民生证券给予华夏航空推荐评级：25Q2盈利落于预告中值，公司经营逐步改善

Group 1 - The core viewpoint of the report is that Minsheng Securities recommends Huaxia Airlines (002928.SZ) with a target price of 9.2 yuan, highlighting several positive factors for the company's performance [1] - Institutional purchases of capacity are expected to support the company's unit revenue levels, and the off-peak travel routes may enhance unit revenue performance [1] - The recovery in utilization rates and the decline in oil prices are anticipated to improve unit costs, with potential for further cost improvements due to fleet and model adjustments [1] Group 2 - The company is increasing coverage of remote area routes, which may benefit from the new subsidy regulations for branch lines, leading to a rise in unit subsidy income [1] - In the first half of 2025, the company reversed a provision for impairment losses of 5 million yuan, but there was a provision of approximately 12 million yuan for aged receivables, indicating a need to monitor the potential impact of impairment reversals on profitability [1]