Investment Rating - The report initiates coverage with a "Buy" rating for the company, citing a target price of 29.07 RMB, representing a 42.51% upside from the current market value [1][4] Core Views - The company is the only listed general aviation operator in China, with a strong foothold in the offshore oil helicopter services sector, which accounts for 70% of its revenue [1] - The company operates the largest civilian helicopter fleet in Asia, with 93 aircraft and 11 drones as of April 1, 2024, and has a significant market share in the offshore oil services sector [1] - The low-altitude economy is expected to open a second growth curve for the company, with the market size projected to reach 1.189 trillion RMB by 2030, driven by government policies and the economic viability of eVTOL (electric vertical take-off and landing) aircraft [1][6] Financial Performance and Forecast - In 2023, the company reported revenue of 1.97 billion RMB, a 9.54% YoY increase, and net profit of 239 million RMB, up 23.11% YoY, primarily due to growth in offshore oil services [1] - For 2024-2026, the company is expected to achieve net profits of 282 million RMB, 312 million RMB, and 349 million RMB, respectively, with EPS of 0.36 RMB, 0.40 RMB, and 0.45 RMB [1][4] - The company's PE ratio for 2024 is estimated at 56x, lower than the industry average of 91x, reflecting cautious optimism due to the nascent stage of eVTOL operations [1][4] Industry Analysis - China's general aviation market has significant growth potential compared to the US, with gaps in airport numbers, pilot counts, and registered aircraft [1][24] - Offshore oil exploration and production in China have been steadily increasing, with marine crude oil output reaching 62 million tons in 2023, driving demand for helicopter services [1][33] - The low-altitude economy is expected to grow rapidly, with the market size projected to reach 208 billion RMB by 2025 and 1.189 trillion RMB by 2030, driven by government policies and technological advancements in eVTOL [1][6] Company's Strategic Positioning - The company has a strong partnership with CNOOC, its largest customer, with sales to CNOOC increasing from 1.04 billion RMB in 2020 to 1.33 billion RMB in 2023 [1] - The company is actively exploring low-altitude economy opportunities, including urban air mobility, low-altitude tourism, and drone logistics, with partnerships with eVTOL manufacturers like Lilium and WoFly [1][6] - The company is involved in setting industry standards for eVTOL operations and has secured contracts for drone logistics, such as the China Post drone delivery project [1][6] Market Catalysts - The company's growth is expected to be driven by the expansion of low-altitude routes, obtaining operational certificates, and deepening partnerships with leading eVTOL companies [7] - Government policies supporting the low-altitude economy, particularly in emergency rescue and low-altitude tourism, are expected to accelerate the company's growth [6][45]

Summary of Conference Call Company/Industry Involved - The conference call is related to the low-altitude industry and specifically focuses on 中信海驰 (CITIC Haichi) as a core operational target [1] Core Points and Arguments - The call discusses three main logical frameworks for evaluating 中信海驰's operations after a nine-month period [1] - It emphasizes that all participants are currently in a silent state, indicating a structured approach to the discussion [1] - A disclaimer is provided, stating that the call is intended for 华创证券 (Huachuang Securities) research clients and does not constitute investment advice [1] Other Important but Possibly Overlooked Content - Participants are reminded to make independent investment decisions and bear their own investment risks [1]

