Investment Rating - The report maintains a "Recommend" rating for CITIC Offshore Helicopter (000099) [1] Core Views - The company's non-GAAP net profit increased by 11% YoY in the first three quarters of 2024, driven by the low-altitude economy trend [1] - The company is expected to benefit from three key aspects: 1) Expanding the C-end consumer market, 2) Participating in the construction of new low-altitude operation network standards, and 3) Potential opportunities in the strategic emerging industry chain under the state-owned enterprise background [1] Financial Performance - In the first three quarters of 2024, the company achieved a net profit attributable to the parent company of 195 million yuan, a YoY increase of 0.3%, and a non-GAAP net profit of 193 million yuan, a YoY increase of 10.7% [1] - Revenue for the first three quarters was 1.497 billion yuan, a YoY increase of 6.3%, with Q1-Q3 revenues of 457 million, 505 million, and 535 million yuan, respectively [1] - Gross margins for Q1-Q3 were 19.6%, 21.6%, and 23.3%, showing a continuous improvement in Q2 and Q3 [1] Business Development - The company has launched regular low-altitude short-distance transportation operations, including routes such as Shenzhen-Zhuhai and Zhoushan-Dongji Island, and is exploring new business models like "low-altitude + tourism" and "low-altitude + medical rescue" [1] - The company is actively participating in the construction of a new low-altitude operation network, collaborating with local governments and leading eVTOL companies like Geely's Volocopter to promote the commercialization of eVTOL [1] Future Outlook - The company aims to build a low-altitude economic operation service platform and establish an aviation emergency and medical rescue network, striving to become a leader in low-altitude operation services [1] - The report slightly adjusts the profit forecasts for 2024-2026 to 260 million, 310 million, and 360 million yuan, with corresponding EPS of 0.33, 0.39, and 0.46 yuan, and PE ratios of 73, 61, and 52 times [1] Market Performance - The company's stock price has shown significant growth over the past 12 months, with a 62% increase compared to the CSI 300 index [4]

证券代码：000099 证券简称：中信海直 公告编号：2024-038 中信海洋直升机股份有限公司（以下简称"公司"）第八届董事会第九次会 议于 2024 年 10 月 28 日（星期一）以通讯表决方式召开。本次会议通知及材料 已于 2024 年 10 月 21 日发送各位董事。会议应出席的董事 15 名，实际出席的董 事 15 名。会议符合有关法律、行政法规、部门规章、规范性文件及公司《章程》 的规定。 二、董事会会议审议情况 （一）审议通过关于 2024 年三季度报告的议案 （同意 15 票，反对 0 票，弃权 0 票） 中信海洋直升机股份有限公司 第八届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 拟作如下调整： 战略委员会：主任委员杨威先生，成员余小元先生、谭东领先生、闫增军先 生、关颐先生、唐明通先生、姚旭先生、张威先生、方健宁先生。 提名委员会：主任委员张金林先生，成员闫增军先生、孙建红先生。 薪酬与考核委员会：主任委员李艳华女士，成员孙奕捷女士，杨杰先生。 （同意 15 票，反对 0 票，弃权 ...

