Hainan Airlines Holding(SH:600221) Xin Lang Zheng Quan·2025-08-28 09:45Core Viewpoint - Hainan Airlines Holding Co., Ltd. plans to acquire 100% equity of Hainan Tianyu Flight Training Co., Ltd. for 799 million yuan, aiming to integrate aviation training into its business model, creating a dual focus on "air passenger transport + aviation training" [1] Group 1: Accounts Receivable and Risk Management - As of the end of 2024, Tianyu Flight Training's accounts receivable will amount to 419 million yuan, representing 79.77% of current assets and 108.83% of revenue, with over 47.77% of the receivables aged over one year [2] - The company states that accounts receivable are concentrated among clients such as Capital Airlines and Tianjin Airlines, with overdue payments primarily due to the delayed recovery of the civil aviation industry and issues related to HNA Group's bankruptcy restructuring [2] - HNA Group has provided a commitment letter to cover overdue receivables from affiliated airlines, which is expected to significantly reduce the provision for bad debts [2] Group 2: Profitability and Valuation - Tianyu Flight Training's net profit from 2021 to 2024 shows significant fluctuations, with figures of 79 million yuan, 9 million yuan, 185 million yuan, and 70 million yuan respectively, and a projected revenue of 385 million yuan in 2024, down 8.55% year-on-year [3] - The company attributes profit volatility to the impact of public health events, one-time effects from bankruptcy restructuring, and the release of pent-up demand in 2023 [3] - The acquisition is valued at 799 million yuan, representing a 34.37% premium over the book net asset value of 595 million yuan, with the premium mainly arising from intangible assets and future income discounting [3] Group 3: Related Transactions and Financial Impact - In 2024, 82.49% of Tianyu Flight Training's revenue will come from HNA Group airlines, with 21.7% from affiliates outside HNA Holdings' consolidation scope [3] - Independent directors have confirmed that training prices align with market fair prices, and the company plans to reduce reliance on related parties through market-based bidding and expanding third-party clients post-acquisition [3] - The acquisition will be funded entirely through self-owned funds and bank credit, without increasing interest-bearing liabilities or affecting daily operational cash flow [3]