华夏航空（002928.SZ）2024 年年报及 2025 年一季报点评 2024 年盈利落于预告上沿，运力投放稳步恢复 2025 年 04 月 29 日 ➢ 2025 年 4 月 25 日公司发布 2024 年年报：2024 年公司营业收入 67.0 亿元， 同比+30%，归母净利 2.7 亿元（上年同期归母净亏 9.6 亿元），落于业绩预告上沿 （公司预告 2024 年归母净利 2.0-2.8 亿元），扣非归母净利 1.1 亿元（上年同期扣 非归母净亏 9.6 亿元）；4Q24 公司营业收入 15.4 亿元，同比+19%，归母净亏 0.4 亿元（4Q23 归母净亏 2.7 亿元），扣非归母净亏 1.8 亿元（4Q23 扣非归母净亏 2.6 亿元）。公司发布 2025 年一季报：1Q25 公司营业收入 17.7 亿元，同比+10%，归 母净利 0.82 亿元（1Q24 为 0.25 亿元），扣非归母净利 0.76 亿元（1Q24 为 0.15 亿元）。 推荐 首次评级 当前价格： 7.45 元 [Table_Author] ➢ 运力投放增长对冲价格下行，支线补贴入账、处置资产收益助力公司 2024 年扭亏。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10][11] Core Views - The company has shown significant growth in revenue and profit, with a 29.98% year-on-year increase in revenue for 2024 and a 232.31% increase in net profit for Q1 2025 [5][10] - The company is expanding its fleet and opening new routes, which is driving growth in flight volume and improving fleet utilization [6][10] - The company is expected to continue its revenue growth trajectory, with projected revenues of 76.04 billion, 86.64 billion, and 94.42 billion for 2025, 2026, and 2027 respectively, reflecting growth rates of 14%, 14%, and 9% [9][10] Summary by Sections Recent Performance - In 2024, the company achieved an operating income of 6.696 billion, a year-on-year increase of 29.98%, and a net profit of 268 million, compared to a loss of 965 million in the same period of 2023 [5] - For Q1 2025, the company reported an operating income of 1.774 billion, a 9.78% increase year-on-year, and a net profit of 82 million, a 232.31% increase year-on-year [5] Fleet and Operations - The company expanded its fleet to 75 aircraft in 2024 and further to 77 in Q1 2025, with a focus on new route openings and increased flight frequency [6] - The available seat kilometers (ASK) grew by 33.21% in 2024 and 23.73% in Q1 2025, while the revenue passenger kilometers (RPK) increased by 40.72% and 28.08% respectively [6] Revenue and Cost Analysis - In 2024, the company's seat kilometer revenue was 0.433 yuan, a decrease of 2.4%, while other revenue per seat kilometer increased by 83.8% [7] - The operating cost per seat kilometer decreased by 10.4% in 2024, with significant reductions in fuel costs [8] Financial Projections - The company is projected to achieve net profits of 701 million, 1.122 billion, and 1.388 billion for 2025, 2026, and 2027 respectively, with growth rates of 161%, 60%, and 24% [10] - The price-to-earnings (P/E) ratio is expected to decrease from 36.88 in 2024 to 6.86 by 2027, indicating a favorable valuation trend [10][11]

