Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [6][9]. Core Insights - The company reported a net profit attributable to shareholders of 620 million yuan for the first three quarters of 2025, a year-on-year increase of 102%. The net profit for Q3 alone was 369 million yuan, up 32% from the previous year [6]. - The company has increased its fleet by 5 aircraft, bringing the total to 80 by the end of September 2025, with 61% being regional aircraft [6]. - The company experienced a 19.27% increase in available seat kilometers (ASK) and a 24.23% increase in revenue passenger kilometers (RPK) year-on-year for the first three quarters of 2025 [6]. - The unit cost continued to decline due to lower fuel prices and operational recovery, with Q3 unit ASK revenue at 0.4545 yuan, down 5.3% year-on-year, while unit ASK operating costs decreased by 8.2% to 0.3921 yuan [6]. Financial Forecasts and Valuation - The company’s revenue is projected to grow from 6.696 billion yuan in 2024 to 9.649 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12% [3]. - The net profit attributable to shareholders is expected to rise from 613 million yuan in 2025 to 1.142 billion yuan in 2027, reflecting a significant growth trajectory [3]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 22.5x in 2025 to 12.1x in 2027, indicating improving valuation metrics as earnings grow [3]. Company Overview - The total share capital of the company is approximately 1,278.24 million shares, with a market price of 10.80 yuan, resulting in a market capitalization of approximately 13.805 billion yuan [4].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company has shown steady growth in its operations, with a significant increase in both revenue and net profit for the third quarter of 2025, exceeding expectations [6] - The company is focusing on optimizing its regional network and increasing flight volumes to meet the rising demand for personal travel, particularly in the domestic market [6] - The financial outlook for the company is positive, with projected net profits increasing significantly over the next few years, indicating strong growth potential [6] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 2.124 billion yuan, a year-on-year increase of 9.33%, and a net profit of 369 million yuan, up 31.60% year-on-year [6] - For the first three quarters of 2025, total revenue reached 5.734 billion yuan, reflecting an 11.25% year-on-year growth, while net profit was 620 million yuan, a substantial increase of 102.17% year-on-year [6] - The company’s available seat kilometers (ASK) for Q3 2025 reached 4.674 billion, a 15.42% increase year-on-year, and passenger turnover (RPK) was 4.036 billion, up 19.37% year-on-year [6] Future Earnings Forecast - Projected total revenue for 2025 is estimated at 7.978 billion yuan, with a year-on-year growth rate of 19.2% [5] - The forecasted net profit for 2025 is 710 million yuan, representing a significant increase of 165.1% compared to the previous year [5] - The company’s earnings per share (EPS) is expected to rise to 0.56 yuan in 2025, with a projected return on equity (ROE) of 17.5% [5]

Core Insights - 华夏航空 reported a total operating revenue of 5.734 billion yuan for Q3 2025, ranking 8th among disclosed peers [1] - The company's net profit attributable to shareholders was 620 million yuan, placing it 9th among peers [1] - Operating cash flow was 2.475 billion yuan, also ranking 9th in the industry [1] Financial Metrics - The latest debt-to-asset ratio is 83.16%, ranking 8th among peers, with a slight increase of 0.02 percentage points year-on-year [3] - The gross profit margin stands at 6.90%, ranking 12th among disclosed companies [3] - Return on equity (ROE) is reported at 15.54% [3] Efficiency Ratios - The diluted earnings per share (EPS) is 0.49 yuan [4] - Total asset turnover ratio is 0.26 times, ranking 7th, with a decrease of 0.01 times year-on-year, reflecting a decline of 4.01% [4] - Inventory turnover ratio is 20.71 times, ranking 10th, with a decrease of 2.61 times year-on-year, indicating an 11.19% decline [4] Shareholder Structure - The number of shareholders is 21,100, with the top ten shareholders holding 732 million shares, accounting for 57.28% of total equity [4] - The largest shareholder is 华夏航空控股(深圳)有限公司 with a 23.41% stake [4] - Other significant shareholders include 深圳融达供应链管理合伙企业(有限合伙) at 10.97% and 天津华夏通融企业管理中心(有限合伙) at 6.26% [4]

Core Viewpoint - Huaxia Airlines, established in 2006 and listed in 2018, specializes in regional air transportation and has a leading position in the industry [1] Financial Performance - For Q3 2025, Huaxia Airlines reported revenue of 5.734 billion, ranking 7th in the industry, with the top competitor, China Southern Airlines, generating 137.665 billion [2] - The net profit for the same period was 620 million, also ranking 7th, while the industry leader reported a net profit of 3.996 billion [2] Financial Ratios - As of Q3 2025, the debt-to-asset ratio was 83.16%, higher than the industry average of 75.72% [3] - The gross profit margin was 6.90%, which is below the industry average of 12.66% [3] Executive Compensation - The chairman, Hu Xiaojun, received a salary of 1.5443 million in 2024, an increase of 152,700 from 2023 [4] - The president, Li Sansheng, earned 751,800 in 2024, up by 40,600 from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.88% to 21,100 [5] - The average number of shares held per shareholder increased by 5.13% to 60,500 [5] Business Highlights - Longjiang Securities noted significant profit growth in H1 2025, with ASK and RPK increasing by 19.3% and 26.3% respectively [6] - The company is focusing on regional aviation strategy, with a notable increase in capacity and a decrease in unit costs [6]

