证券研究报告 非金融公司|公司点评|华夏航空（002928） 经营全面改善，支线网络扩大 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 公司发布 2024 半年报，2024H1 实现收入 32.11 亿元，同比+44.96%；实现归母净利润 0.26 亿 元，同比扭亏 7.78 亿元。其中 2024Q2 实现收入 15.95 亿元，同比+36.28%，实现归母净利润 148.28 万元，同比扭亏 4.78 亿元。 |分析师及联系人 SAC：S0590522120002 李蔚 曾智星 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月02日 华夏航空(002928) 经营全面改善，支线网络扩大 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 交通运输/航空机场 | | 投资评级： | 买入（维持） | | 当前价格： | 5.55 元 | | 基本数据 | | | 总股本/流通股本 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][19]. Core Views - The company is expected to benefit from dual factors: adjustments in subsidy policies and improvements in operational performance, leading to a sustainable turning point in profitability [1]. - The financial performance for the first half of 2024 shows a significant recovery, with revenue reaching 3.21 billion RMB, a year-on-year increase of 45.0%, and a net profit of 0.26 billion RMB, compared to a loss of 0.75 billion RMB in the same period last year [1][2]. Financial Summary - **Revenue and Profitability**: - 2024H1 revenue was 3.21 billion RMB, up 45.0% year-on-year, with a net profit of 0.26 billion RMB, a significant recovery from a loss of 0.75 billion RMB in 2023H1 [1][2]. - The company forecasts net profits of 0.33 billion RMB, 0.75 billion RMB, and 1.26 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.26, 0.58, and 0.98 RMB [2][10]. - **Operational Metrics**: - The ASK (Available Seat Kilometers) increased by 42.2% year-on-year in 2024H1, while RPK (Revenue Passenger Kilometers) rose by 51.9% [1]. - The passenger load factor improved to 77.9%, up 5.0 percentage points year-on-year [1]. - **Cost and Expenses**: - Operating costs for 2024H1 were 3.12 billion RMB, a year-on-year increase of 23.6%, while the seat kilometer cost decreased by 13.0% [1][2]. - The total expenses for 2024H1, excluding foreign exchange impacts, were 541 million RMB, with a total expense ratio of 16.8% [1]. - **Other Income**: - Other income for 2024H1 reached 510 million RMB, a significant increase of 261% year-on-year, primarily due to increased government subsidies [1][2]. Investment Recommendations - The report suggests that the company is at a valuation bottom and is expected to return to a growth trajectory, with a target market value of 11.2 billion RMB and a target price of 8.8 RMB, representing a potential upside of 52% from the current price of 5.76 RMB [1][10].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company turned profitable in Q2 2024, achieving a net profit attributable to shareholders of 0.01 billion yuan, with a significant revenue increase of 45% year-on-year in the first half of 2024 [1][4] - The recovery in utilization rates and the expansion of subsidies are expected to drive performance growth [1][4] Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 32.1 billion yuan, with a net profit of 0.26 billion yuan, compared to a net loss of 7.5 billion yuan in the same period last year [1] - Q2 2024 saw operating revenue of 16.0 billion yuan, a 36% increase year-on-year, and a net profit of 0.01 billion yuan, marking a turnaround from losses [1][3] Operational Metrics - The passenger load factor for Q2 2024 was 78.6%, exceeding the same period in 2019 by 0.8 percentage points [2] - The company’s available seat kilometers (ASK) and revenue passenger kilometers (RPK) increased by 42% and 52% respectively in H1 2024 