中国民航信息网络申请基于多定价规则的过滤和去 重专利，提高定价规则去重的效率 天眼查资料显示，中国民航信息网络股份有限公司，成立于2000年，位于北京市，是一家以从事互联网 和相关服务为主的企业。企业注册资本292620.9589万人民币，实缴资本292620.9589万人民币。通过天 眼查大数据分析，中国民航信息网络股份有限公司共对外投资了39家企业，参与招投标项目2169次，财 产线索方面有商标信息137条，专利信息1543条，此外企业还拥有行政许可166个。 来源：金融界 金融界2025年3月25日消息，国家知识产权局信息显示，中国民航信息网络股份有限公司申请一项名 为"一种基于多定价规则的过滤和去重方法及相关装置"的专利，公开号CN 119669533 A，申请日期为 2024年10月。 专利摘要显示，本发明公开了一种基于多定价规则的过滤和去重方法及相关装置，包括：接收查询请 求，基于查询请求确定可售产品，可售产品至少为一个；获取与所述可售产品对应的各个初始定价规 则；获取可售产品的数量，在数量大于1的情况下，遍历各个初始定价规则，对各个初始定价规则进行 去重，得到各个备选定价规则；确定各个备选定价规 ...

证券时报网讯，美银下调中国民航信息网络目标价至10.3港元，维持"中性"评级，并下调2024—2026年 盈利预测6%。 主要原因是外国航空公司回归缓慢，对航空信息科技服务平均售价造成压力；疫情后成本结构上升。 校对：刘星莹 ...

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 11.92 based on DCF valuation [4] Core Views - The company is a leading provider of aviation information technology services in China, with a significant recovery in business and performance post-pandemic [1][2] - The Global Distribution System (GDS) operated by the company is among the top three globally, with a strong market position supported by regulatory barriers against foreign competitors [2][51] - Revenue and profit are expected to continue growing, driven by increasing passenger volumes and improvements in pricing for international services [2][4] Summary by Sections Company Overview - Established in 2000, the company provides computer information services for airlines, airports, and agents, with its core systems recognized as key by the State Council [1] - Business volume and revenue declined from 2020 to 2023 due to public health events, but have shown recovery with a 19% increase in system processing volume in the first 11 months of 2024 compared to the previous year [1] Investment Logic - The company's GDS system is the primary service for domestic airlines, with a processing volume that correlates closely with passenger traffic [2] - Short-term policies and long-term economic growth are expected to drive passenger volume growth, supporting revenue increases [2] Other Main Businesses - System integration services saw a significant revenue increase of 112% in 2024H1, with the company holding a dominant position in the domestic airport market [3] - Clearing and settlement services also experienced a 50% revenue growth in 2024H1, linked to rising passenger volumes [3] Financial Forecasts and Valuation - Projected net profits for 2024-2026 are estimated at RMB 17 billion, RMB 21 billion, and RMB 25 billion respectively, indicating strong growth potential [4] - The company has maintained a stable dividend payout ratio of 40% from 2019 to 2023, reflecting a commitment to returning value to shareholders [1][4]

Financial Performance - Total revenue for the first half of 2024 reached RMB 4,041.8 million, an increase of RMB 734.2 million or 22.2% compared to RMB 3,307.6 million in the first half of 2023[12]. - Net profit attributable to shareholders was RMB 1,367.2 million, up approximately 13.9% from RMB 1,200.4 million in the same period last year[11]. - Revenue from aviation information technology services accounted for 56.0% of total revenue, increasing from RMB 1,890.1 million to RMB 2,265.0 million, a growth of 19.8%[12]. - Settlement and clearing revenue rose by 50.0%, from RMB 185.4 million to RMB 278.0 million, representing 6.9% of total revenue[12]. - System integration service revenue surged by 111.9%, from RMB 320.9 million to RMB 679.8 million, making up 16.8% of total revenue[13]. - Total operating revenue for the first half of 2024 reached RMB 4,041,791,212.19, a 22.2% increase from RMB 3,307,555,567.64 in the same period last year[77]. - Operating profit for the first half of 2024 was RMB 1,613,655,709.35, compared to RMB 1,338,680,209.07 in the previous year, reflecting a growth of 20.5%[78]. - Net profit attributable to shareholders for the first half of 2024 was RMB 1,376,815,468.69, up from RMB 1,207,653,920.80, marking a 14% increase year-over-year[78]. - Comprehensive income attributable to the parent company for the first half of 2024 was RMB 1,412,617,483.14, compared to RMB 1,209,218,451.85 in the previous year, indicating a growth of 16.8%[80]. Operational Highlights - In the first half of 2024, the group processed approximately 352.0 million system transactions for domestic and international airlines, representing