Summary of Huaxia Airlines Conference Call Company Overview - **Company**: Huaxia Airlines - **Industry**: Aviation Key Points Industry Dynamics - The aviation industry is experiencing a steady recovery in demand, with a compound annual growth rate (CAGR) of 3.8% from 2020 to 2024, and airlines are expected to have pricing power in 2025 due to economic recovery and management requirements from the State-owned Assets Supervision and Administration Commission (SASAC) [2][3][34] - The regional aviation market is small but growing rapidly, with a CAGR of 25% in passenger transport from 2015 to 2019, significantly outpacing the industry average [2][8] - The supply chain for aircraft is constrained, with actual introduction growth at only 2.5%, which is about 60% of planned growth, indicating a tightening supply trend in the coming years [2][4] Financial Performance and Valuation - Huaxia Airlines has a current valuation that offers relative value, with a price-to-book (PB) ratio of approximately 2.2 times and a price-to-earnings (PE) ratio of about 15 times, which is below historical highs and industry levels [2][7][34] - The company is expected to experience a dual boost in valuation and profit recovery as earnings materialize [2][34] Operational Improvements - The airline has been enhancing safety management, increasing the number of captains from 330 to an expected 380 by the end of the year, and improving daily aircraft utilization from 80% to 90% [2][9][28] - Huaxia Airlines has a unique network operation model that increases aircraft utilization and spreads fixed costs, with direct-to-consumer sales rising to 76% [2][19][24] Government Support and Policy Environment - The government supports regional aviation through subsidies, with amounts stabilizing between 2 billion to 3 billion yuan from 2014 to 2019, primarily benefiting the northwest and southwest regions [15][16] - A new subsidy management method effective from January 1, 2024, optimizes the subsidy structure and enhances support for remote areas, which is expected to benefit Huaxia Airlines [16][17] Market Characteristics - The regional aviation market is characterized by low total volume but high growth rates, with government policies favoring the development of regional airports [8][10] - The market faces challenges such as higher airport fees and low-frequency demand, making it difficult for standalone routes to achieve profitability [14] Future Outlook - Huaxia Airlines is projected to maintain a high growth rate in fleet size, with an average annual growth rate of 22% from 2006 to 2024, and an expected fleet size of 76 aircraft by early 2025 [20][21] - The airline's unique operational model, including a hub-and-spoke system and interline flights, is expected to enhance its market position and profitability [24][26] Risks - Investment risks include macroeconomic fluctuations, potential aviation accidents affecting supply capacity, competition from high-speed rail, and insufficient transport capacity [35][36] Conclusion - Huaxia Airlines is well-positioned to capitalize on the recovery of the aviation industry, supported by government policies and its unique operational strategies, while facing certain risks that need to be managed [27][33]

Financial Performance Expectations - The company expects a net profit of between 200 million and 280 million CNY for 2024, marking a turnaround from a loss of 964.98 million CNY in 2023, representing a year-on-year growth of 120.73% to 129.02%[3][5] - The expected net profit after deducting non-recurring gains and losses is projected to be between 82 million and 118 million CNY, compared to a loss of 963.18 million CNY in the previous year[3][5] - Basic earnings per share are anticipated to be between 0.1570 CNY and 0.2198 CNY, recovering from a loss of 0.7577 CNY per share in 2023[3][5] Factors Contributing to Performance Improvement - The improvement in performance is attributed to the continuous recovery in civil aviation travel demand, increased flight volume, and enhanced fleet utilization[5] Strategic Focus - The company is focusing on optimizing its route network to meet changing travel demands, particularly in niche markets like regional tourism and off-peak travel[5]

证券代码：002928 证券简称：华夏航空 公告编号：2024-060 关于变更持续督导保荐代表人的公告 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 度非公开发行股票项目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， 原委派陆猷先生、陆丹彦女士为该项目的保荐代表人。陆猷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 券委派蒋卓征先生（简历见附件）接替陆猷先生担任公司 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。 华夏航空股份有限公司 董事会 华夏航空股份有限公司 本次保荐代表人变更后，负责该项目持续督导工作的保荐代表人为陆丹彦女 士、蒋卓征先生，持续督导期至 2023 年 12 月 31 日及中国证券监督管理委员会 和深圳证券交易所规定的持续督导义务结束 ...

证券代码：002928 证券简称：华夏航空 公告编号：2024-059 华夏航空股份有限公司 二、本次归还用于暂时补充流动资金的闲置募集资金情况 公司在使用闲置募集资金暂时补充流动资金期间，严格遵守相关法律、法 规和规范性文件的规定，对募集资金进行了合理的安排与使用，没有影响募投 项目的正常实施进度，没有改变或变相改变募集资金用途，没有使用募集资金 直接或者间接进行证券投资、衍生品交易等高风险投资。 部分闲置募集资金的公告 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。 一、部分闲置募集资金用于暂时补充流动资金的审议披露情况 华夏航空股份有限公司（以下简称"公司"）于 2024 年 08 月 05 日召开第 三届董事会第十三次会议、第三届监事会第十二次会议，审议通过了《关于使 用部分闲置募集资金暂时补充流动资金的议案》，同意公司在保证募集资金投 资项目（以下简称"募投项目"）的资金需求、不影响募投项目正常进行的前 提下，使用公司 2022 年度非公开发行 A 股股票的闲置募集资金不超过 134,000.00 万元暂时补充流动资金，使用期限自董事会审议通过之日起 ...

