Investment Rating - The report maintains a "Buy" rating for China National Aviation (601111.SH) [1][4][18] Core Views - The performance of China National Aviation is expected to improve significantly in 2024, driven by the recovery of Cathay Pacific's investment returns and the overall recovery in the aviation sector [1][18] - The company reported a substantial reduction in losses for 2023, with operating revenue reaching 141.1 billion yuan, a year-on-year increase of 166.7%, and a net profit attributable to shareholders of -1.05 billion yuan [1][5] - The recovery in domestic demand is rapid, while international demand is recovering at a slower pace [1][7] Summary by Relevant Sections Financial Performance - In 2023, the passenger transport volume, revenue passenger kilometers (RPK), and available seat kilometers (ASK) reached 109%, 92%, and 102% of 2019 levels, respectively, with a seat load factor of 73.22%, down 7.81 percentage points from 2019 [1][7] - Domestic routes showed stronger recovery, with RPK and ASK at 128% and 142% of 2019 levels, respectively, while international routes lagged at 37% and 44% [1][7] - The company achieved passenger revenue of 130.52 billion yuan in 2023, a significant increase of 241% year-on-year, while cargo revenue fell to 4.17 billion yuan, down 58.7% [1][7] Cost and Profitability - Operating costs for 2023 were 134.02 billion yuan, up 61.8% year-on-year, with fuel costs at 46.73 billion yuan, increasing by 105.3% [1][13] - The unit cost decreased significantly, with unit ASK fuel cost at 0.160 yuan, down 32.5%, and unit ASK non-fuel cost at 0.298 yuan, down 52.2%, leading to a recovery in gross margin [1][13] Investment Income and Currency Impact - The investment income from Cathay Pacific amounted to 2.43 billion yuan, contributing to a total investment income of 3.05 billion yuan for the year [1][17] - Currency depreciation resulted in an exchange loss of 1.035 billion yuan, with a sensitivity analysis indicating that a 1% change in the RMB/USD exchange rate would affect net losses by approximately 229 million yuan [1][17] Future Projections - The forecast for net profit attributable to shareholders for 2024-2026 is set at 9.12 billion, 13.36 billion, and 15.94 billion yuan, respectively, reflecting downward adjustments due to macroeconomic pressures and slower international route recovery [1][18][21]

Investment Rating - The report maintains a "Strong Buy" rating for China National Aviation (601111) with a target price of 8.87 CNY, indicating a potential upside of 22% from the current price of 7.30 CNY [1][4]. Core Insights - In 2023, the company reported a net loss attributable to shareholders of 1.05 billion CNY, with a significant loss of 1.84 billion CNY in Q4. However, revenue for the year reached 141.1 billion CNY, a year-on-year increase of 166.7% [1][2]. - The report highlights a strong recovery in passenger transport volume, with a 44.4% year-on-year increase in January and February 2024, and a notable recovery in international routes [1][2]. - The company is expected to achieve net profits of 7.31 billion CNY, 12.27 billion CNY, and 15.51 billion CNY in 2024, 2025, and 2026 respectively, reflecting substantial growth from the previous year [2][13]. Financial Data Summary - **2023 Financial Performance**: - Total revenue: 141.1 billion CNY, up 166.7% year-on-year - Net loss: 1.05 billion CNY, improved from a loss of 38.62 billion CNY in 2022 - Q4 revenue: 35.62 billion CNY, up 229.6% year-on-year [1][2][8]. - **Cost Structure**: - Operating costs for 2023 were 134 billion CNY, a year-on-year increase of 61.8%, with fuel costs rising by 105.3% to 46.7 billion CNY [1][2][8]. - **Profitability Metrics**: - Passenger kilometer revenue for 2023 was 0.61 CNY, down 4.0% year-on-year but up 14.1% compared to 2019 [1][2][8]. - **Future Projections**: - Expected revenue for 2024: 173.5 billion CNY, with a growth rate of 23.0% [2][13]. - Projected EPS for 2024, 2025, and 2026 are 0.44 CNY, 0.74 CNY, and 0.93 CNY respectively [2][13]. Operational Data Summary - **Capacity and Load Factor**: - In 2023, Available Seat Kilometers (ASK) increased by 164.2% year-on-year, while Revenue Passenger Kilometers (RPK) rose by 206.1% [1][2][8]. - The passenger load factor improved to 73.2%, up 10.0 percentage points year-on-year [1][2][8]. - **Fleet Expansion**: - The company plans to increase its fleet by 33, 24, and 55 aircraft in 2024, 2025, and 2026 respectively, indicating a growth rate of 3.6%, 2.6%, and 5.7% [1][2][8].

