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：2024-055 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" ...

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：2024-056 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 ...

证券代码：002928 证券简称：华夏航空 公告编号：2024-054 华夏航空股份有限公司 第三届董事会第十六次会议决议公告 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"）第三届董事会第十六次会议通 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 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、董事会会议审议情况 1、审议通过《关于 2024 年第三季度报告的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 本议案已经公司审计委员会审核通过，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 ...

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].

证券代码：002928 证券简称：华夏航空 公告编号：2024-052 华夏航空股份有限公司 2024 年员工持股计划第一次持有人会议决议公告 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、持有人会议召开情况 华夏航空股份有限公司（以下简称"公司"）2024 年员工持股计划（以下简 称"本次员工持股计划"）第一次持有人会议于 2024 年 10 月 25 日以现场结合通 讯方式召开。本次会议由公司董事会秘书兼副总裁俸杰先生召集和主持，本次会 议应出席持有人 50 人，实际出席持有人 50 人，代表本次员工持股计划份额 1,3 05.75 万份，占本次员工持股计划总份额的 100.00%。会议的召集、召开和表决 程序符合相关法律法规、规范性文件及《华夏航空股份有限公司 2024 年员工持 股计划》（以下简称《2024 年员工持股计划》）和《华夏航空股份有限公司 2024 年员工持股计划管理办法》（以下简称《2024 年员工持股计划管理办法》）的有关 规定。 二、持有人会议审议情况 经出席会议的持有人审议，通过了如下议案： 1、审议通过《关于设立华夏航空股份 ...

证券代码：002928 证券简称：华夏航空 公告编号：2024-051 华夏航空股份有限公司 简式权益变动报告书 上市公司名称：华夏航空股份有限公司 股票简称：华夏航空 股票代码：002928 股票上市地点：深圳证券交易所 信息披露义务人名称：深圳市成德永盛投资发展合伙企业（有限合伙） 注册地址：深圳市罗湖区东晓街道独树社区布心路 3008 号水贝珠宝总部大厦 B 座 2510 通讯地址：深圳市罗湖区东晓街道独树社区布心路 3008 号水贝珠宝总部大厦 B 座 2510 股份变动性质：股份减持（持股比例下降至 5%以下） 披露日期：二零二四年十月 声 明 1、本权益变动报告书系信息披露义务人依据《中华人民共和国公司法》（以 下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上 市公司收购管理办法》（以下简称《收购办法》）、《公开发行证券的公司信息披 露内容与格式准则第 15 号——权益变动报告书》及相关的法律、法规编制。 2、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违反 信息披露义务人公司章程或内部规则中的任何条款，或与之冲突。 3、依据《证券法》《收购办法》的规定，本 ...