price with an expected return of over 57%. With industry experience dating back to at least 2011 and prior roles at Morgan Stanley Investment Management, Fidelity Management and Research, and Commerzbank, Huang demonstrates deep sector knowledge and a solid track record in investment research. She holds a Bachelor of Commerce from the University of Melbourne, is a Chartered Financial Analyst (CFA®), and maintains relevant securities licensing and regulatory credentials.

    Cindy Huang's questions to EHang Holdings (EH) leadership

    Cindy Huang's questions to EHang Holdings (EH) leadership • Q4 2024

    Question

    Cindy Huang of Morgan Stanley asked for more details on the Operator Certificate (OC) application timeline and key milestones. She also inquired about the timeline for achieving GAAP profitability and requested guidance on CapEx and OpEx for the upcoming year.

    Answer

    CEO Huazhi Hu confirmed that the CAAC has completed on-site inspections for the first two OC applicants and they are awaiting final approval. CFO Conor Yang projected achieving full-year GAAP profitability in 2026, provided a 2025 CapEx guidance of USD 40 million, and forecasted OpEx to grow at 40% year-over-year in 2025.

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    Cindy Huang's questions to EHang Holdings (EH) leadership • Q3 2024

    Question

    Cindy Huang inquired about the development of EHang's solid-state battery with Inx, including commercialization hurdles and mass production timelines, and also asked for an update on the Operator Certificate (OC) progress and its expected issuance by year-end.

    Answer

    COO Zhao Wang detailed the battery collaboration, noting the flight endurance has increased to 48 minutes with a goal of 60 minutes next year, and targeted mass production by the end of 2025. CEO Huazhi Hu confirmed the OC review is in its final stages and, while it's a complex standard-setting process, the goal remains to receive the first OC by the end of the year.

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    Cindy Huang's questions to EHang Holdings (EH) leadership • Q2 2024

    Question

    Cindy Huang of Morgan Stanley requested an update on the current order backlog, including the number of purchase orders, delivery timelines, and the geographic mix. She also asked about the expected trajectory of the gross margin over time, particularly post-commercial operations.

    Answer

    Founder, Chairman, and CEO Huazhi Hu stated that pre-orders in China exceed 1,100 units, with deliveries planned over the next 1-3 years. CFO Conor Yang added that the geographic mix is expected to be 90% from China for this year and next. Regarding margins, Mr. Yang expressed confidence in maintaining a gross margin of over 60% due to pricing power and expects the net income margin to improve with continued strong revenue growth.

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    Cindy Huang's questions to Hesai (HSAI) leadership

    Cindy Huang's questions to Hesai (HSAI) leadership • Q3 2024

    Question

    In a follow-up question, Cindy Huang from Morgan Stanley asked to identify the first customers for the new OT128 LiDAR and requested an update on the company's partnership with GM's Cruise.

    Answer

    CFO Andrew Fan announced that the new OT128 mechanical LiDAR has already secured deals with over 90 global clients and generated over $10 million in revenue. Regarding Cruise, Fan noted its recent operational progress and highlighted that Hesai's Q3 NRE revenue was from a leading global robotaxi player preparing for large-scale deployment, implying a continued strong partnership.

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