CITIC COHC(SZ:000099)2022-12-06 23:31Group 1: Business Overview - The company's offshore business accounts for approximately 80% of its revenue, significantly impacted by international oil prices [2] - The land-based aviation business, including aerial photography and power line patrols, contributes around 15% to revenue, while maintenance services account for about 5% [2] - Currently, the company operates 70 aircraft, including owned, leased, and managed helicopters [4] Group 2: Market Challenges - The ongoing low international oil prices have pressured major clients, leading to reduced helicopter service prices and operating hours [5] - The business cycle for signing contracts is typically annual, with 2016 contract prices still under negotiation due to market changes [5] Group 3: Training and Development - The initial cost to train a pilot is approximately 800,000 RMB, with an additional 5 to 6 years required to become a captain [4] - The company is in the process of establishing a civil aviation training academy in collaboration with the Civil Aviation Management Institute, pending approval [5] Group 4: Future Outlook - The company sees potential growth in the aviation industry, particularly in offshore oil services, forestry protection, and government demand for services [6] - There is optimism regarding the low-altitude sector's reform, which could lead to new growth opportunities if infrastructure supports it [6]