Investment Rating - The investment rating for Huaxia Airlines is "Buy" (maintained) [1][2]. Core Views - The report emphasizes that the certainty and growth potential of Huaxia Airlines have increased, with operating performance expected to exceed expectations [1]. - The company is the only large-scale independent regional airline in China, benefiting from the revision of the regional airline subsidy management policy and improvements in operational conditions, leading to a turnaround in profitability in the first three quarters of 2024 [2]. - The report highlights the potential for significant growth in the regional aviation market, supported by policy backing and the company's strategic focus on underserved markets [2]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 2,643 million - 2023A: 5,151 million (yoy growth: 95%) - 2024E: 7,065 million (yoy growth: 37%) - 2025E: 8,623 million (yoy growth: 22%) - 2026E: 9,469 million (yoy growth: 10%) [1]. - **Net Profit Forecasts**: - 2022A: -1,974 million - 2023A: -965 million - 2024E: 406 million - 2025E: 952 million - 2026E: 1,124 million [1]. - **Earnings Per Share (EPS)**: - 2022A: -1.54 - 2023A: -0.75 - 2024E: 0.32 - 2025E: 0.74 - 2026E: 0.88 [1]. - **Cash Flow Per Share**: - 2022A: 0.25 - 2023A: 1.03 - 2024E: 0.38 - 2025E: 1.13 - 2026E: 1.30 [1]. - **Return on Equity (ROE)**: - 2022A: -49% - 2023A: -31% - 2024E: 12% - 2025E: 21% - 2026E: 20% [1]. - **Price-to-Earnings (P/E) Ratio**: - 2022A: -5.7 - 2023A: -11.7 - 2024E: 27.7 - 2025E: 11.8 - 2026E: 10.0 [1]. - **Price-to-Book (P/B) Ratio**: - 2022A: 2.8 - 2023A: 3.6 - 2024E: 3.2 - 2025E: 2.5 - 2026E: 2.0 [1]. Investment Logic - **Decreased Uncertainty**: The report notes a significant reduction in uncertainty regarding the company's operations, particularly due to favorable government debt relief policies and improved collection of subsidy revenues [1][2]. - **Rapid Recovery in Operations**: The company is experiencing a swift recovery in operations, with profitability growth expected to exceed forecasts [2]. - **Improving Competitive Landscape**: The competitive environment is anticipated to improve, providing Huaxia Airlines with broader development opportunities, especially in the underserved markets [2].

根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》等有关法律、行政法 规、部门规章、规范性文件和深圳证券交易所的相关业务规则，现将本员工持股 计划实施进展情况公告如下： 一、员工持股计划的股票来源及数量 本员工持股计划的股份来源为公司回购专用账户的 A 股普通股股票。具体情 况如下： 公司于 2021 年 09 月 01 日召开第二届董事会第十八次会议，审议通过《关 于以集中竞价交易方式回购公司股份方案的议案》，截至 2022 年 2 月 28 日，公 司完成回购，已通过回购专用证券账户以集中竞价交易方式累计回购公司股份数 量为 4,630,299 股，约占公司当时总股本的 0.4568%，回购股份的最高成交价为 12.21 元/股，最低成交价为 9.99 元/股，累计已支付总金额为人民币 5,004.58 华夏航空股份有限公司 关于 2024 年员工持股计划非交易过户完成的公告 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 0 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the expected earnings growth and market conditions [3]. Core Insights - The company reported a significant turnaround in its financial performance, with a 411.92% year-on-year increase in net profit for Q3 2024, reaching 280 million yuan [2]. - The increase in subsidies and recovery in operational capacity are key drivers for the company's improved profitability [2]. - The company is positioned as a leader in the regional aviation market, benefiting from a growing market space and high barriers to entry [2]. Financial Performance Summary - For Q3 2024, the company achieved operating revenue of 1.943 billion yuan, an 18.73% increase year-on-year [2]. - The company’s net profit for the first three quarters of 2024 is projected to be 396 million yuan, with a forecasted growth of 106.8% for 2025 [3]. - The gross profit margin is expected to improve from -7.0% in 2023 to 21.9% by 2026, indicating a strong recovery trajectory [3]. Operational Metrics - The company plans to increase its weekly flight schedule by 9.55% compared to the previous year, with an average of 444 flights per day [2]. - The average daily flight volume since October has reached 349 flights, nearing pre-pandemic levels [2]. - The company has introduced an employee stock ownership plan to boost confidence and align employee interests with company performance [2]. Future Earnings Projections - The projected net profits for 2024, 2025, and 2026 are 396 million yuan, 819 million yuan, and 1.095 billion yuan, respectively [3]. - The price-to-earnings (PE) ratios for these years are estimated at 25.4, 12.3, and 9.2 times, reflecting a favorable valuation outlook [3].

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 ...