证券代码：000099 证券简称：中信海直 公告编号：2024-036 中信海洋直升机股份有限公司 未来， 公司将始终贯彻"向天空领海发展，做国家通航栋梁"的发展使命， 以打造"国内领先、国际知名的通用航空综合服务提供商"为发展愿景，开上通 航发展的快车道，牢牢把握发展低空经济等关键细分市场及业务，为打造第二增 长曲线贡献力量。公司将继续发挥在通航运营领域的传统优势，持续扩大市场规 模，积极探索新的应用场景，培育新的增长点。积极融入国家重大区域战略，为 智慧城市提供解决方案。通过建设低空经济运营服务平台，打造航空应急及医疗 救援网络、城市空中交通网络，努力成为低空运营服务的引领者，为中国低空经 济产业的发展贡献中信方案。 关于推动落实"质量回报双提升"专项行动方案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 中信海洋直升机股份有限公司（以下简称"公司"）为进一步践行中央政治 局会议提出的"要活跃资本市场、提振投资者信心"及国务院常务会议提出的"要 大力提升上市公司质量和投资价值，要采取更加有力有效措施，着力稳市场、稳 信心"的指导思想，切实维护全体股 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Views - The company is a leading player in China's general aviation sector, deeply integrated with CNOOC, with 67.66% of its 2023 revenue coming from this major client [2][11]. - The low-altitude economy is supported by government policies, with the market expected to reach 2 trillion yuan by 2030, driven by various factors [2][18]. - The company's traditional business remains stable while low-altitude operational services are poised for growth, with plans for eVTOL commercialization [2][3]. - Revenue projections for 2024-2026 are 2.209 billion, 2.443 billion, and 2.779 billion yuan, with net profits of 279 million, 312 million, and 372 million yuan respectively [2][4]. Summary by Sections Company Overview - The company is a benchmark in general aviation operations in China, controlled by CITIC Group, and has expanded its business scope through various subsidiaries [11]. - It has a strong focus on offshore oil services, with significant revenue from CNOOC, and is also involved in emergency rescue, land aviation, and aviation maintenance [14][15]. Market Potential - The low-altitude economy is in its early stages in China but is accelerating, with a projected market size of 2 trillion yuan by 2030 [2][18]. - The global general aviation market is primarily dominated by North America and Europe, with Asia holding about 15% [2][26]. Financial Performance - The company has shown stable revenue growth, with a CAGR of 6.68% from 2018 to 2023, and a 2023 revenue of 1.970 billion yuan, up 9.6% year-on-year [16]. - The net profit for 2023 was 239 million yuan, reflecting a 23.11% increase from the previous year [16]. - The company maintains a gross margin above 20%, with a net margin of 12.1% in 2023 [16][17].

证券代码：000099 证券简称：中信海直 公告编号：2024-035 中信海洋直升机股份有限公司 关于非公开发行部分限售股上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1.本次非公开发行股票限售股份实际可上市流通数量为65,555,001股，占公 司总股本比例8.45%； 2.本次非公开发行股票限售股份可上市流通日期为2024年9月9日（星期一）。 一、本次解除非公开发行股票限售股份取得的基本情况 2021年1月6日，中信海洋直升机股份有限公司（以下简称"中信海直"、 "公司"或"发行人"）收到中国证券监督管理委员会出具的《关于核准中信海 洋直升机股份有限公司非公开发行股票的批复》（证监许可〔2020〕3419号） 批文，核准公司非公开发行不超过169,699,717股，上述批复自核准发行之日起 12个月内有效。公司根据投资者认购情况，并严格按照发行方案、《认购邀请 书》中确定的发行价格、发行对象及获配股份数量的程序和规则，确定本次发行 价格为6.50元/股，发行股数169,699,717股，募集资金总额1,103,048 ...

Investment Rating - The report maintains a "Recommend" rating for CITIC Offshore Helicopter Co Ltd (000099) [1] Core Views - The company's H1 2024 non-GAAP net profit increased by 19% YoY, driven by steady growth in traditional business and potential benefits from the low-altitude economy [1] - The company is actively planning for low-altitude economic development, with three key areas of focus: C-end consumer market expansion, participation in new low-altitude operation network standards, and potential opportunities in the industrial chain [1] Financial Performance - H1 2024 revenue reached 960 million yuan, up 6.1% YoY, with Q1 and Q2 revenues of 457 million yuan and 505 million yuan respectively [1] - H1 2024 net profit attributable to shareholders was 132 million yuan, up 2.1% YoY, while non-GAAP net profit was 132 million yuan, up 19.2% YoY [1] - Gross margins for Q1 and Q2 were 19.6% and 21.6% respectively, with Q2 showing a sequential improvement [1] - The company operated 93 helicopters and 11 drones as of H1 2024 [1] Low-Altitude Economy Initiatives - The company has launched regular low-altitude short-distance transportation services, including routes between Shenzhen and Zhuhai, and Zhoushan and Dongji Island [1] - It has introduced the "CITIC Offshore Helicopter" low-altitude travel service platform and is collaborating with local governments and companies to build infrastructure, including a digital control tower [1] - The company is involved in setting standards for eVTOL (electric vertical take-off and landing) aircraft landing sites and has signed a strategic cooperation agreement with Geely's Volocopter to promote eVTOL commercialization [1] Future Outlook - The report forecasts net profits of 270 million yuan, 320 million yuan, and 370 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.35 yuan, 0.41 yuan, and 0.48 yuan [1] - The low-altitude economy is expected to drive significant growth, with the company positioned as a core player in the operation layer of this emerging industry [1]