Financial Performance - Revenue for Q3 2024 reached ¥535,133,974.32, an increase of 6.67% compared to the same period last year[2] - Net profit attributable to shareholders was ¥62,486,864.16, a decrease of 3.45% year-on-year[2] - Net profit excluding non-recurring items was ¥60,960,205.89, down 4.12% from the previous year[2] - Total operating revenue for the current period reached ¥1,497,180,609.00, an increase from ¥1,408,440,318.37 in the previous period, representing a growth of approximately 6.1%[19] - Net profit for the current period was ¥190,669,870.80, slightly higher than ¥189,082,856.82 from the previous period, reflecting a marginal increase of 0.84%[19] - The total comprehensive income for Q3 2024 was ¥190,669,870.80, slightly up from ¥189,082,856.82 in the previous year, showing a growth of approximately 0.84%[20] - The net profit attributable to shareholders of the parent company for Q3 2024 was ¥194,892,486.07, an increase from ¥194,384,306.42 in the same period last year, reflecting a growth of approximately 0.26%[20] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥6,564,426,047.21, reflecting a growth of 4.21% from the end of the previous year[2] - Total assets reached ¥6,564,426,047.21, up from ¥6,299,436,327.74, indicating a growth of about 4.2%[17] - Total liabilities increased to ¥1,207,570,781.05 from ¥1,069,870,512.19, reflecting a rise of approximately 12.9%[17] - The company’s total equity increased to ¥5,356,855,266.16 from ¥5,229,565,815.55, representing a growth of approximately 2.4%[17] Cash Flow - Cash flow from operating activities for the year-to-date was ¥514,368,520.73, an increase of 37.35% compared to the same period last year[2] - The net cash flow generated from operating activities for Q3 2024 was ¥514,368,520.73, compared to ¥374,504,303.11 in Q3 2023, indicating a significant increase of about 37.3%[21] - The total cash inflow from operating activities for Q3 2024 was ¥1,634,451,430.46, compared to ¥1,528,184,912.04 in Q3 2023, reflecting an increase of about 6.9%[21] - Cash flow from financing activities improved by 55.27%, with net cash outflow of ¥25,886.97 million[9] - The net cash flow from financing activities for Q3 2024 was -¥258,869,695.49, an improvement from -¥578,790,839.00 in Q3 2023, showing a reduction in cash outflow by about 55.3%[22] - The cash outflow from investing activities for Q3 2024 was ¥101,010,619.12, down from ¥216,582,962.26 in the same period last year, indicating a decrease of approximately 53.3%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 130,657, with the largest shareholder, China COSCO Shipping Corporation, holding 30.18% of shares[11] - The top ten shareholders hold a significant portion of shares, with the second-largest shareholder, CITIC Investment Holdings, holding 8.45%[11] - The company has not reported any changes in the shareholding status of the top ten shareholders due to securities lending activities[12] - The company has no related party relationships among the top ten shareholders, except for the common control by CITIC Group[11] - The company has not issued any preferred shares during the reporting period[13] Investments and Expenses - The company reported a significant increase in long-term equity investments by 4,107.21% due to new investments in joint ventures[5] - The company’s research and development expenses decreased by 66.55% year-on-year, totaling ¥205.16 million[7] - The company reported a decrease in research and development expenses to ¥2,051,626.09 from ¥6,132,630.03, a reduction of about 66.5%[19] - The company received government subsidies amounting to ¥40,982.30 during the reporting period[3] - The company received a total of RMB 28,980,000 in subsidies from the 2024 Civil Aviation Development Special Fund, including RMB 28,900,000 for general aviation development and RMB 80,000 for regional aviation[13] Operational Changes - The company has agreed to lease three AW139 helicopters from Huarong Financial Leasing for a total of RMB 319,807,051.20 over 15 years, with a monthly rent of RMB 592,235.28 per helicopter[13] - The company plans to conclude the "aircraft purchase project" and permanently supplement the remaining raised funds into working capital[13] - The company has signed a contract with China Enterprise Communication for the construction of a private cloud platform[13] - The company has decided to dissolve and liquidate its subsidiary, Haizhi Development[13] Audit Information - The company did not undergo an audit for the Q3 2024 report, as indicated in the report[23]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, citing a target price of 29.07 RMB, representing a 42.51% upside from the current market value [1][4] Core Views - The company is the only listed general aviation operator in China, with a strong foothold in the offshore oil helicopter services sector, which accounts for 70% of its revenue [1] - The company operates the largest civilian helicopter fleet in Asia, with 93 aircraft and 11 drones as of April 1, 2024, and has a significant market share in the offshore oil services sector [1] - The low-altitude economy is expected to open a second growth curve for the company, with the market size projected to reach 1.189 trillion RMB by 2030, driven by government policies and the economic viability of eVTOL (electric vertical take-off and landing) aircraft [1][6] Financial Performance and Forecast - In 2023, the company reported revenue of 1.97 billion RMB, a 9.54% YoY increase, and net profit of 239 million RMB, up 23.11% YoY, primarily due to growth in offshore oil services [1] - For 2024-2026, the company is expected to achieve net profits of 282 million RMB, 312 million RMB, and 349 million RMB, respectively, with EPS of 0.36 RMB, 0.40 RMB, and 0.45 RMB [1][4] - The company's PE ratio for 2024 is estimated at 56x, lower than the industry average of 91x, reflecting cautious optimism due to the nascent stage of eVTOL operations [1][4] Industry Analysis - China's general aviation market has significant growth potential compared to the US, with gaps in airport numbers, pilot counts, and registered aircraft [1][24] - Offshore oil exploration and production in China have been steadily increasing, with marine crude oil output reaching 62 million tons in 2023, driving demand for helicopter services [1][33] - The low-altitude economy is expected to grow rapidly, with the market size projected to reach 208 billion RMB by 2025 and 1.189 trillion RMB by 2030, driven by government policies and technological advancements in eVTOL [1][6] Company's Strategic Positioning - The company has a strong partnership with CNOOC, its largest customer, with sales to CNOOC increasing from 1.04 billion RMB in 2020 to 1.33 billion RMB in 2023 [1] - The company is actively exploring low-altitude economy opportunities, including urban air mobility, low-altitude tourism, and drone logistics, with partnerships with eVTOL manufacturers like Lilium and WoFly [1][6] - The company is involved in setting industry standards for eVTOL operations and has secured contracts for drone logistics, such as the China Post drone delivery project [1][6] Market Catalysts - The company's growth is expected to be driven by the expansion of low-altitude routes, obtaining operational certificates, and deepening partnerships with leading eVTOL companies [7] - Government policies supporting the low-altitude economy, particularly in emergency rescue and low-altitude tourism, are expected to accelerate the company's growth [6][45]

