海航控股：重整旗鼓、轻装上阵，自贸港主要承运人享发展红利

Investment Rating - The report assigns an "Outperform" rating for the company [2]. Core Views - Hainan Airlines, as the fourth largest airline in China, is steadily advancing its debt restructuring and has a solid market position. The company has developed a comprehensive domestic and international route network, benefiting from its unique status as the only SKYTRAX five-star airline in mainland China. Following its bankruptcy restructuring and the investment from Fangda Group, the company is gradually resolving its debts through various financial strategies [5][6][70]. - The company is expected to benefit from the Hainan Free Trade Port's policies, including tax incentives and reduced fuel costs, which will enhance its profitability. The anticipated influx of tourists and cargo will further support its growth as a major carrier in the region [6][70]. Summary by Sections Company Overview - Hainan Airlines started in Hainan and has grown into the fourth largest airline in China, with a focus on its core aviation business. The company has a strong fleet and market share, maintaining its position as a leading airline in service quality [5][47][58]. - The company has undergone significant restructuring, with Fangda Group taking control and implementing measures to stabilize operations and reduce debt [60][65]. Market Position and Growth Potential - Hainan Airlines has a robust asset base and a solid foundation for growth, with a strategic focus on key markets and bases across China. The company has a leading market share in its primary bases, particularly in Hainan, and is well-positioned to capitalize on the recovery of tourism and air travel [71][74]. - The airline's international capacity growth is the highest among its peers, with a wide coverage of international routes that enhances its revenue potential [5][71]. Financial Performance and Projections - The company is projected to see significant revenue growth, with expected net profits of 3.42 billion, 4.33 billion, and 6.36 billion for the years 2023, 2024, and 2025 respectively. The report suggests a reasonable valuation range of 1.50 to 1.80 yuan based on industry comparisons [6][7][70].