compared to H1 2023 [2] Revenue and Cost Analysis - In Q2 2024, the unit revenue from ASK was 0.422 yuan, down 0.3% year-on-year, while unit revenue from RPK was 0.537 yuan, down 5.2% year-on-year [3] - Operating costs for Q2 2024 were 15.7 billion yuan, a 21% increase year-on-year, with unit ASK operating costs at 0.415 yuan, down 12% year-on-year due to improved fleet utilization [3] Future Outlook - The company is expected to see net profits of 4.24 billion yuan, 8.83 billion yuan, and 12.05 billion yuan for the years 2024, 2025, and 2026 respectively, with fleet expansion anticipated to outpace industry averages [4][5] - The recovery in operational efficiency and the positive trend in accounts receivable collections are expected to enhance performance in the latter half of 2024 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a turnaround in H1 2024, reporting a net profit attributable to shareholders of 0.26 billion RMB, compared to a net loss of 1.97 billion RMB in the same period of 2023 [1] - The company benefited from increased demand for private travel and government subsidy policies, which positively impacted its financial performance [1][3] - The company is positioned as the only large-scale independent regional airline in China, with significant growth potential supported by favorable policies [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 2,643 million RMB - 2023A: 5,151 million RMB (yoy growth: 95%) - 2024E: 7,790 million RMB (yoy growth: 51%) - 2025E: 9,095 million RMB (yoy growth: 17%) - 2026E: 9,667 million RMB (yoy growth: 6%) [1][3] - **Net Profit Forecasts**: - 2022A: -1,974 million RMB - 2023A: -965 million RMB (yoy growth: 51%) - 2024E: 406 million RMB (yoy growth: 142%) - 2025E: 952 million RMB (yoy growth: 134%) - 2026E: 1,124 million RMB (yoy growth: 18%) [1][3] - **Earnings Per Share (EPS)**: - 2023: -0.75 RMB - 2024E: 0.32 RMB - 2025E: 0.74 RMB - 2026E: 0.88 RMB [1][3] - **Return on Equity (ROE)**: - 2023: -31.3% - 2024E: 11.6% - 2025E: 21.4% - 2026E: 20.2% [3] Operational Highlights - The company increased its fleet size, adding 23 aircraft in H1 2024, which contributed to improved operational performance [1] - The company capitalized on market demand for regional travel, enhancing flight quality and accessibility to regional cities [1] - Government subsidies and recovery from bad debts contributed to the company's financial recovery [1][3]

证券代码：002928 证券简称：华夏航空 公告编号：2024-044 华夏航空股份有限公司 关于变更持续督导工作保荐代表人的公告 2024 年 08 月 31 日 附件：陆丹彦女士简历 陆丹彦，东兴证券投资银行总部副总裁，保荐代表人，管理学硕士。主要负 责或参与的项目包括：先惠技术（688155）IPO、华夏航空（002928）可转债、华 夏航空非公开发行股票、先惠技术向特定对象发行股票等项目，具备丰富的相关 法律、财务专业知识。 华夏航空股份有限公司（以下简称"公司"）于近日收到东兴证券股份有限 公司（以下简称"东兴证券"）出具的《关于变更华夏航空股份有限公司 2022 年 度非公开发行股票的持续督导保荐代表人的说明》。东兴证券作为公司 2022 年 度非公开发行股票项目（以下简称"该项目"）的保荐机构和持续督导机构，原 委派汤毅鹏先生、陆猷先生为该项目的保荐代表人。汤毅鹏先生因工作变动原因， 不再继续负责该项目的持续督导工作。为保证持续督导工作的有序进行，东兴证 券委派陆丹彦女士接替汤毅鹏先生担任公司 2022 年度非公开发行股票项目的持 续督导保荐代表人，继续履行持续督导职责。 本次保荐代表人变更后， ...

证券代码：002928 证券简称：华夏航空 公告编号：2024-043 华夏航空股份有限公司 第三届监事会第十三次会议决议公告 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。 本次会议由公司监事会主席邢宗熙先生主持，公司部分高级管理人员列席本 次会议。 3、本次会议的召开符合《中华人民共和国公司法》等有关法律、行政法规、 部门规章、规范性文件、深圳证券交易所业务规则以及《华夏航空股份有限公司 章程》的规定。 二、监事会会议审议情况 1、审议通过《关于 2024 年半年度报告全文及摘要的议案》。 表决结果：3 票同意，0 票反对，0 票弃权。 一、监事会会议召开情况 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"）第三届监事会第十三次会议通 知于 2024 年 08 月 16 日以电子邮件形式发出。 本次会议于 2024 年 08 月 28 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 ...