[Table_Title] 证券研究报告 利润大幅减亏，看好未来盈利修复弹性 公司研究 [Table_ReportDate] 2024年04月01日 [Table_ReportType] 公司点评报告 [T事ab件le：_中Su国mm国ar航y]发 布2023年度业绩报告。2023年全年，公司实现营业收入 [中Ta国bl国e_航Sto(c6k0A1n1d1R1an)k ] 1411 亿元，同比+166.7%，较 2019 年同期+3.6%；对应录得归母净利润- 10.46亿元，较2022年大幅减亏375.73亿元。 投资评级 买入 ➢ 与2019年相比，总营收略有提升，单位客收益水平增长14.1%。收入 上次评级 买入 端看，23Q1/Q2/Q3/Q4公司分别实现营收251/345/459/356 亿元，较 2019年同期分别-23.0%/+5.5%/+21.4%/+7.6%。分地区看，国内/国际 [左Ta前b明le _能Au源th行o业r] 首席分析师 /地区实现营收分别 1052/214/40 亿元，同比+221%/+346%/+419%， 执业编号：S1500518070001 较2019年同期+28. ...

Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company [2]. Core Views - The company reported significant improvement in operating performance, with a notable reduction in net losses due to investment income from Cathay Pacific [2]. - The recovery in air passenger demand in 2023 has led to a marked improvement in the company's production and operations, although international routes are still in the process of recovery [2]. - The company has a clear geographical advantage and high-quality routes, which are expected to enhance profitability as international routes continue to recover in 2024 [2]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved operating revenue of 141.1 billion yuan, a year-on-year increase of 167%, and a net loss attributable to shareholders of 1.05 billion yuan, significantly reduced from a loss of 38.6 billion yuan the previous year [2]. - The fourth quarter saw operating revenue of 35.6 billion yuan, a quarter-on-quarter decline of 22.3%, with a net loss of 1.84 billion yuan, reversing from a profit of 4.2 billion yuan in Q3 [2]. Operational Metrics - The available seat kilometers (ASK) in 2023 increased by 4.1% compared to 2019, with domestic ASK up by 45.8% [2]. - The overall passenger load factor for 2023 was 73.3%, down 7.7 percentage points from the same period in 2019 [2]. - The fleet size at the end of 2023 was 905 aircraft, an increase of 143 aircraft from the previous year, representing an 18.8% growth [2]. Revenue and Cost Analysis - The passenger revenue per kilometer in 2023 was 0.6094 yuan, a decrease of 3.96% from 2022 but an increase of 14.1% compared to 2019 [2]. - The gross profit margin for 2023 was 5.02%, recovering from negative territory but still down 11.04 percentage points from 2019 [2]. Investment Contributions - The investment income from Cathay Pacific amounted to 2.43 billion yuan, contributing to the company's performance recovery [2]. - The company acquired control of Shandong Airlines in March 2023, which is expected to further enhance its profitability [2]. Future Projections - The report forecasts net profits of 8.1 billion yuan, 10 billion yuan, and 12.1 billion yuan for 2024, 2025, and 2026 respectively [2]. - The company is expected to benefit from the continued recovery of international routes, which will release significant profit potential [2].