a year-on-year increase of about 24.0%[5]. - The group's settlement and clearing system handled approximately 606.1 million transactions, a year-on-year growth of 36.0%[6]. - The revenue from agency settlement for passenger, cargo, and postal services exceeded RMB 29.67 billion, marking a year-on-year increase of 66.6%[6]. - The self-service check-in system (CUSS) was implemented in 235 major airports, processing approximately 221 million departing passengers[4]. - The group expanded its electronic travel distribution (ETD) system, with 204 foreign and regional airlines using its services, processing approximately 506,000 departing passengers at 48 airports[5]. - The group has successfully launched 27 out of 30 certified neutral settlement systems in overseas markets along the Belt and Road Initiative[7]. - The group participated in smart airport projects, signing contracts for the T5 terminal at Xi'an Airport and the third phase of Lanzhou Airport[8]. - The APP front-end system for departure processing dominated in large and medium-sized domestic airports, handling approximately 19.47 million departing passengers, accounting for about 95.9% of returning passengers from Chinese airlines[8]. Cost and Expenditure - Total operating costs for the first half of 2024 were RMB 2,535.3 million, an increase of RMB 357.1 million or 16.4% compared to RMB 2,178.2 million in the first half of 2023[15]. - Personnel costs increased by 31.7%, primarily due to a decrease in capitalized R&D expenses and growth in employee social insurance-related expenditures[15]. - Depreciation and amortization rose by 14.1%, mainly due to increased amortization of intangible assets from self-developed projects[15]. - Software and hardware sales costs surged by 142.1%, attributed to the orderly progress of engineering construction and an increase in the scale and number of projects reaching completion[15]. - The total capital expenditure for the group in the first half of 2024 is RMB 141.5 million, a decrease from RMB 363.1 million in the same period of 2023[37]. - The group has committed capital expenditures of approximately RMB 1,302.1 million, primarily for daily operations and system upgrades[37]. Cash Flow and Financial Position - The net cash inflow from operating activities for the first half of 2024 was RMB 1,287.4 million[21]. - The group maintained a cash and cash equivalents balance of RMB 9,562.5 million as of June 30, 2024[21]. - The fair value of the investment in China Merchants Renhe Life Insurance as of June 30, 2024, is approximately RMB 882.5 million, accounting for 2.9% of the group's total assets[29]. - The asset-liability ratio of the group as of June 30, 2024, is 26.5%, an increase from 23.6% as of December 31, 2023[34]. - The company's current assets totaled RMB 20,895,928,151.69, up from RMB 18,126,205,041.15, indicating an increase of about 15.2% year-over-year[64]. - Cash and cash equivalents reached RMB 9,609,663,328.73, compared to RMB 7,367,554,453.37, reflecting a significant increase of approximately 30.2%[64]. - The company's short-term borrowings rose to RMB 1,151,999,999.00 from RMB 751,589,902.50, marking an increase of around 53.3%[67]. - Total liabilities increased to RMB 7,889,835,245.66 from RMB 6,193,493,525.98, which is an increase of approximately 27.4%[67]. Shareholder and Governance Information - The board of directors has proposed not to declare an interim dividend for the first half of 2024[42]. - Major shareholders include China Civil Aviation Information Group Co., Ltd., holding 43.38% of domestic shares, and China Mobile Communications Group Co., Ltd., holding 14.65%[46]. - The company has fully complied with the corporate governance code except for temporary deviations regarding the roles of the chairman and CEO, and the rotation of directors[56]. - The company aims to maintain high levels of corporate governance and transparency to all market participants and regulatory bodies[55]. - The company has adopted the corporate governance code as part of its governance framework[55]. Strategic Initiatives - The company aims to enhance its international operations and achieve high-quality business objectives while focusing on technological innovation and core technology breakthroughs[41]. - The