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company is expected to turn profitable in 2024, with a significant increase in net profit in Q1 2025, achieving a net profit of 0.8 billion yuan, a year-on-year increase of 232% [1][5] - The operational data shows a 24% year-on-year increase in capacity in Q1 2025, with a passenger load factor of 79.8%, only a 1 percentage point decrease compared to the same period in 2019 [2] - The company has seen a recovery in utilization rates, which is expected to lead to better-than-expected performance, benefiting from the high proportion of tourism routes [4] Financial Performance - In 2024, the company achieved operating revenue of 6.7 billion yuan, a year-on-year increase of 30%, and a net profit of 0.27 billion yuan, marking a return to profitability [1] - For Q1 2025, the company reported operating revenue of 1.77 billion yuan, a 10% increase year-on-year [1] - The company’s other income in Q1 2025 was 0.36 billion yuan, a 48% increase year-on-year, primarily due to the continuous recovery of flight volumes [3] Capacity and Fleet Expansion - The company added 5 aircraft in 2024, bringing the total fleet to 75 aircraft, and added 2 more in Q1 2025, increasing the fleet to 77 aircraft [2] - The fleet consists of 39% A320 series, 47% CRJ900 series, and 14% C909 series [2] Profit Forecast - The company is projected to achieve net profits of 0.6 billion yuan, 1.0 billion yuan, and 1.2 billion yuan for the years 2025, 2026, and 2027 respectively, with a significant growth trajectory expected [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Views - The company is gradually returning to normal operations, with multiple factors contributing to profit improvement. In 2024, the company reported a revenue of 6.7 billion yuan, a year-on-year increase of 30%, and a net profit attributable to shareholders of 268 million yuan, up 127.8% year-on-year [4]. - The efficiency of aircraft utilization is improving, with significant increases in business volume driving revenue growth. In 2024, passenger capacity increased by 33.2% year-on-year, and passenger turnover rose by 40.7% [5]. - The effective dilution of unit costs and significant support from subsidy policies have notably improved performance. The company's non-fuel unit costs decreased by 11.7% year-on-year in 2024, and other income surged by 144.9% to 1.29 billion yuan due to revised regional airline subsidy policies [6]. Summary by Sections Company Overview - Latest closing price: 7.53 yuan - Total shares: 1.278 billion - Total market capitalization: 9.6 billion yuan - 52-week high/low: 9.09/5.18 yuan - Debt-to-asset ratio: 83.8% - Price-to-earnings ratio: 35.79 [3]. Financial Performance - In 2024, the company achieved a revenue of 6.696 billion yuan and a net profit of 268 million yuan. The first quarter of 2025 saw a revenue of 1.77 billion yuan, a year-on-year increase of 9.8%, with a net profit of 82 million yuan, up 232.3% [4][10]. - Forecasted net profits for 2025-2027 are 400 million yuan, 720 million yuan, and 1 billion yuan, respectively [7]. Operational Metrics - In 2024, the passenger capacity increased by 33.2%, and the passenger turnover increased by 40.7%, with a seat occupancy rate of 79.61%, up 4.25 percentage points year-on-year [5]. - The company’s revenue per passenger kilometer decreased by 4.6% to 0.53 yuan due to market competition [5]. Cost Management - The company’s non-fuel unit costs decreased by 11.7% year-on-year in 2024, contributing to improved profitability despite rising operational costs [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Views - The company is gradually returning to normal operations, with multiple factors contributing to profit improvement. In 2024, the company reported a revenue of 6.7 billion yuan, a year-on-year increase of 30%, and a net profit attributable to shareholders of 268 million yuan, up 127.8% year-on-year [4]. - The efficiency of aircraft utilization is improving, with significant increases in business volume driving revenue growth. In 2024, passenger capacity increased by 33.2% year-on-year, and passenger turnover rose by 40.7% [5]. - The effective dilution of unit costs and significant support from subsidy policies have notably improved performance. The company's non-fuel unit costs decreased by 11.7% year-on-year in 2024, and other income surged by 144.9% to 1.29 billion yuan due to revised regional airline subsidy policies [6]. Summary by Sections Company Overview - Latest closing price: 7.53 yuan - Total shares: 1.278 billion - Total market capitalization: 9.6 billion yuan - 52-week high/low: 9.09/5.18 yuan - Debt-to-asset ratio: 83.8% - Price-to-earnings ratio: 35.79 [3]. Financial Performance - In 2024, the company achieved a revenue of 6.696 billion yuan and a net profit of 268 million yuan. The first quarter of 2025 saw a revenue of 1.77 billion yuan, a year-on-year increase of 9.8%, with a net profit of 82 million yuan, up 232.3% [4][10]. - Forecasted net profits for 2025-2027 are 400 million yuan, 720 million yuan, and 1 billion yuan, respectively [7]. Operational Metrics - In 2024, the passenger load factor improved to 79.61%, an increase of 4.25 percentage points year-on-year. The first quarter of 2025 saw a further increase to 79.85% [5]. - The company’s revenue per passenger kilometer decreased by 4.6% to 0.53 yuan in 2024 due to market competition [5]. Future Outlook - The report expresses optimism about the growth potential of the regional airline market in China, with expectations for continued improvement in operational efficiency and profitability for the company [7].

