Investment Rating - The report maintains a "Buy" rating for Huaxia Airlines (002928) as of November 4, 2024 [2][5][8] Core Insights - Huaxia Airlines has shown a significant recovery in operations, with a 33.81% year-on-year increase in revenue for the first three quarters of 2024, totaling 5.154 billion yuan, and a net profit of 307 million yuan, marking a turnaround from a loss of 697 million yuan in the same period last year [2][3] - In Q3 2024, the company achieved a revenue of 1.943 billion yuan, up 18.73% year-on-year, and a net profit of 280 million yuan, reflecting a remarkable growth of 411.92% compared to the previous year [2][3] Summary by Sections Financial Performance - For the first three quarters of 2024, Huaxia Airlines reported a revenue of 5.154 billion yuan, a 33.81% increase year-on-year, and a net profit of 307 million yuan, recovering from a loss of 697 million yuan in the previous year [2][3] - In Q3 2024, the total ASK (Available Seat Kilometers) increased by 25.68% and total RPK (Revenue Passenger Kilometers) grew by 30.97%, leading to a total passenger load factor of 83.51%, an increase of 3.37 percentage points year-on-year [3] Cost and Profitability - The unit cost and expense ratios have improved significantly, with the unit ASK cost decreasing by 5.45% year-on-year to 0.427 yuan per seat kilometer [3] - Other income rose sharply to 292 million yuan in Q3 2024, a 116.30% increase year-on-year, contributing to the improvement in net profit margin, which reached 14.41%, up 11.05 percentage points year-on-year [3] Future Projections - Revenue forecasts for Huaxia Airlines are projected to be 6.756 billion yuan, 8.080 billion yuan, and 9.093 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 475 million yuan, 828 million yuan, and 1.247 billion yuan for the same years [3][6][8] - The corresponding P/E ratios for 2024, 2025, and 2026 are estimated to be 22.82, 13.11, and 8.71 respectively, indicating a favorable outlook for the company in the regional aviation market [3][6][8]

本次电话会议请面向国金证券的专业投资机构客户或社交客户请共交流研究观点专家发言内容仅代表其个人观点会议内容并不构成对任何人的投资建议未经国金证券事先说明许可任何机构或个人严禁以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改解读等涉嫌违反上述情形等我们将保留一切法律权利感谢您的理解和支持谢谢 好的,尊敬的各位投资者,下午好,我是国际交易曾树明,欢迎大家参加海量航空的这个单机包的一个交流,本次我们非常荣幸邀请到投资者吴总为我们做个分享,要不先请吴总这边先介绍一下咱们的单机度的一个经营情况吧。好的,感谢郑总和各位投资者,我这边先简单介绍一下单机度的一个情况,我们是前天那个单机包建网的, 然后我们单三技术的话营收是十九点四三亿然后这个是同比增加了百分之十九然后竞技论的话是二点八个亿这个是同比增加了百分之四百一十二但是里面其中的那个汇兑收益占到了大概八千多万整个前一到三季度的话我们的营收是已经达到了五十一点五亿这个也是跟二三年全年的一个水平已经扯平了同比增加了百分之三十四然后全三季度的竞技论的话大概是三点零六亿二三年的全三季度的话是亏接近七个亿也是同比实现了旅亏 第二个是运营数据方面我们现在单季度的一个利 ...

证券代码：002928 证券简称：华夏航空 公告编号：2024-057 本公司持股 5%以上股东深圳市成德永盛投资发展合伙企业（有限合 伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 华夏航空股份有限公司（以下简称"公司"）于 2024 年 07 月 26 日在《证 券时报》和巨潮资讯网（www.cninfo.com.cn）上披露了《关于持股5%以上股东 减持股份的预披露公告》（公告编号：2024-035），公司持股 5%以上股东深圳 市成德永盛投资发展合伙企业（有限合伙）（以下简称"成德永盛"）计划自 2024 年 08 月 16 日至 2024 年 11 月 14 日期间，以集中竞价、大宗交易方式减持 公司股份数量不超过 6,392,000 股（占本公司总股本比例 0.50%）。 公司于近日收到成德永盛出具的《关于股份减持计划实施完毕的告知函》， 获悉本次股份减持计划已实施完毕，根据《上市公司股东减持股份管理暂行办 法》《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、监事、 高级管 ...