证券代码：002928 证券简称：华夏航空 公告编号：2024-042 华夏航空股份有限公司 第三届董事会第十四次会议决议公告 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。 一、董事会会议召开情况 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"）第三届董事会第十四次会议通 知于 2024 年 08 月 16 日以电子邮件形式发出。 本次会议于 2024 年 08 月 28 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、审议通过《关于 2024 年半年度募集资金存放与使用情况的专项报告的议 案》。 表决结果：9 票同意，0 票反对，0 票弃权。 2、会议出席情况 本次会议应出席董事 9 人，实际出席董事 9 人。其中 2 人现场出席（胡晓军 先生、吴龙江先生），7 人以通讯表决方式出席（徐为女士、乔玉奇先生、范鸣 春先生、孙超先生、仇锐先生、彭泗清先生、刘文君先生）。 本次会议由公司董事长胡晓军先生主持，公司部分监事、高级管理人员列席 本次会议。 3、本次会议的召开符合《中华人民 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 3,211,090,737.01, representing a 44.96% increase compared to CNY 2,215,225,755.24 in the same period last year[11]. - The net profit attributable to shareholders of the listed company was CNY 26,151,300.63, a significant turnaround from a loss of CNY 752,216,337.23 in the previous year, marking a 103.48% improvement[11]. - The net cash flow from operating activities increased by 57.15% to CNY 772,771,521.54, up from CNY 491,749,557.88 in the prior year[11]. - Basic earnings per share improved to CNY 0.0205, compared to a loss of CNY 0.5906 per share in the same period last year, reflecting a 103.47% increase[11]. - The weighted average return on net assets improved to 0.84%, a significant recovery from -20.46% in the previous year[11]. - The company reported a significant increase in commission income, reaching CNY 3,714,994,518.68, up from CNY 3,187,833,147.23, which is an increase of approximately 16.5%[121]. - The total operating profit for the first half of 2024 was CNY 50,980,128.77, a recovery from an operating loss of CNY 870,244,467.44 in the first half of 2023[122]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 19,047,571,513.30, a 4.78% increase from CNY 18,179,037,166.79 at the end of the previous year[11]. - The net assets attributable to shareholders of the listed company were CNY 3,113,661,612.12, showing a slight increase of 0.85% from CNY 3,087,510,311.49[11]. - Total liabilities rose to CNY 15,933,909,901.18 from CNY 15,091,526,855.30, an increase of approximately 5.58%[116]. - Short-term borrowings increased to CNY 2,449,147,210.58 from CNY 2,077,008,712.88, a rise of about 17.93%[116]. - Long-term borrowings increased to CNY 2,080,631,911.53 from CNY 1,783,106,017.87, reflecting a growth of approximately 16.67%[116]. - Cash and cash equivalents at the end of the reporting period amounted to CNY 1,411,685,366.96, representing 7.41% of total assets, a decrease of 3.15% from the previous year[37]. Operational Highlights - The available seat kilometers (ASK) reached 7.298 billion, up 42.17% year-on-year, while the revenue passenger kilometers (RPK) increased by 51.87% to 5.682 billion[19]. - The passenger load factor improved by 4.97 percentage points to 77.86%[19]. - The company operates a fleet of 72 aircraft, with an average age of 6.10 years, ensuring high operational stability[21]. - The route network includes 181 routes, with 179 domestic and 2 international routes, an increase of 13 routes compared to the end of 2023[22]. - The company established 7 operational bases in key regions, enhancing its route network coverage significantly[29]. - The total number of passengers transported reached 4,220.24 thousand, an increase of 54.21% year-on-year[27]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares, indicating a focus on reinvestment[1]. - Future development strategies and operational plans are subject to market conditions, highlighting