Investment Rating - The report maintains an "Add" rating for China Eastern Airlines (600115) [1][2] Core Views - The company reported a narrowing loss with an annual revenue of 113.7 billion yuan, a year-on-year increase of 145.6%, and a net loss attributable to shareholders of 8.168 billion yuan, down from 37.356 billion yuan in the same period last year [1][2] - The operational metrics show a steady recovery in business volume, with available seat kilometers (ASK) recovering to 90.64% of the 2019 level, and passenger turnover (RPK) recovering to 82.20% of the 2019 level [1][2] - The report highlights that the increase in ticket prices has led to a rise in revenue per passenger kilometer, which is up 13.6% compared to 2019 [1][2] Financial Summary - For 2023, the company achieved an operating income of 113.741 billion yuan, with a year-on-year growth of 145.6% [3] - The forecast for net profit attributable to shareholders for 2024-2026 is 5.767 billion, 8.130 billion, and 10.055 billion yuan respectively, indicating a return to profitability [2][3] - The gross margin is projected to improve from 1.1% in 2023 to 14.2% by 2026, reflecting enhanced operational efficiency [3]

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 截至月份: 2024年3月31日 狀態: 新提交 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 FF301 II. 已發行股份變動 | 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 | 00670 | 說明 | 中國東方航空股份有限公司H股 | | | | 上月底結存 | | 5,176,777,777 | | | | | 增加 / 減少 (-) | | | | | | | 本月底結存 | | 5,176,777,777 | | | | 呈交日期: 2024年4月3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 | 00670 | 說明 | | 中 ...

[Table_Page] 年报点评|航空机场 证券研究报告 [中Table_T国itle] 东航(600115.SH)/中国东方航 公[Ta司ble评_Inv级est ] 增持-A/增持-H 当前价格 3.64元/1.95港元 空股份(00670.HK) 合理价值 4.62元/3.01港元 报告日期 2024-04-01 23 年同比减亏明显，静待盈利继续改善 [相Tab对le_P市icQ场uote表] 现 [Table_Summary] 核心观点： 10% 2% ⚫ 事件：中国东航发布 2023 年年报。全年实现收入 1137.4 亿元/yoy+ -6%03/23 05/23 07/23 09/23 11/23 01/24 03/24 145.63%，相当于2019年的94.15%；归母净利润-81.7亿元，同比减 -14% 亏291.9亿元；扣非归母净利润-89.44亿元，同比减亏290.09亿元。 -22% ⚫ 业务恢复步伐稳健，23年营收与19年基本相当：公司23年全年旅客 -30% 中国东航 沪深300 运输量达到1.16 亿人次，相当于 19 年同期约 9 成，其中4Q 公司运 输旅客超过3000 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 3.65 CNY [2]. Core Views - The company has significantly reduced its losses in 2023, achieving an operating revenue of 113.7 billion CNY and a net loss of 8.2 billion CNY, which is a substantial improvement compared to 2022 [5]. - The airline market continues to recover, but challenges remain due to slow recovery of international routes, increased domestic supply, and weak business travel demand [5]. - The company is expected to benefit from improved aircraft utilization and the recovery of international routes, leading to a forecasted profit of 6.7 billion CNY in 2024 and 12.7 billion CNY in 2025 [5]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022 Revenue: 46.1 billion CNY - 2023 Revenue: 113.7 billion CNY (YoY growth of 147%) - 2024 Revenue: 155.9 billion CNY (YoY growth of 37%) - 2025 Revenue: 175.3 billion CNY (YoY growth of 12%) - 2026 Revenue: 185.8 billion CNY (YoY growth of 6%) [2][5]. - **Net Profit**: - 2022 Net Profit: -37.4 billion CNY - 2023 Net Profit: -8.2 billion CNY - 2024 Net Profit: 6.7 billion CNY - 2025 Net Profit: 12.7 billion CNY - 2026 Net Profit: 13.6 billion CNY [2][5]. - **Earnings Per Share (EPS)**: - 2023 EPS: -0.37 CNY - 2024 EPS: 0.30 CNY - 2025 EPS: 0.57 CNY - 2026 EPS: 0.61 CNY [2][5]. - **Valuation Ratios**: - P/E Ratio: 2024 - 12.1, 2025 - 6.4, 2026 - 6.0 - P/B Ratio: 2024 - 1.6, 2025 - 1.3, 2026 - 1.1 [2][5]. Operational Insights - The company added 7 aircraft in 2023, with a total of 782 operational aircraft by the end of the year, which is still below pre-pandemic levels [5]. - Passenger revenue has significantly recovered, with a 199% increase in 2023 compared to 2022, while cargo revenue has returned to pre-pandemic levels [5]. - The average passenger load factor in 2023 was 74%, which is 7.6 percentage points lower than in 2019 [5].