上市公司 2024 半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位:中信海洋直升机股份有限公司 单位：元 其他关联 资金往来 资金往来方名称 往来方与上市公 司的关联关系 上市公司 核算的会 计科目 2024 年期初往来 资金余额 2024 半年度往来 累计发生金额 （不含利息） 2024 半年度往 来资金的利息 （如有） 2024 半年度偿还 累计发生金额 2024 年 6 月 30 日期末往来资金 余额 往来形 成原因 往来性 质 控股股 东、实际 控制人及 其附属企 业 中信财务有限公司 同受中国中信集 团有限公司控制 银行存款 851,579,269.70 1,138,691,423.90 1,648,098.53 1,182,986,846.92 808,931,945.21 存款 经营性 往来 中信银行股份有限公 司 同受中国中信集 团有限公司控制 银行存款 343,857,152.09 1,648,463,260.51 282,806.00 1,569,126,047.29 423,477,171.31 存款 经营性 往来 中信京城大厦有限责 任公司 同受中国中信集 团有限公司控制 ...

2024 年 8 月 28 日 1 中信财务有限公司风险持续评估说明 中信海洋直升机股份有限公司 关于对中信财务有限公司的风险评估报告 按照深圳证券交易所相关规定，中信海洋直升机股份有限公司（以下 简称 "中信海直" ）通过审阅中信财务有限公司（以下简称"中信财务公 司"）《金融许可证》《营业执照》等资质证照，以及其管理层 2024 年 8 月 5 日风险持续评估说明等资料，对中信财务公司的经营资质、业务和风险 状况进行了评估。中信海直认为：中信财务公司具有合法有效的《金融许 可证》《企业法人营业执照》，未发现中信财务公司截至 2024 年 6 月 30 日与其经营资质、业务和风险状况相关的风险管理存在重大缺陷，未发现 中信财务公司存在违反中国银行保险监督管理委员会（现国家金融监督管 理总局）颁布的《企业集团财务公司管理办法》规定情况，各项监管指标 均符合该办法第三十四条的规定要求。 建立健全并合理设计风险管理体系并保持其有效性，保证风险管理政 策与程序的真实性和完整性，同时按照规定对截至 2024 年 6 月 30 日 与财务报表相关的风险管理体系有效性作出认定是中信财务公司管理层 的责任。风险管理具有固有 ...