company is committed to accelerating the construction of a world-class enterprise and enhancing its safety capabilities[41]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[96]. - The financial report is prepared based on the going concern assumption, complying with relevant accounting standards and regulations[107]. Research and Development - Research and development expenses for the first half of 2024 were RMB 431,960,329.68, significantly higher than RMB 275,217,130.34 in the previous year, indicating a 56.8% increase[77]. - The company is focusing on market expansion and technological advancements as part of its strategic initiatives for future growth[82]. Accounting Policies and Financial Reporting - The financial statements comply with the accounting standards issued by the Ministry of Finance, accurately reflecting the company's financial position as of June 30, 2024, and the operating results and cash flows for the first half of 2024[110]. - The company recognizes revenue when control of goods or services is transferred to the customer, which means the customer can dominate the use and obtain almost all economic benefits[192]. - The company recognizes impairment losses for non-current assets held for sale when their carrying amount exceeds the fair value less costs to sell[153].

计算机 证 券 研 究 报 告 上 市 公 司 公 司 研 究/ 公 司 点 评 2024 年 09 月 10 日 中国民航信息网络(00696) ——利润超预期，人力杠杆预示成长信心恢复 报告原因：有业绩公布需要点评 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 10 日 | | 收盘价（港币） | 9.37 | | 恒生中国企业指数 | 6002.91 | | 52 周最高/最低（港币） | 15.18/7.35 | | H 股市值（亿港币） | 274.19 | | 流通 H 股（百万股） | 932.56 | | 汇率（人民币/港币） | 1.0982 | 一年内股价与基准指数对比走势： -48% 2% 52% 09/1110/1111/1112/1101/1102/1103/1104/1105/1106/1107/1108/11 HSCEI 中国民航信息网络 资料来源：Bloomberg 证券分析师 胡雪飞 A0230522120002 huxf@sws ...

Investment Rating - The report maintains a "Buy" rating for China TravelSky Technology (00696 HK) with a target price of HKD 14 52 per share based on a 20x PE valuation for 2024 [4][11] Core Views - The company reported strong revenue and profit growth in H1 2024 with revenue reaching RMB 4 042 billion (YoY +22 2%) and net profit attributable to shareholders of RMB 1 367 billion (YoY +13 9%) [2][6] - Domestic air travel recovery remains robust with domestic passenger volume in H1 2024 exceeding 2019 levels by 12 1% while international passenger volume recovered to 76 0% of 2019 levels [2][6] - The AIT (Airline Information Technology) business saw revenue growth of 19 8% YoY to RMB 2 265 billion in H1 2024 driven by strong domestic recovery [2][6] - Settlement and clearing business revenue surged 50 0% YoY to RMB 278 million in H1 2024 due to the recovery of international business volume [2][6] - System integration services revenue increased significantly by 111 9% YoY to RMB 680 million in H1 2024 driven by increased project completions [2][6] - Data network services revenue grew steadily by 7 3% YoY to RMB 216 million in H1 2024 supported by increased distribution information service volume [2][6] Financial Forecasts - Revenue is expected to grow by 22 4% in 2024 and 9 0% in 2025 with net profit attributable to shareholders forecasted at RMB 1 932 billion and RMB 2 297 billion respectively [2][11] - The company's gross margin is expected to improve steadily reaching 53 0% in 2024 and 54 1% in 2025 [11][12] - EPS is projected to be RMB 0 66 in 2024 and RMB 0 79 in 2025 [11][12] Business Performance - The company's AIT business continues to recover with domestic air travel showing strong growth while international travel is gradually recovering [2][6] - The settlement and clearing business is benefiting from the recovery of international air travel and the expansion of system and product services [6][8] - System integration services are experiencing significant growth due to increased project completions and the company's involvement in smart airport construction [6][8] - Data network services are maintaining steady growth with the company expanding its overseas market presence and enhancing its distribution capabilities [6][9] Industry Outlook - The domestic air travel market is expected to continue its natural growth while the international market is projected to further recover in H2 2024 [7] - The company is well-positioned to benefit from the ongoing recovery