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中信海直(000099):1H25业绩符合预期 低空经济布局逐步推进

Financial Performance - Company reported 1H25 revenue of 1.038 billion, a year-on-year increase of 7.90% and a net profit attributable to shareholders of 153 million, up 15.85% year-on-year [1] - In 2Q25, revenue reached 542 million, growing 7.47% year-on-year, while net profit was 62.19 million, an increase of 27.28% year-on-year [1] - Revenue growth was primarily driven by the increase in oil and gas business, with aviation transportation revenue up 8.8% and aviation maintenance revenue down 58% [1] - Major contributions to revenue growth came from regions such as Zhejiang, Zhanjiang, and Tianjin, with the parent company achieving 910 million in revenue, a 13% increase year-on-year [1] - Operating costs increased by 4.4%, which was lower than the revenue growth, leading to an improvement in gross margin by 2.6 percentage points to 30% [1] - The net profit margin improved by 1 percentage point to 14.8% [1] Development Trends - Company is progressively advancing its low-altitude economy layout, including stable operations on routes like Shenzhen-Zhuhai and the addition of 13 sightseeing routes [2] - The company has launched 12 new inter-district ferry routes and completed the world's first 2-ton eVTOL platform test flight in collaboration with CNOOC [2] - Continuous attention is recommended for the policy and commercialization developments in the low-altitude economy sector [2] Profit Forecast and Valuation - Company maintains profit forecasts for 2025 and 2026 at 370 million and 428 million respectively [3] - Current stock price corresponds to a price-to-earnings ratio of 51.1 times for 2025 and 44.2 times for 2026 [4] - The target price remains at 21.0, reflecting a 44 times price-to-earnings ratio for 2025 and 38 times for 2026, indicating a potential downside of 14% from the current stock price [4]