CITIC COHC(000099) 华创证券·2024-10-30 23:08Investment 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]