中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2024-046 中国东方航空股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 中国东方航空股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开 董事会 2024 年第 4 次例会审议通过了《关于回购并注销公司股份的议案》，具 体内容详见公司于2024年8月30日刊登在上海证券交易所网站（www.sse.com.cn） 以及公司指定披露媒体上的《关于以集中竞价交易方式回购股份方案的公告》（公 告编号：临 2024-044）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司董事会决议公告日（即 2024 年 8 月 30 日）的前一个 ...

中国东方航空股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 中国东方航空股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开 董事会 2024 年第 4 次例会审议通过了《关于回购并注销公司股份的议案》，具 体内容详见公司于2024年8月30日刊登在上海证券交易所网站（www.sse.com.cn） 以及公司指定披露媒体上的《关于以集中竞价交易方式回购股份方案的公告》（公 告编号：临 2024-044）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司董事会决议公告日（即 2024 年 8 月 30 日）的前一个交易日（即 2024 年 8 月 29 日）收市后登记在册的前十名股东 和前十名无限售条件股东的名称及持股数量、比例情况公告如下： | 序号 | 股东名称 | 持股数量 （股） | 占总股本比例（%） | | --- | --- | --- | --- | | ...

Investment Rating - The investment rating for China Eastern Airlines is "Buy" (maintained) with a market price of 3.79 CNY [1]. Core Views - The report highlights that China Eastern Airlines has significantly reduced its net losses in H1 2024 compared to the same period in 2023, with a net loss of 2.768 billion CNY and a non-recurring net loss of 2.967 billion CNY [2]. - The company is optimizing its flight network and increasing international flight recovery rates, leading to a rapid recovery in operations [2]. - The report projects a decrease in profit forecasts for 2024-2026 due to industry supply being relatively loose and declining ticket prices, with expected net profits of 2.1 billion CNY in 2024, 7.1 billion CNY in 2025, and 9.3 billion CNY in 2026 [2]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 46,111 million CNY - 2023A: 113,741 million CNY - 2024E: 142,909 million CNY - 2025E: 160,850 million CNY - 2026E: 172,361 million CNY - YoY growth rates: -31% in 2022, 147% in 2023, 26% in 2024, 13% in 2025, 7% in 2026 [1][2]. - **Net Profit Forecasts**: - 2022A: -37,386 million CNY - 2023A: -8,168 million CNY - 2024E: 2,109 million CNY - 2025E: 7,147 million CNY - 2026E: 9,311 million CNY - YoY growth rates: -206% in 2022, 78% in 2023, 126% in 2024, 239% in 2025, 30% in 2026 [1][2]. - **Earnings Per Share (EPS)**: - 2022A: -1.68 CNY - 2023A: -0.37 CNY - 2024E: 0.09 CNY - 2025E: 0.32 CNY - 2026E: 0.42 CNY [1][2]. - **Valuation Ratios**: - P/E ratios: -2.3 in 2022, -10.3 in 2023, 40.1 in 2024, 11.8 in 2025, 9.1 in 2026 [1][2]. Operational Highlights - In H1 2024, the company added 10 aircraft, bringing the total to 792 operational passenger aircraft with an average age of 9.0 years [2]. - The recovery of international routes accelerated, with available seat kilometers (ASK) and revenue passenger kilometers (RPK) reaching 110% and 108% of 2019 levels, respectively [2]. - The average passenger load factor in H1 2024 was 81.21%, an increase of 9.45 percentage points compared to H1 2023 [2]. Strategic Initiatives - The company plans to inject 4.5 billion CNY into its subsidiary Shanghai Airlines to enhance its capital strength and reduce its debt ratio [2]. - A share buyback plan is in place, with a minimum of 250 million CNY and a maximum of 500 million CNY allocated for repurchasing shares, reflecting management's confidence in the company's future [2].

证券代码：600115 证券简称：中国东航 公告编号：临 2024-045 中国东方航空股份有限公司 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 同日，公司第十届董事会第 4 次普通会议审议通过《关于公司高级管理人员 变动的议案》，同意汪健先生不再担任董事会秘书、公司秘书以及《香港联合交 易所有限公司证券上市规则》要求的授权代表；在董事会秘书空缺期间，由公司 副总经理、财务总监周启民先生代行董事会秘书职责。公司将按照《上海证券交 易所股票上市规则》《香港联合交易所有限公司证券上市规则》和《公司章程》 的相关规定，尽快完成董事会秘书、公司秘书的聘任工作。 汪健先生在担任公司董事会秘书等职务期间，勤勉尽责，恪尽职守，在推动 完善公司治理、加强投资者关系及价值管理、筹划实施重大资本项目等方面做了 诸多卓有成效的工作，公司董事会对汪健先生任职期间对公司发展所做的贡献表 示诚挚的感谢。 特此公告。 中国东方航空股份有限公司 2024 年 9 月 3 日 1 关于董事会秘书辞任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内 ...

