CITIC COHC(SZ:000099)2022-12-07 08:31Group 1: Company Operations - Fuel costs account for approximately 8% of total costs, indicating limited impact from fuel price fluctuations [2] - Offshore oil revenue constitutes around 80% of the company's total revenue [2] - The company has maintained a safety management system that has achieved 15 years of safe flight [2] Group 2: Industry Position and Competitors - The company operates in a competitive offshore oil sector with competitors including Dongfang General Aviation and Southern Airlines [2] - The company has begun international operations, which are a key focus for future business development [4] - Compared to international benchmarks like Bristol, the company has similar profitability levels but significantly smaller scale [4] Group 3: Financial and Asset Management - Most helicopters are financed through loans due to high acquisition costs and long return periods [2] - The company divested its business jet operations in 2013 after 8 years of operation, considering market conditions [4] - Rental costs for the Nantou heliport are currently low and unlikely to increase significantly due to support from the controlling shareholder [4]