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华夏航空预计上半年利润创纪录 支线航空熬出头了?
Xi Niu Cai Jing· 2025-07-21 07:48
这一模式在当前政策环境下正迎来双重利好:中央加大力度支持化解地方政府债务风险,缓解了地方财政压力,这意味着华夏航空的航线补贴有望更快到 账,力度也有望加大。地方财政的"活水",正转化为华夏航空确定性的现金流与宝贵的排他性航线资源。 | | 本报告期 | 上年同期 | | --- | --- | --- | | 项目 | (2025年01月01日-2025年06月30 | (2024年01月01日一 | | | 日) | 2024年06月30日) | | 归属于上市公 | 盈利:22,000.00 万元-29,000.00 万元 | | | 司股东的净利 | | 盈利: 2,615. 13 万元 | | 润 | 比上年同期增长:741.26%-1,008.93% | | | 归属于上市公 | 盈利:20,000.00 万元 - 28,000.00 万元 | | | 司股东的扣除 | | 盈利: 1.255.50 万元 | | 非经常性损益 | 比上年同期增长:1,493.00%-2,130.20% | | | 后的净利润 | | | | 基本每股收益 | 盈利:0.1727元/股-0.2277元/股 | 盈利: ...
加码全球支线航空市场 山河智能斥资超5000万美元买飞机
中经记者 庄灵辉 卢志坤 北京报道 山河智能(002097.SZ)正持续加码国际市场。 日前,山河智能发布公告称,其境外全资子公司Avmax Group Inc.(以下简称"Avmax")与Qantas Airways Limited(以下简称"Qantas")签署了两份《飞机销售协议》,将购置对方持有的16架DHC-8 300飞机,不含税总价为5114.21万美元。 对于此次资产购置,山河智能方面表示,是为充分把握全球航空业逐步复苏、支线航空市场持续增长的 契机,提升市场竞争力,为公司带来稳定的收入及现金流。 "新购置的16架DHC-8-300飞机将重点部署在亚太和北美市场的短途高频航线,可向客户租赁或者出售 飞机。"山河智能方面向《中国经营报》记者表示,航空产业是山河智能极为重要的板块,未来Avmax 会持续引进新一代的环保机型,服务于亚太、非洲等新兴市场的短途航线需求。 彼时,山河智能方面指出,Avmax拟从Qantas购置16架DHC-8 300(Dash 8-300)型涡桨飞机,不含税总 价为5114.21万美元,含税总价为5625.63万美元。按照当时汇率计算,相应交易含税总价折合人民币超4 亿元 ...
华夏航空(002928):盈利启航 支线龙头构建细分壁垒
Xin Lang Cai Jing· 2025-07-16 02:32
重申华夏航空"买入"评级,目标价12.55 元,对应2025 年22X PE。公司为支线航空龙头,飞机日利用率 趋于恢复至疫前水平,并且新补贴办法利好公司航网收益。资产周转效率+补贴双提升,公司有望进入 盈利释放周期,我们预计25-27 年归母净利润CAGR 有望达到71.1%。中长期公司深耕支线市场,逐步 构建匹配支线特点的航线网络,建立细分市场运营壁垒。往后展望,受益于支线市场航线开辟、出行需 求培育,公司有望引领行业成长。 短期:机队周转效率提升,推动盈利释放 公司机队持续扩张,2024 年末达到75 架,2019-2024 年复合增速仍达9.3%。 目前公司单机机长人数正逐步改善,趋于实现与机队规模的匹配。截至24年末,华夏航空机长数为300 人,单机机长人数恢复至19 年的82%。伴随机长资源和保障能力持续提高,我们认为机队周转效率有 望进一步提升,摊薄折旧、人工等刚性成本,成为25/26 年公司盈利大幅增长的主要驱动力。 中期:政府补贴改善+收益水平回暖,看好单机利润突破机队周转效率好转以外,政府补贴改善和收益 水平回暖有望增厚盈利。2024年民航局支线新补贴办法单位小时补贴标准明显提升,同时新疆 ...
华夏航空(002928):2025年中报业绩预告点评:1H25年预计实现盈利中值2.6亿,同比增长近9倍,看好公司盈利持续兑现
Huachuang Securities· 2025-07-15 05:05
公司研究 华夏航空(002928)2025 年中报业绩预告点评 强推(维持) 1H25 年预计实现盈利中值 2.6 亿,同比增长近 9 倍,看好公司盈利持续兑现 1)1H25:2025 年上半年预计归母净利 2.2~2.9 亿元,同比+741%~1009%,中 值为 2.55 亿元(1H24 归母净利 0.26 亿元,同比+875%);扣非归母净利 2.0~2.8 亿元,同比+1493%~2130%,中值为 2.4 亿元(1H24 扣非归母利润 0.13 亿元, 同比+1812%);按照区间中值测算,非经常性损益约 0.15 亿元。 2)25Q2:预计归母净利 1.4~2.1 亿元,中值为 1.7 亿元(24Q2 归母净利 0.01 亿元,25Q1 归母净利 0.82 亿元);扣非归母净利 1.2~2.0 亿元,中值为 1.6 亿 元(24Q2 扣非归母净亏损 0.03 亿元,25Q1 扣非归母净利 0.76 亿元);按照区 间中值测算,非经常性损益约 0.09 亿元。 证 券 研 究 报 告 我们看好公司经营端不断改善,叠加油价中枢下移推动成本减负,盈利有望持 续兑现。1、盈利预测:我们维持 25~27 年 ...
