海航控股负债率逾98%仍8亿收购 标的净利降62%无业绩承诺遭质疑

Core Viewpoint - HNA Holding's acquisition of 100% equity in Tianyu Flight Training Co., Ltd. for approximately 799 million yuan has raised market concerns regarding the financial implications and the quality of the asset being acquired [1][2][8] Financial Overview - HNA Holding's debt ratio exceeds 98% as of the end of Q1 this year, with financial expenses reaching 850 million yuan [1][9] - The acquisition price of 799 million yuan represents a premium of approximately 204 million yuan over Tianyu's net assets of 595 million yuan, resulting in a premium rate of about 34.37% [2][4] - HNA Holding's financial performance has been under pressure, with revenues of 586.41 billion yuan and 652.36 billion yuan for 2023 and 2024 respectively, but a net profit of only 3.11 billion yuan in 2023, followed by a loss of 9.21 billion yuan in 2024 [10] Asset Quality Concerns - Tianyu Flight Training's net profit for 2024 is projected to be 69.86 million yuan, a significant decline of 62.16% year-on-year [1][10] - The company has a high customer concentration, with the top five clients accounting for 95.82% and 97% of total revenue in 2023 and 2024 respectively, indicating potential risks in revenue stability [6][10] - The asset has undergone multiple ownership changes, raising questions about its current value and operational stability [4][5] Strategic Implications - HNA Holding aims to enhance its control over flight simulation training resources through this acquisition, which is expected to support the development of a comprehensive qualification management system for pilots and crew [3][8] - The acquisition is positioned as a strategic move to extend the airline's operational capabilities and improve safety and compliance measures [3][8]