中信海直20250903

Summary of Citic Heli's Conference Call Company Overview - Citic Heli derives over 70% of its revenue from CNOOC, operating Asia's largest civilian helicopter fleet with 88 helicopters and 14 drones as of mid-2025, and has multiple bases across the country, highlighting its rarity as the only A-share general aviation company [2][3][4] Core Insights and Arguments - Financial Performance: The company has maintained stable profitability, with profits ranging from 100 million to 200 million yuan over the past decade, projected to exceed 300 million yuan in 2024 [3][8] - Market Expansion: Citic Heli is actively expanding into the low-altitude short-distance transportation market, having launched stable operations on routes such as Shenzhen to Zhuhai, and increased sightseeing routes to 13, benefiting from national policy support for general aviation and low-altitude economy [2][5][6] - Strategic Collaborations: The company collaborates with various entities, including the Shenzhen Nanshan District government and CNOOC, to develop take-off and landing points and a digital tower, enhancing its operational capabilities [2][7] - EVTO Logistics: Citic Heli has successfully implemented the EVTO logistics solution, significantly reducing transportation time from over 8 hours to 58 minutes for 150 kilometers, showcasing its advantages in emergency material dispatch [4][7][10] Important Developments - Regulatory Support: The national encouragement for the development of general aviation and low-altitude economy, including amendments to civil aviation laws, provides a favorable environment for Citic Heli's growth [5][6] - Technological Innovations: The introduction of new technologies and service models, such as drone deployment and cross-Bay passenger transport, enhances the company's competitiveness and opens new business avenues [8][10] - Financial Stability: With a low debt-to-asset ratio of approximately 20%, Citic Heli is well-positioned for future expansion [2][8] Additional Noteworthy Points - Market Demand: There is a growing domestic and international demand for low-altitude economy and general aviation, which presents further opportunities for Citic Heli to expand its market share [6][8] - Long-term Viability: The company's ability to execute long-term projects, such as the EVTO logistics partnership with CNOOC, is crucial for demonstrating tangible progress in the low-altitude economy [11][12]