Investment Rating - The report maintains a "Buy" rating for China Eastern Airlines (600115.SH) [1][21] Core Insights - In 2023, China Eastern Airlines reported a narrowing loss with total revenue of 113.74 billion yuan, a year-on-year increase of 145.6%, and a net profit attributable to shareholders of -8.17 billion yuan [1][5] - The recovery in domestic passenger traffic and strong ticket prices significantly boosted revenue, with passenger transport volume and available seat kilometers (ASK) recovering to 88.7% and 90.6% of 2019 levels, respectively [1][5] - The company expects profitability to improve in 2024, despite a downward adjustment in revenue forecasts due to macroeconomic pressures and slow recovery in international routes [1][7] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022: Revenue of 46.11 billion yuan, net profit of -37.39 billion yuan - 2023: Revenue of 113.74 billion yuan, net profit of -8.17 billion yuan - 2024E: Revenue expected to be 137.66 billion yuan, net profit of 5.91 billion yuan [19] - **Key Financial Ratios**: - Earnings per share (EPS) for 2023 was -0.37 yuan, expected to turn positive in 2024 with 0.26 yuan [19] - Return on equity (ROE) improved from -128.6% in 2022 to -20.1% in 2023, with a forecast of 12.9% in 2024 [19] Operational Metrics - The passenger load factor for 2023 was 74.4%, down 7.6 percentage points from 2019, while domestic routes showed a recovery with a load factor of 78.0% [1][5] - The company achieved a significant increase in passenger revenue, reaching 104.58 billion yuan in 2023, a 199% increase year-on-year [1][5] Cost and Margin Analysis - Operating costs for 2023 were 112.46 billion yuan, up 50.8% year-on-year, with fuel costs rising by 84.9% [1][5] - The gross margin turned positive in 2023 due to improved operational efficiency, with unit fuel costs per ASK decreasing by 27.4% [1][5] Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 5.91 billion yuan, 9.63 billion yuan, and 12.91 billion yuan, respectively, reflecting a cautious outlook due to anticipated economic challenges [1][7][19]

Investment Rating - The report maintains a "Recommend" rating for China Eastern Airlines (600115) [1] Core Views - In 2023, the company reported a net loss attributable to shareholders of 8.17 billion yuan, with a loss of 5.56 billion yuan in Q4 2023. Despite the losses, revenue increased significantly by 146.7% year-on-year to 113.74 billion yuan [1][6] - The report highlights a strong recovery in passenger traffic, with a 44.4% year-on-year increase in passenger transport volume in January and February 2024, indicating a positive outlook for the upcoming peak season [1] - The profit forecast for 2024 and 2025 has been adjusted to 5.3 billion yuan and 8.5 billion yuan respectively, with an introduction of a 2026 profit forecast of 12.3 billion yuan [1] Financial Data Summary - **2023 Financial Performance**: - Total revenue: 113.74 billion yuan, up 146.7% year-on-year - Net loss: 8.17 billion yuan, compared to a loss of 37.39 billion yuan in 2022 - Q4 revenue: 28.2 billion yuan, up 169.8% year-on-year, with a net loss of 5.56 billion yuan [1][6] - **Operational Metrics**: - ASK (Available Seat Kilometers) increased by 154.6% year-on-year in 2023 - RPK (Revenue Passenger Kilometers) increased by 197.5% year-on-year in 2023 - Passenger load factor improved to 74.4%, up 10.7 percentage points year-on-year [1][6] - **Cost Structure**: - Operating costs for 2023 were 112.5 billion yuan, up 50.8% year-on-year - Fuel costs were 41.1 billion yuan, a significant increase of 84.9% year-on-year [1][6] - **Profitability Forecast**: - EPS (Earnings Per Share) for 2024 is projected at 0.24 yuan, with a PE (Price-to-Earnings) ratio of 15 times - The target price is set at 4.59 yuan, representing a potential upside of 26% from the current price of 3.64 yuan [1][2]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Eastern Airlines, with a current price of 3.64 CNY for A-shares and 1.95 HKD for H-shares [2]. Core Views - The company reported a significant reduction in losses for 2023, with a revenue of 113.74 billion CNY, a 147% increase year-on-year, and a net loss of 8.168 billion CNY, down from a loss of 37.4 billion CNY in the previous year [2]. - The recovery in operational performance is noted, although international routes are still lagging behind. The available seat kilometers (ASK) increased by 155% year-on-year, but still down 9% compared to 2019 levels [2]. - Passenger kilometer revenue remains high, with a 0.574 CNY per passenger kilometer, a 15.4% increase compared to 2019, but total passenger revenue is still 5.2% lower than 2019 levels [2]. - The gross margin for 2023 was 1.13%, showing improvement from negative margins in the previous year, but still down 10.17 percentage points from 2019 [2]. - The forecast for net profit is 5.024 billion CNY for 2024, 7.038 billion CNY for 2025, and 9.020 billion CNY for 2026, indicating a positive outlook for profitability as the airline industry continues to recover [2]. Summary by Sections Financial Performance - 2023 Revenue: 113.74 billion CNY, up 147% YoY - 2023 Net Loss: 8.168 billion CNY, improved from 37.4 billion CNY in 2022 - 2023 Passenger Revenue: 1,046 billion CNY, up 199% YoY, but down 5.2% from 2019 [2][5] Operational Metrics - ASK growth: 155% YoY, but down 9% from 2019 - Domestic ASK up 16% from 2019, while international ASK at 44% of 2019 levels [2] - 2023 Comprehensive Load Factor: 74.41%, up 10.71 percentage points YoY, but down 7.6 percentage points from 2019 [2] Cost and Margin Analysis - Main business costs increased by 50.5% YoY due to market recovery - 2023 Gross Margin: 1.13%, improved from negative margins in 2022, but down from 11.3% in 2019 [2] - Significant increases in variable costs such as landing fees and fuel costs [2] Future Outlook - Expected net profit for 2024: 5.024 billion CNY, with continued recovery anticipated in 2025 and 2026 [2] - The report suggests that the airline's profitability will be positively impacted as international routes recover and demand increases [2]