全球支线航空市场有望复苏 山河智能拟斥资3.67亿元买飞机
Zheng Quan Ri Bao· 2025-07-08 06:43
Group 1 - The company, Avmax Group Inc., a wholly-owned subsidiary of Shanhe Intelligent Equipment Co., Ltd., plans to acquire 16 DHC-8-300 aircraft from Qantas Airways Limited for a total price of approximately $51.14 million, equivalent to about 367 million RMB [2][3] - The acquired aircraft will primarily be used for international regional flight operations, capitalizing on the current recovery in the global aviation industry and increasing demand for regional aircraft due to falling international oil prices [2][3] - The DHC-8-300 aircraft is recognized for its strong performance in short takeoff and landing, making it suitable for operations in high-temperature and high-altitude areas, as well as on unpaved runways [3] Group 2 - The global regional aviation market is expected to show moderate recovery by 2025, with the International Air Transport Association predicting an average aviation fuel price of $86 per barrel, a 13% decrease from 2024, which will enhance profit expectations for airlines [3] - Low-cost airlines and regional carriers are actively ordering or leasing new aircraft to expand their network coverage and seize market opportunities, indicating a trend of growth in the aircraft leasing sector [3]
资源滞后、通达性不足,支线航空暑运如何“起飞”?
Qi Lu Wan Bao· 2025-06-05 02:43
Core Viewpoint - The civil aviation market is approaching a peak in passenger flow as summer approaches, raising questions about the performance of regional airlines and smaller airports during the upcoming travel season [1] Group 1: Challenges Facing Regional Airlines - Resource limitations are a major constraint on the development of regional airlines, with many small cities experiencing slow growth in passenger markets and operational issues for regional airlines and airports [1][10] - Passengers often prefer high-speed rail over regional flights due to factors such as safety, comfort, and convenience, which impacts the demand for regional air travel [1][10] Group 2: Current State of Regional Aviation - The Civil Aviation Administration of China has been optimizing policies to promote regional aviation, resulting in an increase in the number of regional routes and improved connectivity for cities with regional airports [11] - As of the end of 2024, the number of domestic transport airports in China reached 263, with a total passenger throughput of approximately 1.46 billion, marking a year-on-year increase of 15.86% [12] Group 3: Future Prospects for Regional Airlines - The potential for growth in regional aviation is significant, with expectations that the number of airports in China will exceed 270 by 2025, primarily consisting of regional airports [13] - The development of regional airlines requires efficient collaboration between airlines and airports, as well as support from government policies to enhance connectivity and service offerings [15] Group 4: Financial Performance of Regional Airlines - Huaxia Airlines reported total assets of approximately 20.7 billion CNY and revenue of about 6.7 billion CNY in 2024, reflecting a year-on-year growth of 29.98% [16] - The airline's net profit attributable to shareholders reached approximately 268 million CNY, a significant increase of 127.77% compared to the previous year [16] Group 5: Government Support for Regional Aviation - In January 2024, the Ministry of Finance and the Civil Aviation Administration revised the subsidy management measures for regional airlines, focusing on enhancing support for routes operated by regional aircraft [19]
华夏航空(002928) - 002928华夏航空投资者关系管理信息20250512
2025-05-12 09:58
Group 1: Market Position and Competition - The company emphasizes that regional aviation and high-speed rail serve different travel needs, with most of its routes not overlapping with high-speed rail lines [1] - Regional aviation primarily caters to lower-density cities, while high-speed rail connects densely populated urban areas [1] - The company has developed a regional aviation hub model centered around cities like Quzhou to enhance its route network [1] Group 2: Industry Growth and Demand - The overall airport throughput growth rate during the 13th Five-Year Plan period is approximately 10%, with regional airport throughput growing at about twice that rate [2] - By 2035, the number of transport airports in China is expected to reach around 450, with most new airports being regional [2] - The demand for air travel in regional cities