海直交流纪要

Summary of the Conference Call Minutes Company Overview - The company operates in the general aviation industry, specifically focusing on helicopter operations and low-altitude economy services. It has four self-owned A1 level general airports located in Shenzhen, Tianjin, Zhanjiang, and Hainan, with runways over 600 meters [1]. Key Points and Arguments Airport Operations and Profitability - Operating a general airport independently is typically unprofitable; profitability relies on business development [2]. - The company primarily focuses on helicopter operations, with approximately 70% of its business related to offshore oil services [2]. Fleet and Aircraft Models - As of March 26, the company has a fleet of 93 helicopters, including advanced models like the S92 and AW139 [2]. - The choice of aircraft models is closely linked to operational scenarios, and the company is currently observing the eVTOL (electric Vertical Take-Off and Landing) market, considering partnerships with mainstream manufacturers [2]. eVTOL Development and Infrastructure - The company has established multiple take-off and landing points, with a hub in Shenzhen, and is assessing the market for eVTOL infrastructure development [3]. - The company is exploring new business opportunities in the low-altitude economy, particularly in downstream services [4]. Pricing and Contracting - The pricing model for rescue and offshore oil services is based on a fixed monthly rental plus flight hours, which aligns with industry standards [5]. - The company has a significant reliance on offshore oil services, which account for 70% of its revenue, with contracts renegotiated every three to five years [6]. Role in Low-Altitude Economy - The company operates as a full-scenario, licensed operator in the low-altitude economy, providing customized services that integrate manned and unmanned flight operations [7]. - The company is well-positioned in Shenzhen, which is a demonstration zone for low-altitude economy development, benefiting from a robust drone industry cluster [9]. Regulatory Environment and Market Entry - The company emphasizes the high entry barriers for new regional operators due to stringent regulations and the need for comprehensive operational systems [8]. - The company is involved in pilot projects for unmanned aerial vehicle traffic management, with regulations expected to be announced by the Civil Aviation Administration [13]. Financial Management and Dividends - The company plans to increase its dividend payout from 26.5% in 2023, with future market management strategies being developed [10]. Future of eVTOL Operations - The company sees potential in collaborating with eVTOL manufacturers, although many are hesitant to engage in operational roles at this stage [11]. - The economic viability of eVTOL in tourism is still under evaluation, with no established cost models yet [12]. Air Traffic Management Policies - Recent policy changes have relaxed regulations for low-altitude operations, but the specifics of traffic management and navigation remain under exploration [14]. Additional Important Information - The company is actively engaging with the market and regulatory bodies to adapt to evolving conditions in the low-altitude economy and eVTOL sectors, indicating a proactive approach to future growth opportunities [4][9].