Financial Performance - The operating revenue for 2023 reached CNY 141,100,234 thousand, a 166.74% increase compared to CNY 52,897,584 thousand in 2022[20]. - The net profit attributable to shareholders of the listed company was CNY (1,046,382) thousand, compared to CNY (38,619,499) thousand in the previous year[20]. - The total assets at the end of 2023 amounted to CNY 335,302,681 thousand, reflecting a 13.66% increase from CNY 295,011,335 thousand at the end of 2022[20]. - The net cash flow from operating activities for 2023 was CNY 35,418,470 thousand, a significant recovery from CNY (16,762,057) thousand in 2022[20]. - The basic earnings per share for 2023 was CNY (0.07), improving from CNY (2.81) in 2022[20]. - The company reported a total non-operating income of 2,130.52 million yuan in 2023, a substantial increase from 564.01 million yuan in 2022[25]. - Operating revenue increased by 166.74% year-on-year, with a reduction in losses amounting to 44.219 billion yuan, indicating significant improvement in operational performance[34]. - The passenger transport revenue reached CNY 130.52 billion, up 240.81% year-on-year, with a gross margin of 4.07%[50]. - The company achieved a total flight time of 2.5295 million hours and transported 125 million passengers during the reporting period, maintaining a stable safety performance[33]. Market Presence and Strategy - The company is focused on expanding its market presence and enhancing service quality to achieve sustainable growth[7]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[20]. - The international and regional weekly flight volume has recovered to 74% of the same period in 2019, indicating a strong rebound in international routes[28]. - The company executed 55 routes related to the "Belt and Road" initiative, covering 25 countries and 31 cities, with flight volumes approaching 90% of the 2019 levels[34]. - The company aims to achieve a transportation turnover of 136 billion ton-kilometers and 6.9 million passengers in 2024, representing year-on-year growth of approximately 14.4% and 11.3% respectively[31]. - The company has opened 6 new "Belt and Road" international routes, enhancing its global connectivity[43]. - The company is committed to optimizing its international capacity input structure to recover profitability amid ongoing international market challenges[99]. Operational Efficiency and Cost Management - The company is focusing on improving its financial performance and reducing non-recurring losses in the upcoming fiscal periods[20]. - The company has focused on cost control, emphasizing strict budget constraints and optimizing debt structure to improve financial efficiency[35]. - The company maintained a strict cost control mechanism, focusing on reducing fixed costs and improving cash flow efficiency[45]. - The company is committed to strengthening risk management and cost control measures to mitigate operational risks and ensure budget targets are met[140]. - The company is enhancing its treasury system and digital transformation efforts to improve overall management quality[139]. Innovation and Technology - The company is committed to innovation and industry leadership, reflecting its core values of "people-oriented, responsibility, progress, and enjoyment of flying"[7]. - The company has committed to digital transformation in service management, including the implementation of an in-flight meal reservation management system[29]. - Research and development expenses increased by 53.33% year-on-year, reflecting the company's commitment to innovation and technology advancement[47]. - The company is investing RMB 2 billion in research and development for new technologies in the aviation sector[126]. - A new technology platform is set to launch in Q2 2024, expected to improve operational efficiency by 25%[120]. Governance and Compliance - The company has received a standard unqualified audit report from Deloitte Huayong[5]. - The company continues to maintain independence in assets, personnel, finance, and operations from its controlling shareholder[110]. - The company has completed the revision of several governance documents, including the Articles of Association and rules for board meetings, to strengthen governance[107]. - The company is focused on maintaining strong governance through the election of qualified board members and supervisors[112]. - The company has not been penalized by securities regulatory authorities in the past three years[133]. Social Responsibility and Sustainability - The company has been recognized for its social responsibility efforts, receiving top evaluations for six consecutive years in rural revitalization initiatives[29]. - The company is committed to green and low-carbon development, with effective pollution reduction measures in place[97]. - The company has engaged 51,350 individuals through its targeted poverty alleviation and rural revitalization projects, with a total investment of 42.17 million yuan[169]. - The company has committed to a share lock-up for its controlling shareholder, China National Aviation Holding Company, for 18 months starting from January 16, 2023, covering 614,525,150 A shares[175]. - The company has implemented automatic monitoring systems for wastewater and air emissions in compliance with environmental regulations[159]. Future Outlook - Future outlook indicates a projected revenue growth of 20% for the next fiscal year, driven by market expansion strategies[121]. - The company plans to significantly improve profitability and service quality in 2024, emphasizing safety and innovation[98]. - The company is actively pursuing digital transformation to improve data integration and analysis capabilities, enhancing business and financial integration[139]. - The company plans to strengthen communication with higher authorities to leverage existing policies for better support[142]. - The company is focused on nurturing a talent pool across various levels and specialties to support its goal of becoming a world-class enterprise[141].