in the aviation and tourism industry as a key player in civil aviation information technology [11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.0, indicating a potential upside of 28% from the last closing price of HKD 9.4 [1]. Core Insights - The company is benefiting from the recovery in civil aviation demand, leading to a growth in performance. In the first half of 2024, the company's revenue reached RMB 4.04 billion, a year-on-year increase of 22.2%, and net profit attributable to shareholders was RMB 1.37 billion, up 13.9% year-on-year [1]. - The core business revenue is recovering, with aviation information service technology revenue at RMB 2.27 billion, reflecting a year-on-year growth of 19.8%. The total system processing volume increased by 24% compared to the previous year, surpassing the levels seen in 2019 [1]. - The company is positioned as a high-quality supplier in the aviation tourism information technology service industry, expected to benefit from the continuous improvement in aviation demand [1]. Financial Performance Summary - For the first half of 2024, the company reported a net cash inflow from operating activities of RMB 1.29 billion, with cash and cash equivalents amounting to RMB 9.56 billion, indicating a solid financial position [1]. - The total operating costs for the first half of 2024 were RMB 2.54 billion, an increase of 16.4% year-on-year, primarily due to a 31.7% rise in labor costs and a 14.1% increase in depreciation and amortization [1]. - The company anticipates that the domestic passenger transport volume will exceed that of the same period in 2019, with international passenger volume recovering to 80% of 2019 levels [1]. Revenue Breakdown - The settlement and clearing service revenue saw a significant increase of 50% to RMB 280 million, with approximately 610 million transactions processed, a 36% year-on-year growth [1]. - System integration service revenue improved significantly to RMB 680 million, reflecting a year-on-year growth of 111.9%, attributed to the progress in project construction and acceptance [1]. - Data network revenue was RMB 220 million, up 7.3% year-on-year, driven by an increase in distribution information technology service volume [1].

Investment Rating - The report maintains a "Buy" rating for China TravelSky Holding Company (0696 HK) [2] Core Views - Domestic civil aviation passenger market continues steady recovery, benefiting from intelligent transformation of aviation industry [1] - Company revenue reached RMB 13 67 billion in H1 2024, up 13 9% YoY [2] - Net profit attributable to parent company reached RMB 9 69 billion, with current stock price at HK$9 69 [2] - All business segments achieved YoY revenue growth in H1 2024 [2] Business Performance - Airline IT services revenue increased 24 0% YoY to RMB 22 65 billion due to higher system processing volume [2] - Settlement and clearing revenue grew 19 8% YoY to RMB 6 80 billion [2] - System integration service revenue surged 111 9% YoY to RMB 2 16 billion [2] - Data network revenue rose 7 3% YoY, while other business revenue declined 15 1% [2] Market Trends - Domestic passenger scale showed steady growth, exceeding 2019 levels [2] - International civil aviation market showed stable recovery [2] - ETD system processed 3 52 billion passenger trips in H1 2024, up 24 0% YoY [2] - Domestic segment processing volume increased 15 8% YoY, while international segment surged 193 4% [2] Financial Projections - 2024E revenue forecast at RMB 8 325 billion, with 19 2% YoY growth [3] - 2024E net profit forecast at RMB 1 954 billion, with EPS of RMB 0 67 [3] - 2025E revenue expected to reach RMB 10 509 billion, with 12 1% YoY growth [3] - 2025E net profit projected at RMB 2 491 billion, with EPS of RMB 0 85 [3] Balance Sheet - Total assets expected to grow from RMB 25 236 billion in 2022 to RMB 32 970 billion in 2026E [4] - Cash and short-term investments projected to increase from RMB 7 577 billion in 2022 to RMB 14 660 billion in 2026E [4] - Shareholders' equity forecast to rise from RMB 19 741 billion in 2022 to RMB 27 017 billion in 2026E [4] Cash Flow - Operating cash flow projected to increase from RMB 1 336 billion in 2022 to RMB 3 513 billion in 2026E [5] - Free cash flow expected to grow from RMB 1 678 billion in 2022 to RMB 1 746 billion in 2026E [5] - Net cash flow forecast to rise from RMB 1 136 billion in 2022 to RMB 2 221 billion in 2026E [5]