Summary of Conference Call Company/Industry Involved - The conference call is related to the low-altitude industry and specifically focuses on 中信海驰 (CITIC Haichi) as a core operational target [1] Core Points and Arguments - The call discusses three main logical frameworks for evaluating 中信海驰's operations after a nine-month period [1] - It emphasizes that all participants are currently in a silent state, indicating a structured approach to the discussion [1] - A disclaimer is provided, stating that the call is intended for 华创证券 (Huachuang Securities) research clients and does not constitute investment advice [1] Other Important but Possibly Overlooked Content - Participants are reminded to make independent investment decisions and bear their own investment risks [1]

证券代码：000099 证券简称：中信海直 公告编号：2024-036 中信海洋直升机股份有限公司 未来， 公司将始终贯彻"向天空领海发展，做国家通航栋梁"的发展使命， 以打造"国内领先、国际知名的通用航空综合服务提供商"为发展愿景，开上通 航发展的快车道，牢牢把握发展低空经济等关键细分市场及业务，为打造第二增 长曲线贡献力量。公司将继续发挥在通航运营领域的传统优势，持续扩大市场规 模，积极探索新的应用场景，培育新的增长点。积极融入国家重大区域战略，为 智慧城市提供解决方案。通过建设低空经济运营服务平台，打造航空应急及医疗 救援网络、城市空中交通网络，努力成为低空运营服务的引领者，为中国低空经 济产业的发展贡献中信方案。 关于推动落实"质量回报双提升"专项行动方案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 中信海洋直升机股份有限公司（以下简称"公司"）为进一步践行中央政治 局会议提出的"要活跃资本市场、提振投资者信心"及国务院常务会议提出的"要 大力提升上市公司质量和投资价值，要采取更加有力有效措施，着力稳市场、稳 信心"的指导思想，切实维护全体股 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Views - The company is a leading player in China's general aviation sector, deeply integrated with CNOOC, with 67.66% of its 2023 revenue coming from this major client [2][11]. - The low-altitude economy is supported by government policies, with the market expected to reach 2 trillion yuan by 2030, driven by various factors [2][18]. - The company's traditional business remains stable while low-altitude operational services are poised for growth, with plans for eVTOL commercialization [2][3]. - Revenue projections for 2024-2026 are 2.209 billion, 2.443 billion, and 2.779 billion yuan, with net profits of 279 million, 312 million, and 372 million yuan respectively [2][4]. Summary by Sections Company Overview - The company is a benchmark in general aviation operations in China, controlled by CITIC Group, and has expanded its business scope through various subsidiaries [11]. - It has a strong focus on offshore oil services, with significant revenue from CNOOC, and is also involved in emergency rescue, land aviation, and aviation maintenance [14][15]. Market Potential - The low-altitude economy is in its early stages in China but is accelerating, with a projected market size of 2 trillion yuan by 2030 [2][18]. - The global general aviation market is primarily dominated by North America and Europe, with Asia holding about 15% [2][26]. Financial Performance - The company has shown stable revenue growth, with a CAGR of 6.68% from 2018 to 2023, and a 2023 revenue of 1.970 billion yuan, up 9.6% year-on-year [16]. - The net profit for 2023 was 239 million yuan, reflecting a 23.11% increase from the previous year [16]. - The company maintains a gross margin above 20%, with a net margin of 12.1% in 2023 [16][17].