Core Insights - Huaxia Airlines reported a revenue of 2.124 billion yuan for Q3 2025, representing a year-on-year increase of 9.33% [1] - The net profit attributable to shareholders for Q3 2025 was 369 million yuan, showing a year-on-year growth of 31.6% [1] - For the first three quarters of 2025, the total revenue reached 5.734 billion yuan, an increase of 11.25% compared to the previous year [1] - The net profit for the first three quarters was 620 million yuan, reflecting a significant year-on-year growth of 102.17% [1]

Investment Rating - The report maintains a positive outlook on the shipping, shipbuilding, and aviation sectors, indicating a fundamental improvement despite low fund holdings [3]. Core Insights - The shipbuilding sector has seen a reversal of negative factors, with second-hand ship prices stabilizing and surpassing 2024 highs, suggesting potential for new ship price increases [3]. - The oil tanker market is experiencing strong demand due to OPEC's production increases and ongoing sanctions on Russian and Iranian oil supplies, leading to a significant rise in freight rates [3]. - Fund holdings in the transportation sector have decreased to a historical low, with notable increases in the market value of shipping, ports, airports, and cross-border logistics [3][4]. Summary by Sections 1. Changes in Fund Holdings in the Transportation Sector - As of Q3 2025, the total market value of funds in the transportation sector reached 18 billion yuan, a 30% decrease from the previous quarter, ranking 17th among 31 sectors [4][5]. - The transportation sector's market value accounts for 2.68% of total A-share market value, with an underweight of 1.59% [4]. 2. Changes in Fund Holdings by Sub-sectors - The proportion of fund holdings in aviation, shipping, ports, airports, raw material supply chain services, and cross-border logistics has increased, with aviation transportation holding the largest share at 37.62% [10]. - The market value changes for various sectors include significant increases in shipping and raw material supply chain services, while express delivery and highways saw declines [10]. 3. Top Ten Fund Holdings in the Transportation Sector - The top ten fund holdings include SF Holding, YTO Express, Huaxia Airlines, and China Merchants Energy, with notable increases in holdings for YTO Express and China Merchants Energy [15]. - Stocks with total holdings exceeding 300 million yuan and growth rates above 10% include YTO Express and China Merchants Energy, with growth rates of 110% and 227% respectively [15]. 4. Valuation of Key Companies in the Transportation Sector - Key companies such as China National Aviation and SF Holding have been evaluated with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential growth [19].

Core Insights - Huaxia Airlines reported a revenue of 2.124 billion yuan for Q3 2025, representing a year-on-year increase of 9.33% [1] - The net profit attributable to shareholders for Q3 2025 was 369 million yuan, showing a year-on-year growth of 31.6% [1] - For the first three quarters of 2025, the total revenue reached 5.734 billion yuan, an increase of 11.25% compared to the previous year [1] - The net profit for the first three quarters of 2025 was 620 million yuan, reflecting a significant year-on-year growth of 102.17% [1]

Core Viewpoint - Huaxia Airlines (002928.SZ) reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential in the aviation industry [1] Financial Performance - The company's operating revenue for the first three quarters reached 5.734 billion yuan, representing a year-on-year growth of 11.25% [1] - The net profit attributable to shareholders of the listed company was 620 million yuan, showing a remarkable year-on-year increase of 102.17% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 565 million yuan, reflecting a year-on-year growth of 94.30% [1] - Basic earnings per share stood at 0.4867 yuan [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Huaxia Airlines in the third quarter, showcasing significant growth in both revenue and net profit [1] Group 2 - The company reported a total operating revenue of 5.73 billion yuan for the first three quarters, representing a year-on-year increase of 11.25% [1] - The net profit attributable to shareholders reached 620 million yuan, marking a substantial year-on-year growth of 102.17% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 565 million yuan, reflecting a year-on-year increase of 94.30% [1]

证券代码：002928 证券简称：华夏航空 公告编号：2025-066 华夏航空股份有限公司 第四届董事会第二次会议决议公告 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。 华夏航空股份有限公司（以下简称"公司"）第四届董事会第二次会议通知 于 2025 年 10 月 27 日以电子邮件形式发出。 本次会议于 2025 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。 根据《华夏航空股份有限公司章程》《华夏航空股份有限公司董事会议事规 则》等有关规定，召集人已在董事会会议上就豁免董事会会议通知时限的相关情 况作出说明，经全体董事一致同意，本次会议豁免通知时限要求。 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 3 人现场出席（胡晓军 先生、吴龙江先生、胡不为先生），6 人以通讯表决方式出席（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，公司部分高级管理人员列席本次会 议。 3、本次会议的召开符 ...