中信海洋直升机股份有限公司关于 2024 年半年度募集资金存放与使用情况的专项报告 2024 年 1 月 1 日至 2024 年 6 月 30 日 （本专项报告除特别注明外，均以人民币元列示） 中信海洋直升股份有限公司 关于 2024 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、 募集资金基本情况 （一） 募集资金金额及到位时间 经中国证券监督管理委员会《关于核准中信海洋直升机股份有限公司非公开发行股票 的批复》（证监许可〔2020〕3419号）核准，公司向中信投资控股有限公司等16名特定对 象非公开发行普通股（A股）股票169,699,717股，发行价格为6.50元/股，募集资金总额 为 1,103,048,160.50 元，扣除发行费用 21,801,523.94 元 后 ， 募 集 资 金 净 额 为 1,081,246,636.56元。2021年 8 月 20 日，上述募集资金已到位于公司募集资金专用账 户，业经大信会计师事务所（特殊普通合伙）审验，并于2021 年 8 月 23 日出具大信验 字[20 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥962,046,634.68, representing a 6.10% increase compared to ¥906,746,694.35 in the same period last year[10]. - The net profit attributable to shareholders of the listed company was ¥132,405,621.91, up 2.11% from ¥129,667,493.43 year-on-year[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 19.24%, reaching ¥132,082,666.81 compared to ¥110,774,332.11 in the previous year[10]. - The net cash flow from operating activities was ¥390,731,266.05, a 19.39% increase from ¥327,274,304.52 in the same period last year[10]. - Basic earnings per share for the reporting period were ¥0.1707, up 2.15% from ¥0.1671 in the same period last year[10]. - The total profit for the first half of 2024 was CNY 171,040,726.83, slightly higher than CNY 170,207,036.33 in the same period of 2023, indicating a marginal increase[82]. - The company reported an operating profit of CNY 171,126,578.78, compared to CNY 158,245,342.20 in the previous year, marking an increase of about 8.0%[81]. Assets and Liabilities - The total assets at the end of the reporting period were ¥6,434,238,467.45, reflecting a 2.14% increase from ¥6,299,436,327.74 at the end of the previous year[10]. - The total amount of raised funds is 1,081,246,600 CNY, with a net amount of 1,081,246,600 CNY, and 843,045 CNY has been used in the current period[26]. - The total liabilities increased to CNY 1,137,717,435.74, up from CNY 1,069,870,512.19, representing a growth of approximately 6.3%[76]. - Current assets rose to CNY 2,616,268,567.00, compared to CNY 2,463,893,592.52, marking an increase of about 6.2%[78]. - Total equity increased to CNY 5,296,521,031.71 from CNY 5,229,565,815.55, showing a growth of approximately 1.3%[76]. Cash Flow - The net cash flow from operating activities for the first half of 2024 was CNY 390,731,266.05, an increase of 19.3% compared to CNY 327,274,304.52 in the same period of 2023[86]. - Cash outflow from operating activities decreased to CNY 724,469,351.31 from CNY 762,327,771.59, indicating a reduction of 5%[86]. - The net cash flow from investing activities was negative at CNY -73,409,709.95, an improvement from CNY -127,837,447.77 in the first half of 2023[87]. - Cash flow from financing activities showed a net outflow of CNY -208,912,639.53, compared to CNY -254,590,531.73 in the same period last year, marking a decrease of 17.9%[87]. Investments and Subsidiaries - The subsidiary, Haizhi General Aviation Co., Ltd., reported a net profit of 11,261,258.34 CNY, contributing over 10% to the company's net profit[33]. - The subsidiary CITIC Haizhi General Aviation Maintenance Engineering Co., Ltd. reported a net profit of RMB 526,530.88, a decrease of 40.11% year-on-year, attributed to reduced maintenance revenue and increased management and sales expenses[34]. - The company has invested RMB 30 million in its wholly-owned subsidiary CITIC Haizhi Aviation Technology Co., Ltd., which reported a net profit of RMB 119,047.58 mainly from interest income[34]. Risks and Challenges - The company faces various risks including policy, market, management, and financial risks, which are detailed in the report[1]. - The company is facing increased market competition due to the rapid development of the low-altitude economy, which is a national strategic emerging industry[35]. - The company is enhancing its risk management and internal control systems to address the challenges posed by its rapid business expansion and diverse operational areas[37]. Operational Highlights - The company operates a fleet of 93 helicopters and 11 drones, maintaining a leading position in the industry[16]. - The company achieved a 100% market share in the East China Sea region, supporting the national offshore oil and gas energy increase[14]. - The company has completed over 500,000 safe flight hours, establishing an excellent safety record in the industry[15]. - The company is actively involved in emergency rescue missions, including flood relief and polar scientific research support[14]. Research and Development - Research and development investment decreased significantly by 56.14% to ¥1,971,994.14 from ¥4,496,264.61[17]. - The company has established partnerships with research institutions and universities, forming joint laboratories to enhance technological innovation[14]. Corporate Governance - The company plans to optimize its business structure and focus on core operations, while actively exploring diversified market opportunities in port pilotage, offshore wind power, and drone services[36]. - The company has not sold any significant assets during the reporting period[31]. - The company has not changed any fundraising projects during the reporting period[30]. Environmental and Social Responsibility - The company is implementing energy management measures and has set dual carbon goals with an energy audit unit[44]. - The company has established a green management system to enhance energy efficiency and reduce carbon emissions[44]. - The company purchased poverty alleviation products worth over 600,000 RMB to support designated poverty alleviation points in the first half of 2024[43]. Shareholder Information - The total number of shares outstanding is 775,770,137, with 30.18% held by China Ocean Aviation Co., Ltd.[62]. - The company has no significant changes in shareholding structure or stock repurchase activities during the reporting period[63]. - The company’s major shareholder, China Ocean Aviation Co., Ltd., holds 234,119,474 shares, representing 30.18% of total shares[62].