Investment Rating - The report maintains a "Strong Buy" rating for Huaxia Airlines (002928) [1] Core Views - The company reported a net profit attributable to shareholders of 280 million yuan in Q3 2024, a year-on-year increase of 411.9%, indicating significant recovery and debt reduction potential [1] - The report highlights a dual logic for sustained profit realization, focusing on debt recovery and benefits from subsidy policy adjustments [1][2] Financial Performance Summary - **Revenue**: For the first three quarters of 2024, revenue reached 5.15 billion yuan, up 33.8% year-on-year, and for Q3 alone, revenue was 1.94 billion yuan, an 18.7% increase year-on-year [1][2] - **Net Profit**: The net profit for the first three quarters was 310 million yuan, a turnaround from a loss of 700 million yuan in the same period last year [1][2] - **Earnings Per Share (EPS)**: The EPS for 2024 is projected at 0.29 yuan, with forecasts of 0.65 yuan and 1.07 yuan for 2025 and 2026 respectively [2][10] Operational Metrics Summary - **ASK (Available Seat Kilometers)**: Increased by 35.8% year-on-year for the first three quarters of 2024, with a Q3 increase of 25.7% [1][6] - **RPK (Revenue Passenger Kilometers)**: Rose by 43.3% year-on-year for the first three quarters, with a Q3 increase of 31.0% [1][6] - **Passenger Load Factor**: The load factor for Q3 2024 was 83.5%, up 3.4 percentage points year-on-year [1][6] Cost and Expense Summary - **Operating Costs**: Total operating costs for the first three quarters were 4.85 billion yuan, a year-on-year increase of 21.9% [1][6] - **Cost per Available Seat Kilometer**: The cost per seat kilometer was 0.43 yuan, down 10.3% year-on-year [1][6] Investment Recommendations - The report suggests that Huaxia Airlines is a beneficiary of debt recovery efforts and subsidy policy adjustments, indicating a potential turning point for sustainable operations [1] - The profit forecasts for 2024 to 2026 have been slightly raised to 370 million, 830 million, and 1.37 billion yuan respectively, reflecting improved market demand [1][2] - A target market capitalization of 12.4 billion yuan and a target price of 9.7 yuan per share are set, representing a 23% upside from the current price [1][2]

Investment Rating - The report maintains an "Outperform" rating for Huaxia Airlines, indicating a positive outlook for the company's performance in the market [4]. Core Insights - Huaxia Airlines reported a third-quarter revenue of 1.943 billion yuan, a year-on-year increase of 18.73%, and a net profit attributable to shareholders of 280 million yuan, up 411.92% year-on-year [4]. - The company has seen significant growth in passenger demand, with available seat kilometers (ASK) reaching 11.347 billion, a 35.81% increase year-on-year, and passenger turnover (RPK) at 9.064 billion, up 43.34% year-on-year [4]. - The airline's fleet size has grown to 73 aircraft, a 52.1% increase compared to 2022 and a 7.4% increase compared to the previous year [4]. - Government subsidies, particularly from the Civil Aviation Administration's new regional subsidy policy, have positively impacted the company's financials, with other income rising to 806 million yuan, a 190.9% increase year-on-year [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, Huaxia Airlines achieved a total revenue of 5.154 billion yuan, a 33.81% increase year-on-year, and a net profit of 307 million yuan, up 143.96% year-on-year [4][5]. - The operating costs for the same period were 4.849 billion yuan, reflecting a 21.88% increase year-on-year, while the unit ASK cost decreased by 10.3% to 0.43 yuan [4]. Future Projections - The report forecasts net profits for Huaxia Airlines to be 403 million yuan in 2024, 716 million yuan in 2025, and 1.191 billion yuan in 2026, indicating a strong growth trajectory [5]. - The expected revenue growth rates for the next few years are projected at 37.7% for 2024, 27.0% for 2025, and 20.8% for 2026 [5]. Market Position - The airline is focusing on enhancing its route network and increasing flight frequency to meet the growing demand for personal travel, particularly in regional markets [4]. - The company is well-positioned to benefit from the recovery of the aviation sector as domestic travel demand normalizes [4].

