从近日举行的第四届中国支线航空发展大会获悉，2024年，我国航空干线、支线城市至全国地级市的航 空通达时间分别为13.8小时、25.4小时，二者相较2023年改善幅度分别为2.0%和2.7%。县级城市通达性 相较2023年改善了4.8%，高于地级支线城市的1.2%。西北、新疆、华北等地区支线城市至全国地级市 航空通达性相较2023年分别提升11.7%、7.5%、7.1%。 "作为国家综合交通立体网的重要组成部分，支线航空是提消费扩内需、满足人民美好出行需要的有力 抓手，更是畅通微循环、构建中小城市新发展格局的重要支撑。"中国航空运输协会理事长王昌顺表 示，我国支线航空通达性总体改善，支线城市改善幅度更大。截至2024年底，全国有运输机场的县级城 市达到51个，约占全部支线城市总数的27%，未来比例将持续扩大。 多重因素利好 支线航空是短距离、中小城市之间的非主干航线，一般使用座位数在110座以下的小型客机，飞行距离 在600千米至1200千米。"得益于经济增长、旅游业发展等多重利好因素，我国支线航空通达性持续改 善。"中国民航科学技术研究院航空运输所主任经济师钟山说。 近年来，人民生活水平提升带动个性化、差异 ...

1H25 业绩符合我们预期 公司公布1H25 业绩：收入36.10 亿元，同比增长12.41%；归母净利润2.51 亿元，而1H24 为0.26 亿元。 公司2Q25 实现收入18.36 亿元，同比增长15.07%、环比增长3.48%；实现归母净利润1.69 亿元，而 2Q24、1Q25 分别为148 万元、0.82 亿元。 客座率表现强劲、油价下行及政府补贴水平提升带动2Q25 盈利大幅改善。收入端，根据公司公告， 2Q25 公司ASK 同比增长19%，我们认为此前限制公司飞机利用率提升的机长瓶颈正进一步缓解；客座 率同比提升4.6个百分点至83.2%，较2019 年同期提升5.4 个百分点，表现强劲；我们估计2Q25 公司对 个人端客公里收益同比或高个位数水平下滑，较1Q25 同比跌幅有所收窄。成本端，2Q25 航空煤油出厂 价同比下行17%，同时我们估计公司单位ASK 非油成本同比或基本维持稳定；补贴端，2Q25 公司确认 其他收益3.81 亿元，对应单位ASK 其他收益0.08 元/座公里，同比提升19%，环比提升1%。 运力改善不及预期；飞行安全事故；支线航空市场需求不及预期；政府补贴政策修改；票价 ...

公司研究丨深度报告丨华夏航空（002928.SZ） [Table_Title] 全球视野解码支线航空——华夏模式的中国"答 卷" %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 站在当下，华夏航空迎来了重打鼓、再开张的机遇，有望重回历史增长曲线：1）短期：机长缺 口弥合，利用率弹性释放。22 年开始公司机长缺口得到逐步缓解，飞机利用率随之改善，有望 重回历史增长曲线；2）中期：支线补贴大力倾斜，兜底行业β下行。公司航网更聚焦中西部等 偏远区域，显著获益支线补贴新政，中期盈利更具确定性；3）长期：与干线协同合作，实现二 次流量变现。公司在干支结合的中转联程合作上更具优势，通过推出通程产品，充分利用干线 航空公司的空置运力，实现支线流量的二次变现。预计公司 2025-2027 年实现归属净利润 7.0 亿、10.0 亿以及 12.1 亿元，对应 PE 分别为 15.8X、11.0X 以及 9.1X，维持"买入"评级。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S04905200 ...

Group 1 - The core viewpoint of the article highlights the explosive growth of Huaxia Airlines, which is attributed to its unique positioning as a "regional specialist" in the domestic market, leading to significant profitability amidst challenges faced by major airlines [2][3]. - Huaxia Airlines is expected to achieve a net profit attributable to shareholders of 220 million to 290 million yuan for the first half of 2025, representing a year-on-year increase of 741% to 1009%, marking its best half-year report since going public [3]. - Approximately one-third of Huaxia Airlines' revenue comes from "government charter" agreements, providing stable income while transferring the risk of passenger and cargo operations to local governments [2]. Group 2 - The airline's unique business model is benefiting from favorable policy changes, as the central government increases support to alleviate local government debt risks, which is expected to expedite and enhance the financial support for Huaxia Airlines [2]. - Huaxia Airlines has established a strong market presence, reaching 43% of domestic regional destinations and maintaining a 62% share of unique routes, significantly higher than the average of 12% for major airlines [2][4]. - The average ticket price for unique routes is 0.52 yuan per seat kilometer, which is notably higher than the 21% lower price for shared routes, indicating a stable pricing environment for Huaxia Airlines [4].