证券研究报告 投资评级： 买入(维持) 买入(维持) 2024 年 9 月 01 日│中国内地/中国香港 航空运输 目标价： 港币：2.50 人民币：4.45 (港币/人民币) 670 HK 600115 CH 目标价 2.50 4.45 收盘价 (截至 8 月 30 日) 2.00 3.79 市值 (百万) 44,583 84,484 6 个月平均日成交额 (百万) 9.15 177.87 52 周价格范围 1.82-2.82 3.41-4.55 BVPS 1.79 1.69 经营预测指标与估值 会计年度 2022 2023 2024E 2025E 2026E 营业收入 (人民币百万) 46,111 113,741 141,796 150,667 159,310 +/-% (31.31) 146.67 24.67 6.26 5.74 归属母公司净利润 (人民币百万) (37,386) (8,168) (1,079) 3,224 6,735 +/-% (206.09) 78.15 86.79 398.82 108.91 EPS (人民币，最新摊薄) (1.68) (0.37) (0.05) 0.14 0.30 ...

截至月份: 2024年8月31日 狀態: 新提交 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 中國東方航空股份有限公司 呈交日期: 2024年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00670 | 說明 | | 中國東方航空股份有限公司H股 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | | 2. 股份 ...

Investment Rating - The report maintains a "Recommended" rating for China Eastern Airlines (600115) with a target price of 4.49 CNY, representing a 19% upside from the current price of 3.79 CNY [2][4]. Core Views - The company reported a loss of 2.77 billion CNY in H1 2024, with Q2 losses amounting to 1.97 billion CNY. However, profitability is expected to improve during the peak travel season [2]. - Revenue for H1 2024 reached 64.2 billion CNY, a year-on-year increase of 29.7%, while losses increased by 55.8% compared to the previous year [2]. - The airline industry is seeing significant growth in passenger volume during the summer peak season, with a notable increase in average passenger load factor [2]. Financial Summary - **Revenue and Profitability**: - H1 2024 revenue was 64.2 billion CNY, up 29.7% year-on-year. Q2 revenue was 31.01 billion CNY, up 13.9% year-on-year [2]. - H1 2024 net loss was 2.77 billion CNY, with a Q2 loss of 1.97 billion CNY, reflecting an 18.7% increase in losses year-on-year for Q2 [2][8]. - **Operational Metrics**: - In H1 2024, Available Seat Kilometers (ASK) increased by 32.8% year-on-year, while Revenue Passenger Kilometers (RPK) rose by 50.3% [2]. - The passenger load factor for H1 2024 was 81.2%, an increase of 9.4 percentage points year-on-year [2]. - **Cost Structure**: - H1 2024 operating costs were 62.5 billion CNY, a year-on-year increase of 23.1%, with fuel costs rising by 33.6% to 23.3 billion CNY [2]. - The cost per seat kilometer (excluding fuel) was 0.272 CNY, down 11.5% year-on-year [2]. - **Future Earnings Forecast**: - The report adjusts the profit forecast for 2024-2026, estimating net profits of 0.21 billion CNY, 5.9 billion CNY, and 8.5 billion CNY respectively, with corresponding EPS of 0.00, 0.26, and 0.38 CNY [2][8]. - **Valuation Metrics**: - The target market capitalization is set at 100.1 billion CNY, with a price-to-book (PB) ratio of 1.5 times based on historical averages [2]. Industry Outlook - The report highlights a significant improvement in the supply-demand dynamics of the airline industry during the peak summer travel season, with a notable increase in domestic passenger volume and load factors [2].

