Haitong International: The target price of HK$23.4 for the first time was awarded to China Innovation Airlines (03931), giving it a “superior to the market” rating

The Zhitong Finance App learned that Haitong International released a research report stating that China Innovation Airlines (03931) was initially rated “superior to the market”, with a target price of HK$23.4. China Innovation Airlines's 2026-2028 net profit CAGR is about 36%, which is at a higher level among comparable companies. The bank gave it 9.5 times PE in 2027 and an exchange rate of 0.86.

The bank believes that the increase in power battery share combined with an upward shift in the customer structure forms a ballast stone for the company's high revenue growth; the company's battery shipments are expected to increase from 116 GWh in 2025 to 180/253/335 GWh in 2026-2028, an increase of 55%/41%/32% year-on-year. According to Haitong International, energy storage is the company's second growth curve, contributing 52% of the 2025-2028 revenue increase; energy storage system revenue is expected to be 273.6/418.8/56.08 billion yuan in 2026-2028, increasing the revenue share to 38%/43%/45%, with a compound growth rate of about 58% in 2025-2028.