Core Viewpoint - The company is reaffirmed with a "Buy" rating and a target price of 12.55 yuan, corresponding to a 22x PE for 2025, indicating strong growth potential in the regional aviation market [1] Short-term Outlook - The fleet is expected to expand to 75 aircraft by the end of 2024, with a compound annual growth rate (CAGR) of 9.3% from 2019 to 2024 [2] - The number of captains is improving, reaching 300 by the end of 2024, with the ratio of captains per aircraft recovering to 82% of 2019 levels [2] - Enhanced fleet turnover efficiency is anticipated to drive significant profit growth in 2025 and 2026, alongside government subsidies and improved revenue levels [2] Mid-term Outlook - The new government subsidy policy for regional airlines is expected to significantly increase unit hour subsidies, benefiting the company's profitability [2] - Other revenues are projected to reach 1.29 billion yuan and 360 million yuan in Q1 2024 and Q1 2025, respectively, reflecting year-on-year increases of 144.8% and 47.8% [2] - The company is expected to benefit from favorable trends in oil prices and exchange rates, leading to a continued recovery in single aircraft profitability [2] Long-term Outlook - The company has established a strong position in the challenging regional aviation market, with 84% of its routes being independent flights by 2024 [3] - The company holds a 21% market share in the regional market for cities below the third tier, leading the industry [3] - The demand for regional air travel is expected to grow, supported by local government initiatives to enhance regional connectivity and the construction of new airports [3] Market Perspective - The market underestimates the barriers to entry in the regional aviation sector and overestimates potential competition from traditional airlines [4] - The regional aviation market remains a blue ocean, with 185 regional airports handling fewer than 2 million passengers, indicating significant untapped demand [4] Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been slightly adjusted to 729 million, 1.141 billion, and 1.342 billion yuan, respectively, with a CAGR of 71.1% [5] - The target price has been raised to 12.55 yuan, based on a revised average PE multiple of 22x for comparable companies [5]

Investment Rating - The report maintains a "Strong Buy" rating for Huaxia Airlines, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Views - The company is projected to achieve a net profit of 2.55 billion yuan in the first half of 2025, representing a year-on-year increase of approximately 875% [1]. - The report emphasizes the continuous improvement in the company's operations, driven by a decrease in oil prices, which is expected to reduce costs and sustain profitability [2]. - The target price for the stock is set at 11.3 yuan, indicating a potential upside of 31% from the current price of 8.65 yuan [2][3]. Financial Performance Summary - For 2025, the expected total revenue is 8.112 billion yuan, with a year-on-year growth rate of 21.1% [3]. - The projected net profit for 2025 is 717 million yuan, reflecting a significant year-on-year growth of 167.6% [3]. - Earnings per share (EPS) for 2025 is estimated at 0.56 yuan, with a price-to-earnings (PE) ratio of 15 times [3]. Operational Data Summary - In the first half of 2025, Huaxia Airlines is expected to operate an average of 382 flights per day, a year-on-year increase of 19.9% [8]. - The average aircraft utilization rate improved to 7 hours per day, an increase of 0.6 hours compared to the previous year [8]. - The company has been actively optimizing its route network to meet the changing travel demands, which has contributed to an increase in passenger load factors [8].

东兴证券股份有限公司 关于华夏航空股份有限公司变更募集资金用途 及部分募集资金投资项目实施主体的核查意见 东兴证券股份有限公司（以下简称"东兴证券"、"保荐机构"），作为华夏航空 股份有限公司（以下简称"华夏航空"、"公司"）2022年度非公开发行股票的持续督 导机构，根据《证券发行上市保荐业务管理办法》、《上市公司募集资金监管规 则》、《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作 》等有关规定，对华夏航空变更募集资金用途及部分募集资金投资项目实施主体 的事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准华夏航空股份有限公司非公开发行股 票的批复》（证监许可【2022】1662号）的核准，华夏航空股份有限公司向特定 对象非公开发行人民币普通股不超过304,070,293股，每股面值为人民币1.00元，募 集资金总额不超过243,500万元。公司实际非公开发行A股股票264,673,906股，每股 发行价格为人民币9.20元，募集资金总额为人民币2,434,999,935.20元，扣除发行费 用人民币25,397,899.32元（不含税）后，募集资 ...