Financial Performance - The total revenue for the six months ended June 30, 2024, was RMB 64,199 million, an increase of 29.6% compared to RMB 49,511 million for the same period in 2023[3]. - The net loss for the period was RMB 3,099 million, an improvement from a net loss of RMB 6,584 million in the same period last year[4]. - The total comprehensive loss for the period was RMB 3,295 million, compared to RMB 6,640 million in the previous year[4]. - The basic and diluted loss per share attributable to equity holders of the company was RMB (0.12), compared to RMB (0.28) for the same period in 2023[3]. - The company reported a basic loss per share of approximately RMB 2,768 million, calculated based on a weighted average of 22.291 billion shares issued[42]. - The net loss attributable to shareholders was RMB 2.768 billion, a significant reduction of RMB 3.490 billion compared to the previous year[91]. Revenue Breakdown - For the six months ended June 30, 2024, the total revenue from the aviation business segment was RMB 64,044 million, while the other business segment generated RMB 155 million[22]. - Domestic revenue reached RMB 44,961 million, up from RMB 41,835 million, indicating a growth of about 5.1% year-over-year[30]. - International revenue surged to RMB 17,407 million, compared to RMB 6,559 million in the previous year, marking an increase of approximately 165.5%[30]. - Transportation revenue reached RMB 61.709 billion, growing by 31.67% year-on-year, with passenger revenue accounting for 96.16% of total transportation revenue[98]. - International passenger revenue surged to RMB 15.397 billion, a remarkable increase of 184.18% year-on-year, driven by a 346.40% rise in passenger turnover[98]. Operating Costs - Operating expenses totaled RMB 67,359 million, up from RMB 54,703 million in the previous year, reflecting a 22.9% increase[3]. - Total operating costs for the first half of 2024 amounted to RMB 67.359 billion, reflecting a year-on-year increase of 23.14%[99]. - Aircraft fuel costs rose to RMB 23.292 billion, up 33.62% year-on-year, primarily due to increased flight hours and rising oil prices[99]. Cash Flow and Liquidity - The company’s operating cash flow for the six months ended June 30, 2024, was RMB 10.718 billion, a decrease from RMB 16.183 billion in the same period of 2023[13][14]. - The company had a net cash decrease of RMB 8.133 billion for the six months ended June 30, 2024, compared to an increase of RMB 2.471 billion in the same period of 2023[14]. - The company expects positive cash inflows from operating activities for at least the next 12 months, considering the recovery of flights and major operating costs[15]. - The company had unused bank credit facilities available, indicating sufficient liquidity for operations[15]. Assets and Liabilities - Non-current assets amounted to RMB 256,322 million as of June 30, 2024, slightly down from RMB 259,000 million at the end of 2023[5]. - As of June 30, 2024, the company's total equity was RMB 40.141 billion, down from RMB 43.463 billion as of December 31, 2023[11][12]. - The company’s total assets increased to RMB 117,394 million as of June 30, 2024, from RMB 111,028 million as of December 31, 2023[52]. - The company’s total liabilities exceeded total assets by approximately RMB 98.21 billion as of June 30, 2024[15]. - The debt-to-asset ratio increased to 85.40%, up by 0.69 percentage points from December 31, 2023[103]. Operational Efficiency - The company continues to focus on operational efficiency and cost management strategies to improve future performance[2]. - The group implemented cost control measures, resulting in a 10.44% decrease in operating costs per ton-kilometer in the first half of 2024[94]. - The overall passenger load factor improved by 9.44 percentage points to 81.21% from 71.77% year-over-year[85]. Strategic Initiatives - The company is focusing on digital transformation and has established a digital transformation leadership team to enhance operational efficiency[96]. - The company is committed to enhancing its service brand value through a focus on passenger experience and the implementation of 22 key tasks to meet diverse service needs[117]. - The company plans to increase its investment in Sichuan Airlines by RMB 1.2 billion through a combination of cash and non-cash assets[132]. Acquisitions and Investments - The group acquired the remaining 55% stake in Eastern Airlines Media Co., Ltd. for RMB 126 million, making it a wholly-owned subsidiary[17]. - The company plans to acquire a 55% stake in Eastern Airlines Media for approximately RMB 126.203 million, as approved in the board meeting on December 14, 2023[131]. - The company has completed the acquisition of 55% equity in Eastern Airlines Import and Export, which will no longer be a related party in future transactions[135]. Market Performance - The group’s operating performance improved steadily in the first half of 2024, with a significant reduction in losses year-on-year[93]. - Passenger traffic at Shanghai Pudong International Airport reached 2.34 million, a 31.30% increase compared to 2019[93]. - The group achieved a 90% recovery in passenger kilometers and revenue in the international market compared to 2019 levels[93]. Compliance and Governance - The board has implemented a governance improvement plan, with independent directors now exceeding 50% of the board composition[97]. - The company adopted the Listing Rules Appendix C3 as the code of conduct for directors and supervisors regarding securities trading, ensuring compliance with regulations[125]. - The Audit and Risk Management Committee reviewed the accounting principles and methods adopted by the group, with no dissenting opinions noted[126].

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2024-044 中国东方航空股份有限公司 关于以集中竞价交易方式回购股份方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担法律责任。 重要内容提示： ● 回购股份金额：A 股不低于人民币 2.5 亿元（含），不超过人民币 5 亿元 （不含）；H 股不低于人民币 2.5 亿元（含），不超过人民币 5 亿元（不含）（最 终依据汇率折算港元）。 ● 回购股份价格：A 股回购价格上限为 4.39 元/股；H 股回购价格上限为 3.04 港元/股（折合人民币约 2.76 元/股），每次回购 H 股价格不得高于回购前 5 个交 易日公司 H 股股票平均收市价的 105%。 ● 回购股份方式：集中竞价交易方式。 ● 回购股份期限：自公司股东大会审议通过回购股份方案之日起 12 个月内。 ● 相关股东是否存在减持计划：截至董事会审议通过本次回购方案之日，公司 控股股东、实际控制人、董事、监事及 ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2024-043 中国东方航空股份有限公司 关于对全资子公司上海航空有限公司增资的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 重要内容提示： 一、增资情况概述 （一）增资的基本情况 上海航空为公司的全资子公司，注册资本为人民币 55 亿元，主要经营国内 （含港澳台）、国际航空客货运输业务。为增强上海航空的资本实力，满足其可 持续的高质量发展需要，公司拟以货币方式向上海航空增资人民币 45 亿元，完 成增资后，上海航空的注册资本将为人民币 100 亿元。 （二）履行的决策与审批程序 增资标的名称：上海航空有限公司（以下简称"上海航空"）。 增资金额：人民币 45 亿元。 本次增资不属于关联交易，也不构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 本次增资事项已经中国东方航空股份有限公司（以下简称"公司"）董事会 2024 年第 4 次例会审议通过，无需提交公 ...