证券代码：000099 证券简称：中信海直 公告编号：2024-035 中信海洋直升机股份有限公司 关于非公开发行部分限售股上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1.本次非公开发行股票限售股份实际可上市流通数量为65,555,001股，占公 司总股本比例8.45%； 2.本次非公开发行股票限售股份可上市流通日期为2024年9月9日（星期一）。 一、本次解除非公开发行股票限售股份取得的基本情况 2021年1月6日，中信海洋直升机股份有限公司（以下简称"中信海直"、 "公司"或"发行人"）收到中国证券监督管理委员会出具的《关于核准中信海 洋直升机股份有限公司非公开发行股票的批复》（证监许可〔2020〕3419号） 批文，核准公司非公开发行不超过169,699,717股，上述批复自核准发行之日起 12个月内有效。公司根据投资者认购情况，并严格按照发行方案、《认购邀请 书》中确定的发行价格、发行对象及获配股份数量的程序和规则，确定本次发行 价格为6.50元/股，发行股数169,699,717股，募集资金总额1,103,048 ...

Investment Rating - The report maintains a "Recommend" rating for CITIC Offshore Helicopter Co Ltd (000099) [1] Core Views - The company's H1 2024 non-GAAP net profit increased by 19% YoY, driven by steady growth in traditional business and potential benefits from the low-altitude economy [1] - The company is actively planning for low-altitude economic development, with three key areas of focus: C-end consumer market expansion, participation in new low-altitude operation network standards, and potential opportunities in the industrial chain [1] Financial Performance - H1 2024 revenue reached 960 million yuan, up 6.1% YoY, with Q1 and Q2 revenues of 457 million yuan and 505 million yuan respectively [1] - H1 2024 net profit attributable to shareholders was 132 million yuan, up 2.1% YoY, while non-GAAP net profit was 132 million yuan, up 19.2% YoY [1] - Gross margins for Q1 and Q2 were 19.6% and 21.6% respectively, with Q2 showing a sequential improvement [1] - The company operated 93 helicopters and 11 drones as of H1 2024 [1] Low-Altitude Economy Initiatives - The company has launched regular low-altitude short-distance transportation services, including routes between Shenzhen and Zhuhai, and Zhoushan and Dongji Island [1] - It has introduced the "CITIC Offshore Helicopter" low-altitude travel service platform and is collaborating with local governments and companies to build infrastructure, including a digital control tower [1] - The company is involved in setting standards for eVTOL (electric vertical take-off and landing) aircraft landing sites and has signed a strategic cooperation agreement with Geely's Volocopter to promote eVTOL commercialization [1] Future Outlook - The report forecasts net profits of 270 million yuan, 320 million yuan, and 370 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.35 yuan, 0.41 yuan, and 0.48 yuan [1] - The low-altitude economy is expected to drive significant growth, with the company positioned as a core player in the operation layer of this emerging industry [1]

上市公司 2024 半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位:中信海洋直升机股份有限公司 单位：元 其他关联 资金往来 资金往来方名称 往来方与上市公 司的关联关系 上市公司 核算的会 计科目 2024 年期初往来 资金余额 2024 半年度往来 累计发生金额 （不含利息） 2024 半年度往 来资金的利息 （如有） 2024 半年度偿还 累计发生金额 2024 年 6 月 30 日期末往来资金 余额 往来形 成原因 往来性 质 控股股 东、实际 控制人及 其附属企 业 中信财务有限公司 同受中国中信集 团有限公司控制 银行存款 851,579,269.70 1,138,691,423.90 1,648,098.53 1,182,986,846.92 808,931,945.21 存款 经营性 往来 中信银行股份有限公 司 同受中国中信集 团有限公司控制 银行存款 343,857,152.09 1,648,463,260.51 282,806.00 1,569,126,047.29 423,477,171.31 存款 经营性 往来 中信京城大厦有限责 任公司 同受中国中信集 团有限公司控制 ...