Investment Rating - The report gives a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][8]. Core Views - The company achieved a revenue of 6.7 billion yuan in 2024, a year-on-year increase of 30%, and a net profit of 270 million yuan, recovering from a net loss of 960 million yuan in the previous year [3][4]. - The company is expected to continue its growth trajectory, with projected net profits of 620 million yuan, 780 million yuan, and 1.06 billion yuan for 2025, 2026, and 2027 respectively [6][7]. Summary by Sections Financial Performance - In 2024, the company reported an operating income of 6.7 billion yuan, with a net profit of 270 million yuan, compared to a net loss of 960 million yuan in the previous year [3]. - The fourth quarter of 2024 saw an operating income of 1.54 billion yuan, a 19% increase year-on-year, and a net loss of 40 million yuan, improving from a loss of 270 million yuan in the same quarter of the previous year [3][4]. - For the first quarter of 2025, the company reported an operating income of 1.77 billion yuan, a 10% increase year-on-year, with a net profit of 82 million yuan [3]. Operational Insights - The company has seen a 33% year-on-year increase in available seat kilometers in 2024, which is expected to continue into 2025 due to fleet growth and improved flight utilization [4]. - The revenue structure is robust, with individual and institutional distribution income contributing 78% and 22% to passenger revenue respectively [5]. Future Projections - The company is projected to achieve operating revenues of 7.4 billion yuan in 2025, with a growth rate of 10.7% [7]. - The net profit is expected to grow significantly, with a forecasted increase of 129.3% in 2025 [7][11]. - The report anticipates a continued increase in unit operating income due to new subsidy regulations and strategic adjustments in capacity deployment [5][6].

Core Viewpoint - The company has shown significant recovery in operations and profitability in 2024 and Q1 2025, with a notable increase in revenue and net profit compared to previous periods [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 6.696 billion yuan, a year-on-year increase of 29.98%, and a net profit attributable to shareholders of 268 million yuan, with a non-recurring net profit of 112 million yuan, marking a turnaround from losses in 2023 [1]. - In Q4 2024, the company reported operating revenue of 1.542 billion yuan, a year-on-year increase of 18.62%, but a net loss of 39 million yuan [1]. - In Q1 2025, the company achieved operating revenue of 1.774 billion yuan, a year-on-year increase of 9.78%, and a net profit attributable to shareholders of 82 million yuan, representing a 232.31% increase [1]. Operational Metrics - As of Q1 2025, the company operated a fleet of 77 aircraft, with 47 regional aircraft (61%) and 30 trunk aircraft (39%) [2]. - In 2024, the company’s available seat kilometers (ASK) and revenue passenger kilometers (RPK) grew by 33.21% and 40.72% year-on-year, respectively, with a load factor of 79.61%, up 4.25 percentage points [2]. - In Q1 2025, ASK and RPK increased by 23.73% and 28.08% year-on-year, respectively, with a load factor of 79.75%, up 2.71 percentage points [2]. Cost and Revenue Analysis - In 2024, the revenue per seat kilometer was 0.4221 yuan, up 0.74% year-on-year, while the cost per seat kilometer was 0.4251 yuan, down 10.42% year-on-year [3]. - In Q1 2025, the revenue per seat kilometer decreased to 0.3974 yuan, down 11.27% year-on-year, while the cost per seat kilometer was 0.4042 yuan, down 8.40% year-on-year [3]. - Other income for 2024 reached 1.293 billion yuan, benefiting from revised regional airline subsidy policies, and in Q1 2025, other income grew by 47.56% year-on-year to 363 million yuan [3]. Profit Forecast and Investment Outlook - The company adjusted its net profit forecasts for 2025-2026 to 702 million yuan and 1.013 billion yuan, respectively, with a new forecast for 2027 at 1.203 billion yuan, corresponding to P/E ratios of 13.7X, 9.5X, and 8.0X [3]. - As the only large-scale independent regional airline in China, the company is expected to benefit from the revised regional airline subsidy policies and improved operational conditions, projecting significant year-on-year growth in 2024 and Q1 2025 [3].