证券研究报告：交通运输 | 公司点评报告 2024年3月31日 股票投资评级 中国东航(600115) 买入|维持 民航需求复苏，公司营收回升，全年明显减亏 个股表现 ⚫ 中国东航披露 2023 年年报 中国东航披露2023年年报，全年营业收入1137.4亿元，同比增 中国东航 交通运输 6% 长145.6%，实现归母净利润-81.7亿元，同比减亏291.9亿元。 2% ⚫ 运量及客座率均显著恢复，营收同比明显增长 -2% -6% 2023年民航业逐步走出低谷，回归常态运营，主要航空公司营业 -10% 收入均实现大幅增长。2023年公司业务量显著恢复，叠加2022年上 -14% -18% 海市场的低基数，公司业务数据同比实现大幅增长，全年ASK2450亿， -22% 同比增长154.6%，RPK1823亿，同比增长197.4%，客座率恢复至74.4%， -26% -30% 同比提升10.72pct。 2023-03 2023-06 2023-08 2023-11 2024-01 2024-03 运价方面，国内市场需求恢复，公司运价同比明显提高，而国际 资料来源：聚源，中邮证券研究所 及地区市场因运力投入恢复叠 ...

大公司： 小林制药问题保健品生产时间集中在2023年4月至10月 据日本媒体3月29日报道，小林制药公司生产的可能混有未知有害成分的保健品生产时间集中于2023年4 月至10月，上市时间在2023年7月至12月之间。（央视新闻） 中国东航于上海成立数字科技公司，注册资本2亿元 36氪获悉，爱企查App显示，近日，上海东航数字科技有限公司成立，法定代表人为高志东，注册资本 2亿元人民币，经营范围包括软件开发、货物进出口、技术进出口、计算机软硬件及辅助设备零售、智 能控制系统集成、物联网技术研发、数据处理服务、网络设备销售等。股东信息显示，该公司由中国东 方航空股份有限公司全资持股。 消息称三星电子劳资双方达成协议，今年涨薪5.1% 据知情人士称，三星电子劳资双方就今年平均加薪5.1%达成了协议。消息人士透露，这家全球最大的 存储芯片和智能手机制造商与员工代表就工资和延长产假达成了协议。今年的工资涨幅为5.1%，高于 去年的4.1%。三星电子表示，尽管全球经济仍存在不确定性，但该公司已决定将工资上调约5%，以鼓 舞员工士气。（新浪财经） 皖能电力等16.8亿元成立抽水蓄能公司 36氪获悉，爱企查App显示，近日， ...