the uncertainty in achieving set goals[1]. - The company has a clear strategy to leverage its first-mover advantage in the regional aviation market, enhancing its operational capabilities and market share[31]. - The company aims to enhance asset turnover efficiency and focus on its core business through the sale of the education technology subsidiary, aligning with its long-term strategic planning[78]. Risk Management - The company has outlined potential risks and countermeasures in its management discussion, emphasizing the importance of risk awareness for investors[1]. - The company faces risks related to flight safety, macroeconomic fluctuations, and changes in aviation policies, which could impact operations and profitability[55][56][58]. - Fuel prices, a major cost component, are subject to significant volatility, which can adversely affect the company's financial performance[59]. - The company has implemented measures to manage risks associated with potential claims and asset losses due to safety incidents[55]. Shareholder Information - The company emphasizes the protection of shareholder rights and maintains a transparent communication platform with investors[66]. - The company reported a 66.94% investor participation rate in the first extraordinary general meeting of 2024[63]. - The total number of common shareholders at the end of the reporting period is 31,267[104]. - The largest shareholder, Huaxia Aviation Holdings (Shenzhen) Co., Ltd., holds 23.41% of the shares, equating to 299,210,434 shares[104]. Financial Reporting and Compliance - The financial report complies with the accounting standards issued by the Ministry of Finance, ensuring a true and complete reflection of the company's financial results[145]. - The financial statements were approved by the board of directors on August 28, 2024, reflecting the company's financial status as of June 30, 2024[141]. - The company has not reported any significant litigation or arbitration matters during the reporting period[71]. - The company has fulfilled all commitments related to the non-public issuance of shares, with a lock-up period of 18 months ending on June 5, 2024[70]. Environmental and Social Responsibility - The company has engaged in various social responsibility initiatives, including educational support and environmental protection activities[68]. - The company has implemented measures to promote green flying and reduce plastic pollution by using biodegradable materials[68].

交通运输 2024 年 08 月 20 日 华夏航空 (002928) ——经营改善迎来业绩拐点，支线补贴新政助推新成长 增持（首次评级）投资要点： ⚫ 专注支线，股权高度集中，聚焦主营业务。华夏航空股份有限公司是国内一家长期专注于 支线航空运输的独立航空公司，于 2006 年正式成立，并于同年完成首航。自成立以来一 直坚持明确的支线战略定位，是我国支线航空商业模式的引领者和实践者。公司的控股股 东为华夏控股，董事长胡晓军为实际控制人，为进一步聚焦主营业务，公司计划出售子公 司华夏教育。 ⚫ 公司机队结构以支线飞机为主，飞机增速常年高于行业。根据公司公告，截至 2024 年 3 月底，公司公告机队规模达到 72 架，由庞巴迪 CRJ900 系列、空客 A320 系列和中国商 飞 ARJ21 系统三种机型组成。 ⚫ 独特商业模式，"机构运力购买+政府补贴"为业绩托底。公司机构运力购买收入计入营业 收入，政府补贴计入其他收益。机构运力购买收入占公司营业收入的比重近年逐步降低， 趋于稳定；华夏航空的补贴收入主要由民航局支线航空补贴、新疆维吾尔自治区民航支线 补贴和其他地方政府补贴构成。 ⚫ 公司航线干支结合，独飞航 ...

证券代码：002928 证券简称：华夏航空 公告编号：2024-037 华夏航空股份有限公司 第三届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 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"）第三届董事会第十三次会议通 知于 2024 年 07 月 31 日以电子邮件形式发出。 本次会议于 2024 年 08 月 05 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 本次会议应出席董事 9 人，实际出席董事 9 人。其中 2 人现场出席（胡晓军 先生、吴龙江先生），6 人以通讯表决方式出席（徐为女士、乔玉奇先生、范鸣 春先生、孙超先生、彭泗清先生、刘文君先生），独立董事仇锐先生因工作安排 原因不能亲自出席本次会议，委托独立董事刘文君先生代表其出席并表决。 本次会议由公司董事长胡晓军先生主持，公司部分监事、高级管理人员列席 本次会议。 3、本次会议的召开符合《中华人民共和国公司法》等有关法律、行政法规、 部门规章、 ...