CITIC COHC(000099) 华创证券·2024-08-28 09:13Investment 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]