is projected to continue growing due to rising economic levels and consumer spending [2] Group 3: Financial Performance - In 2024, the company's operating revenue reached CNY 669,560,000, a year-on-year increase of 29.98% [3] - The net profit attributable to shareholders was CNY 26,797,300, reflecting a year-on-year growth of 127.77% [3] Group 4: Operational Efficiency - The average aircraft utilization rate in Q1 2025 was 8 hours, an increase of 0.9 hours year-on-year [3] - The company aims to enhance aircraft utilization to reduce fixed costs associated with leasing and depreciation [4] Group 5: Regulatory Changes and Support - The revised subsidy management measures for regional aviation, effective from January 1, 2024, increase support for economically underdeveloped areas [4] - The new subsidy method shifts from passenger transport volume to actual flight hours, benefiting airlines operating regional routes [4] - In 2024, the proportion of capacity in subsidized routes increased by 4.4 percentage points [4] Group 6: Challenges and Solutions - The company faces challenges in profitability due to the nature of regional aviation, where low passenger volumes hinder route development [5] - Local governments and airports are collaborating with airlines through capacity purchase agreements to stimulate market growth and ensure economic viability [6]
飞行员被迫送外卖? 揭秘幸福航空“乏力运营”背后的财务黑洞 | BUG
Xin Lang Cai Jing· 2025-05-02 02:54
Core Viewpoint - The future of Xingfu Airlines appears bleak, with significant operational challenges and financial distress leading to potential bankruptcy or acquisition by a larger entity [1][2][4]. Group 1: Financial Distress - Xingfu Airlines has canceled all flights during the May Day holiday, with employees receiving a notice to take leave without pay due to financial issues [1]. - The company is reported to owe 10 months of salaries, 40 months of pension contributions, and 28 months of social security payments, indicating severe cash flow problems [1]. - The airline's debt has reached 300 million, and it has been unable to pay critical fees such as airport service and fuel costs since the first quarter of 2023 [6][7]. Group 2: Operational Challenges - Xingfu Airlines has a high employee-to-aircraft ratio of 200, significantly exceeding the industry average, and currently operates only 5 aircraft, including 3 Boeing 737s and 2 MA60s [7]. - The MA60 aircraft, which constitutes 90% of its fleet, is described as outdated and inefficient, leading to high operational costs and low market acceptance [7][8]. - The airline's route planning has been criticized, with flights on routes easily accessible by high-speed rail, resulting in low passenger load factors [8][9]. Group 3: Historical Context - Founded in 2008, Xingfu Airlines aimed to operate domestically produced aircraft but has faced continuous financial losses since its inception, including a net loss of 1.52 billion in 2014 [3][4]. - The airline has undergone multiple ownership changes, with significant equity transfers and restructuring efforts, including a takeover by the Xi'an State-owned Assets Supervision and Administration Commission in 2018 [4][6]. - The company has struggled to adapt to market demands, failing to establish a differentiated positioning in the competitive aviation landscape [9].
华夏航空(002928):2024年年报及2025年一季报点评:2024年盈利落于预告上沿,运力投放稳步恢复
Minsheng Securities· 2025-04-29 09:32
华夏航空(002928.SZ)2024 年年报及 2025 年一季报点评 2024 年盈利落于预告上沿,运力投放稳步恢复 2025 年 04 月 29 日 ➢ 2025 年 4 月 25 日公司发布 2024 年年报:2024 年公司营业收入 67.0 亿元, 同比+30%,归母净利 2.7 亿元(上年同期归母净亏 9.6 亿元),落于业绩预告上沿 (公司预告 2024 年归母净利 2.0-2.8 亿元),扣非归母净利 1.1 亿元(上年同期扣 非归母净亏 9.6 亿元);4Q24 公司营业收入 15.4 亿元,同比+19%,归母净亏 0.4 亿元(4Q23 归母净亏 2.7 亿元),扣非归母净亏 1.8 亿元(4Q23 扣非归母净亏 2.6 亿元)。公司发布 2025 年一季报:1Q25 公司营业收入 17.7 亿元,同比+10%,归 母净利 0.82 亿元(1Q24 为 0.25 亿元),扣非归母净利 0.76 亿元(1Q24 为 0.15 亿元)。 推荐 首次评级 当前价格: 7.45 元 [Table_Author] ➢ 运力投放增长对冲价格下行,支线补贴入账、处置资产收益助力公司 2024 年扭亏。 ...
取消航班,机票停售!这家航司到底怎么了?
第一财经· 2025-04-29 04:59
今天是幸福航空突然停航的第二天。 4月27日下班后,幸福航空的员工被通知28日开始停航,暂时取消三天的航班(到4月30日)。 目前,幸福航空还没有对停航作出正面回应,记者查询航班管家的航班动态信息显示,幸福航空5月 1日的航班也全部取消。 2025.04. 29 本文字数:1695,阅读时长大约3分钟 作者 | 第一财经 陈姗姗 目前,幸福航空的大股东是西安国资企业,据记者了解,政府层面这几天也在与公司开会。在成立后 的17年中,幸福航空曾多次更换股东,而此次是幸福航空第一次取消所有航班,并且在公司的官方 平台和各OTA平台上,幸福航空五一之后的航班也查不到售票信息。 幸福航空怎么了 在2008年成立时,幸福航空的股东是中航工业和东航,初期以中航工业自主研发的涡桨支线飞机新 舟60为主力机型。 可以说,幸福航空在成立之初就充当了新舟60飞机试验者的角色,为国产飞机的不断改进提供了实 际的运营经验教训。而由于新舟60的先天缺陷,公司的经营状况一直不理想。 记者从最早订购新舟60飞机的航司管理层和执飞这一机型的多位飞行员了解到,由于机型不成熟, 运营这一机型的航空公司压力都会比较大,飞机"大毛病不多,小故障不少" ...