Investment Rating - The investment rating for Huaxia Airlines is "Buy" (maintained) [1][4]. Core Views - The company has shown continuous operational recovery, with Q3 performance slightly exceeding expectations. In the first three quarters of 2024, the company achieved a net profit attributable to shareholders of 307 million yuan, turning from loss to profit compared to the same period last year [2][4]. - The company is the only large-scale independent regional airline in China, benefiting from the revised subsidy management measures for regional airlines and improved operational conditions. The future development space is broad, with projected net profits for 2024-2026 being 406 million, 952 million, and 1.124 billion yuan, respectively [4]. Summary by Relevant Sections Financial Performance - In Q3 2024, the company achieved a net profit attributable to shareholders of 280 million yuan, a 412% increase year-on-year. The net profit excluding non-recurring items was 278 million yuan, up 426% from the previous year [2][4]. - The company's operating revenue for 2023 is projected to be 5.151 billion yuan, with a growth rate of 94.9% year-on-year. For 2024, the revenue is expected to reach 7.065 billion yuan, with a growth rate of 37.2% [1][6]. Capacity and Operations - The company has increased its fleet by 3 aircraft in the first three quarters of 2024, bringing the total fleet size to 73 aircraft, with 46 regional aircraft (63%) and 27 trunk aircraft (37%) [2]. - The available seat kilometers (ASK) and revenue passenger kilometers (RPK) for the first three quarters of 2024 increased by 35.81% and 43.34% year-on-year, respectively, recovering to 141% and 140% of the levels seen in 2019 [3]. Profitability Metrics - The company’s net asset return (ROE) is projected to improve significantly, with estimates of -31% for 2023, 12% for 2024, and reaching 21% by 2025 [1][6]. - The earnings per share (EPS) is expected to recover from -0.75 yuan in 2023 to 0.32 yuan in 2024, and further to 0.74 yuan in 2025 [1][6]. Market Position - The company is actively focusing on private travel changes and has launched new regional routes, enhancing its product offerings with features like "small town tours" and "short trips" [2][3].

证券代码：002928 证券简称：华夏航空 公告编号：2024-056 华夏航空股份有限公司 关于部分募集资金投资项目延期的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 华夏航空股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召开第 三届董事会第十六次会议、第三届监事会第十五次会议，审议通过了《关于部分 募集资金投资项目延期的议案》，公司结合目前募集资金投资项目（以下简称"募 投项目"）的实际进展情况，对部分募投项目达到预定可使用状态的时间进行了 调整，现将有关事宜公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准华夏航空股份有限公司非公开发行股 票的批复》（证监许可[2022]1662 号）的核准，公司向特定对象非公开发行人民 币普通股不超过 304,070,293 股，每股面值为人民币 1.00 元，募集资金总额不 超过 243,500 万元。公司实际非公开发行 A 股股票 264,673,906 股，每股发行价 格为人民币 9.20 元，募集资金总额为人民币 2,434,999,935.20 元，扣除发行费 ...

东兴证券股份有限公司 关于华夏航空股份有限公司 一、募集资金基本情况 经中国证券监督管理委员会《关于核准华夏航空股份有限公司非公开发行股 票的批复》（证监许可【2022】1662号）的核准，华夏航空股份有限公司向特定 对象非公开发行人民币普通股不超过304,070,293股，每股面值为人民币1.00元，募 集资金总额不超过243,500万元。公司实际非公开发行A股股票264,673,906股，每股 发行价格为人民币9.20元，募集资金总额为人民币2,434,999,935.20元，扣除发行费 用人民币25,397,899.32元（不含税）后，募集资金净额为人民币2,409,602,035.88元 。 立信会计师事务所（特殊普通合伙）已于2022年11月4日对公司非公开发行A 股股票的募集资金到位情况进行了审验，并出具了《华夏航空股份有限公司非公 开发行人民币普通股（A股）实收股本的验资报告》（信会师报字[2022]第 ZK10390号）。公司已按照要求开立募集资金专户储存，并与保荐机构、存放募集 资金的商业银行签署了《募集资金三方监管协议》。 二、募集资金使用情况 1、募投项目基本情况 本次募集资金总额在扣除 ...