Financial Performance - The net profit attributable to shareholders for 2023 is a loss of RMB 8.168 billion, resulting in no cash dividends or capital reserve transfers for the year [18]. - The company's operating revenue for 2023 reached RMB 113,741 million, a significant increase of 145.63% compared to RMB 46,305 million in 2022 [60]. - The net profit attributable to shareholders for 2023 was a loss of RMB 8,168 million, compared to a loss of RMB 37,356 million in 2022 [60]. - The cash flow from operating activities for 2023 was RMB 26,573 million, a recovery from a negative cash flow of RMB -64,335 million in 2022 [60]. - The total operating cost was RMB 112,461 million, an increase of 50.46% year-on-year [100]. - The company reported a net cash inflow from operating activities of RMB 26,573 million in 2023, compared to a net outflow of RMB 6.43 billion in 2022, driven by increased passenger travel and revenue [119]. - The company recorded an operating profit of RMB -8.54 billion in 2023, an improvement from RMB -40.10 billion in 2022, reflecting efforts to capitalize on the recovery of the air passenger market [118]. - Other income increased by 53.77% year-on-year to RMB 5.00 billion, primarily due to a rise in passenger travel volume and increased revenue from cooperative routes [116]. - The company reported a financial gain of RMB 60 million from interest rate swap contracts during the reporting period, aimed at reducing financial costs from long-term dollar debt [144]. Operational Highlights - The company operates a modern fleet of nearly 800 aircraft, making it one of the largest airlines in China [52]. - The airline's route network covers 1,050 destinations across 166 countries and regions globally [52]. - The fleet size reached 782 aircraft as of December 31, 2023, with an average age of 8.7 years [75]. - The company introduced 22 new aircraft and retired 15 aircraft in 2023, maintaining a young fleet structure [75]. - The overall passenger load factor improved by 10.72 percentage points to 74.42% in 2023 from 63.70% in 2022 [71]. - The company completed 2.282 million hours of safe flight and 954,000 takeoffs and landings, maintaining overall safety stability during rapid flight recovery [79]. - The company opened over 20 new international routes along the "Belt and Road" initiative, with domestic and international passenger transportation volumes recovering to 97.5% and 38.8% of 2019 levels respectively [81]. - The company commenced commercial operations of the domestically produced C919 aircraft on May 28, 2023 [75]. Market and Customer Engagement - The company has committed to building a world-class integrated aviation service provider focused on employee satisfaction, customer preference, shareholder satisfaction, and social trust [52]. - The number of frequent flyer members exceeded 57 million, indicating a strong customer base [96]. - The company is actively expanding partnerships with global brands, enhancing its service offerings and customer experience [97]. - The company plans to continue optimizing service processes and innovating service products to enhance customer experience [95]. - The company is focused on enhancing service quality and customer satisfaction to strengthen its brand and competitive position in the market [165]. Sustainability and Innovation - The company has implemented a carbon peak action plan and is actively promoting the use of sustainable aviation fuel (SAF) in its operations [86]. - The company’s research center received an "excellent rating" as a "demonstration enterprise for scientific reform" [85]. - The company’s digital twin aircraft maintenance innovations received multiple awards, showcasing its commitment to technological advancement [85]. - The company is committed to sustainable development and is implementing measures to comply with environmental policies, including the introduction of advanced fuel-efficient and noise-reducing aircraft [181]. Governance and Compliance - The company has not disclosed any non-operational fund occupation by controlling shareholders or related parties [21]. - The company has ensured the independence of its operations despite some senior management holding positions in the controlling shareholder, with measures in place to protect the interests of minority shareholders [192]. - The company strictly adheres to regulations regarding related party transactions, ensuring fairness and compliance without harming the interests of non-related shareholders [189]. - The board of directors consists of 9 members, including 4 independent directors, and has established 4 specialized committees to oversee various aspects of governance [185]. - The company has a dedicated team for information disclosure, ensuring that all shareholders receive accurate and timely information [188]. Future Outlook - The company plans to invest approximately RMB 63.215 billion in aircraft and related equipment over the next three years, with expected capital expenditures of RMB 21.202 billion, RMB 22.347 billion, and RMB 19.666 billion for 2024 to 2026 respectively [137]. - The company anticipates that the overall transportation turnover and passenger transport volume in 2024 will exceed pre-2019 levels [158]. - The company aims to enhance operational efficiency and safety, focusing on risk management and improving service quality [159]. - The company plans to improve hub competitiveness and expand its route network to better serve international transit needs [162]. - The company is actively pursuing digital transformation to improve operational efficiency and market responsiveness through advanced technologies like big data [164].