Investment Rating - The report maintains a rating of "Accumulate" for China Civil Aviation Information Network (0696) [2][5]. Core Views - The company has demonstrated strong earnings growth exceeding expectations, driven by effective cost control and a recovery in international business [4][5]. - The first half of 2024 saw record-high passenger traffic in China's civil aviation market, with the company's revenue and booking volume showing significant growth compared to pre-pandemic levels [5]. - The company is expected to benefit from the ongoing smart civil aviation construction and the recovery of international business, which will enhance its profitability [5]. Summary by Relevant Sections Performance Overview - In the first half of 2024, the company achieved a net profit of 1.37 billion RMB, a 14% year-on-year increase, surpassing market expectations [5]. - Revenue for the first half of 2024 increased by 5% compared to the same period in 2019, despite the international business recovery still lagging [5]. Financial Projections - The report projects net profits for 2024, 2025, and 2026 to be 1.9 billion, 2.3 billion, and 2.5 billion RMB respectively [5]. - The company’s revenue is expected to grow significantly, with estimates of 8.37 billion RMB in 2024, 9.32 billion RMB in 2025, and 10.01 billion RMB in 2026 [8]. Cost Management - The report highlights that cost control, particularly in labor costs, will be crucial for the company's profitability recovery, as labor costs accounted for nearly 40% of total costs in the first half of 2024 [5]. - The company aims to maintain competitive salaries and improve talent incentive mechanisms to manage costs effectively [5]. Market Position - The company holds a dominant position in the civil aviation information service sector in China, benefiting from accelerated airport construction and expansion projects [5]. - The report anticipates a peak in project completion and settlement in the later stages of the 14th Five-Year Plan, which will significantly contribute to profits [5].

Investment Rating - The investment rating for China Civil Aviation Information Network (00696) is "Buy" (maintained) [7][10]. Core Views - The report highlights a recovery in the aviation industry, leading to a gradual realization of performance improvements. The company reported a revenue of 4.04 billion yuan for H1 2024, a year-on-year increase of 22.2%, and a net profit attributable to shareholders of 1.37 billion yuan, up 13.9% year-on-year [10][11]. Summary by Sections Financial Performance - In H1 2024, the company processed approximately 350 million passengers, with a year-on-year increase of 24%. The revenue from AIT reached 2.27 billion yuan, a 19.8% increase compared to the previous year, and up 1.8% compared to the same period in 2019 [10][11]. - The company's operating costs for H1 2024 were 1.63 billion yuan, with a growth rate lower than revenue, resulting in an increase in gross margin from 56.5% in H1 2023 to 59.6% in H1 2024 [10][11]. - The report projects revenues for 2024-2026 to be 8.775 billion, 9.378 billion, and 10.337 billion yuan, representing year-on-year growth rates of 25.65%, 6.87%, and 10.23% respectively [10][11]. Business Segments - The report indicates that all major business segments experienced revenue growth due to the strengthening aviation market. The revenue from data networks and settlement services increased by 7.3% and 50.0% year-on-year, respectively [10][11]. - The completion of airport projects and system integration services generated 680 million yuan in revenue, marking a significant year-on-year increase of 111.9% [10][11]. Future Outlook - The report anticipates continued growth in passenger traffic, with a projected 420 million passengers in the first seven months of 2024, a year-on-year increase of 21.2%. This growth is expected to support revenue increases in the company's core and ancillary businesses [10][11]. - The company is expected to enter a phase where revenue growth outpaces cost growth, with potential for further revenue from international routes and system integration services [10][11].