证券代码：002928 证券简称：华夏航空 公告编号：2024-055 1、会议通知、召开情况 华夏航空股份有限公司（以下简称"公司"）第三届监事会第十五次会议通 知于 2024 年 10 月 25 日以电子邮件形式发出。 本次会议于 2024 年 10 月 30 日在重庆市渝北区江北国际机场航安路 30 号 华夏航空新办公楼 524 会议室以现场结合通讯表决方式召开。 2、会议出席情况 本次会议应出席监事 3 人，实际出席监事 3 人，其中 2 人现场出席（邢宗熙 先生、柳成兴先生），1 人以通讯表决方式出席（罗彤先生）。 华夏航空股份有限公司 第三届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 具体内容详见公司同日披露于《证券时报》、巨潮资讯网(www.cninfo.com.cn) 的《华夏航空股份有限公司 2024 年第三季度报告》（公告编号：2024-053）。 2、审议通过《关于部分募集资金投资项目延期的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 本次对部分募集资金投资项目（以下简称" ...

Financial Performance - Operating revenue for Q3 2024 reached ¥1,942,908,685.45, an increase of 18.73% year-over-year, and total revenue for the year-to-date was ¥5,153,999,422.46, up 33.81% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥280,449,600.83, a significant increase of 411.92% year-over-year, with year-to-date net profit at ¥306,600,901.46, up 143.96%[2]. - Basic earnings per share for Q3 2024 was ¥0.2202, reflecting a 412.09% increase compared to the same period last year[2]. - Net profit for the current period was ¥306,600,901.46, a significant recovery from a net loss of ¥697,432,319.27 in the previous period[23]. - The company reported a basic earnings per share of ¥0.2407, compared to a loss per share of ¥0.5476 in the previous period[24]. Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥20,123,770,357.62, representing a 10.70% increase from the end of the previous year[2]. - The total current liabilities rose to CNY 7,072,819,076.03, compared to CNY 5,751,958,099.38 at the beginning of the period, marking an increase of around 22.9%[20]. - The total liabilities increased to ¥16,729,659,144.67 from ¥15,091,526,855.30, indicating a rise in financial obligations[21]. - The total equity attributable to shareholders of the parent company rose to ¥3,394,111,212.95 from ¥3,087,510,311.49, showing an improvement in shareholder value[21]. Cash Flow - The company reported a net cash flow from operating activities of ¥1,369,038,843.18 for the year-to-date, an increase of 60.67% year-over-year[2]. - Cash inflow from operating activities totaled ¥6,161,570,393.23, an increase from ¥4,643,059,772.56 in the previous period[25]. - The net cash flow from operating activities was CNY 1,369,038,843.18, an increase of 60.8% compared to CNY 852,075,719.15 in the previous year[26]. - The ending balance of cash and cash equivalents was CNY 1,687,397,640.83, down from CNY 2,141,684,569.76, reflecting a decrease of 21.1%[26]. Operational Metrics - In the third quarter, the total number of passengers transported reached 2.5856 million, a year-on-year increase of 35.58%[9]. - The passenger load factor improved to 83.51%, an increase of 3.37 percentage points year-on-year[9]. - Available ton kilometers (ATK) increased by 25.65% year-on-year to 434.11 million ton-kilometers[10]. - Available seat kilometers (ASK) rose by 25.68% year-on-year to 404.93 million seat-kilometers[10]. - The transportation turnover (RTK) increased by 31.06% year-over-year to 29,832.07 million ton-kilometers, with domestic RTK up by 30.00% and international RTK soaring by 220.82%[12]. - Passenger turnover (RPK) rose by 30.97% year-over-year to 338,144.39 million passenger-kilometers, with domestic RPK increasing by 29.90% and international RPK up by 217.72%[12]. Strategic Initiatives - The company actively launched new regional routes to meet diverse travel demands, enhancing connectivity for smaller cities[9]. - The company plans to implement an employee stock ownership plan to enhance employee engagement and corporate governance, which was approved by the board on September 12, 2024[17]. - The employee stock ownership plan was further ratified by the shareholders on October 10, 2024, indicating strong support for employee involvement in the company's growth[18]. - The company sold 100% equity of its subsidiary, Huaxia Aviation Education Technology Industry Co., Ltd., for 604.426 million yuan to optimize its business structure[13]. Financial Management - Financial expenses were reduced to ¥385,933,270.76 from ¥529,618,289.47, reflecting improved financial management[23]. - The company utilized CNY 134,000,000 of idle raised funds to temporarily supplement working capital, ensuring that these funds are used solely for daily operational expenses[16]. - The company paid CNY 855,042,688.82 in cash to employees, which is a 17.9% increase from CNY 725,294,725.01[26].