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].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company achieved a turnaround in 2024 with total revenue of 6.696 billion yuan, a year-on-year increase of 29.98%, and a net profit of 268 million yuan, compared to a net loss of 965 million yuan in the previous year [9] - The first quarter of 2025 showed continued growth with revenue of 1.774 billion yuan, up 9.78% year-on-year, and a net profit of 82 million yuan, reflecting a significant increase of 232.31% [9] - The company benefits from the ongoing recovery in civil aviation demand and has actively increased flight volumes and fleet utilization [9] - The new subsidy policy from the Civil Aviation Administration supports the company's performance, with other income rising to 1.293 billion yuan in 2024, a 144.78% increase year-on-year [9] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 7.941 billion yuan, with a year-on-year growth rate of 18.6% [8] - The net profit forecast for 2025 is 624 million yuan, representing a 132.7% increase compared to 2024 [8] - The company’s gross margin is expected to improve significantly, reaching 10.1% in 2025, up from 1.8% in 2024 [8] - The return on equity (ROE) is projected to be 15.7% in 2025, indicating strong profitability [8]

各位股东及股东代表： 本人作为华夏航空股份有限公司（以下简称"公司"）的独立董事，在任职 期间严格按照《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》（以下简称《证券法》）、《上市公司独立董事管理办法》《深圳证券交 易所股票上市规则》及《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》等法律、法规和规范性文件，以及《华夏航空股份有限公司 章程》（以下简称《公司章程》）、《华夏航空股份有限公司独立董事工作制度》（以 下简称《独立董事工作制度》）等相关条款的要求，认真履行独立董事职责，谨 慎、认真、勤勉地行使独立董事的权利，充分发挥独立董事的作用，有效维护了 公司及全体股东的合法权益。现将 2024 年度履职情况汇报如下： 一、独立董事的基本情况 （一）工作履历、专业背景以及兼职情况 本人仇锐，男，中国国籍，无境外永久居留权，出生于 1976 年 10 月，大学 本科学历，获特许金融分析师（CFA）,中国注册会计师（CPA）职业资格。1998 年 07 月至 2006 年 11 月，任普华永道中天会计师事务所(PWC)高级经理；2006 年 11 月至 2010 ...

华夏航空股份有限公司 2024 年度独立董事述职报告 （刘文君） 各位股东及股东代表： 本人作为华夏航空股份有限公司（以下简称"公司"）的独立董事，在任职 期间严格按照《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》（以下简称《证券法》）、《上市公司独立董事管理办法》《深圳证券交 易所股票上市规则》及《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》等法律、法规和规范性文件，以及《华夏航空股份有限公司 章程》（以下简称《公司章程》）、《华夏航空股份有限公司独立董事工作制度》（以 下简称《独立董事工作制度》）等相关条款的要求，认真履行独立董事职责，谨 慎、认真、勤勉地行使独立董事的权利，充分发挥独立董事的作用，有效维护了 公司及全体股东的合法权益。现将 2024 年度履职情况汇报如下： 一、独立董事的基本情况 （一）工作履历、专业背景以及兼职情况 本人刘文君，男，中国国籍，无境外永久居留权，出生于 1955 年 08 月，硕 士研究生学历，获得中国职业经理人、企业委托代理人资格证书。1973 年 12 月 至 1981 年 08 月，任民航沈阳管理局运输服务中队 ...

华夏航空股份有限公司 2024 年度独立董事述职报告 （彭泗清） 各位股东及股东代表： 本人作为华夏航空股份有限公司（以下简称"公司"）的独立董事，在任职 期间严格按照《中华人民共和国公司法》（以下简称《公司法》）、《中华人民 共和国证券法》（以下简称《证券法》）、《上市公司独立董事管理办法》《深 圳证券交易所股票上市规则》及《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》等法律、法规和规范性文件，以及《华夏航空股份 有限公司章程》（以下简称《公司章程》）、《华夏航空股份有限公司独立董事 工作制度》（以下简称《独立董事工作制度》）等相关条款的要求，认真履行独 立董事职责，谨慎、认真、勤勉地行使独立董事的权利，充分发挥独立董事的作 用，有效维护了公司及全体股东的合法权益。现将 2024 年度履职情况汇报如下： 一、独立董事的基本情况 （一）工作履历、专业背景以及兼职情况 本人彭泗清，男，中国国籍，无境外永久居留权，出生于 1965 年 10 月，获 清华大学工学和法学双学士（1983-1988），中国人民大学法学硕士（应用社会 学，1988-1991 读研，毕业后留校任教两年），香港大 ...