上 市 公 司 交通运输 2024年03月29日 中国国航 (601111) 公 司 研 究 ——23 年归母净亏损大幅缩窄，期待业绩复苏再加速 / 公 司 点 报告原因：有业绩公布需要点评 评 投资要点： 增持 （维持） ⚫ 事件：中国国航公告2023年年度业绩，录得归母净亏损10.46亿元，接近业绩预告上限， 符合预期。2023年国内航空需求正式步入后疫情恢复阶段，公司营收同比增长166.74% 至 1411 亿元，受制于国际航线恢复较慢、油汇均处高位、23Q1 仍未正常运行等因素影 证 市场数据： 2024年03月28日 响公司23年录得归母净亏损10.46亿元，亏损同比大幅收窄，在三大航中亏损幅度最小。 券 收盘价（元） 7.3 研 一年内最高/最低（元） 11.33/6.81 ⚫ 从运营数据来看，根据公司公告，2023年中国国航整体客运量达1.25亿人次，同比22 究 市净率 3.2 年大幅增长255%，恢复至19年的109%；整体ASK恢复至19年同期的102%，RPK 报 息率（分红/股价） - 恢复至19年同期的92%。整体客座率达到73%，同比19年-8.1pcts。国内：受益于航 告 流通 ...

Investment Rating - The report maintains a "Buy" rating for China National Aviation (601111.SH) [1] Core Views - The company's operating performance has significantly improved, with a recovery in market conditions expected [1] - In 2023, the company achieved a total revenue of 141.1 billion RMB, a year-on-year increase of 166.74%, and a net profit attributable to shareholders of -1.046 billion RMB, a year-on-year improvement of 97.29% [1] - The domestic travel demand has surpassed pre-2019 levels, indicating a promising recovery in the aviation market [1] Summary by Sections Performance Analysis - In 2023, the company's Available Seat Kilometers (ASK) increased by 164.2%, recovering to 102% of 2019 levels, while Revenue Passenger Kilometers (RPK) grew by 206.1%, reaching 91.9% of 2019 levels [1] - The passenger load factor improved by 10.0 percentage points to 73.2%, narrowing the gap to 2019 levels to 7.8 percentage points [1] - The company reported a significant reduction in operating losses, with a unit operating cost of 0.46 RMB per seat kilometer, down 47% year-on-year [1] Revenue and Profit Forecast - The report adjusts the net profit forecasts for 2024 and 2025 to 9.8 billion RMB and 14 billion RMB, respectively, and introduces a new forecast for 2026 at 18.2 billion RMB [1] - The company is expected to see substantial profit growth in 2024 as revenue continues to rise and costs normalize [1] Financial Metrics - The company's revenue for 2023 was 141.1 billion RMB, with a growth rate of 166.7% compared to 2022 [5] - The net profit attributable to shareholders for 2023 was -1.046 billion RMB, reflecting a significant reduction in losses [5] - The report projects a return on equity (ROE) of 16.2% for 2024, indicating a strong recovery trajectory [5]

证券研究报告：交通运输 | 公司点评报告 2024年3月29日 股票投资评级 中国国航(601111) 买入|维持 客运底部反转，全年大幅减亏 375.7 亿 个股表现 ⚫ 中国国航披露 2023 年年报 中国国航披露2023年年报，全年营业收入1411.0亿元，同比增 中国国航 交通运输 长166.74%，实现归母净利润-10.5亿元，同比大幅减亏375.7亿元， 6% 2% 第四季度公司营业收入356.2亿元，同比增长229.6%，实现归母净利 -2% -6% 润-18.4亿元，同比减亏86.8亿元。 -10% -14% ⚫ 运营逐步回归常态，营收大幅回升 -18% 因需求复苏叠加公司并表山东航空，2023年公司客运运力投放及 -22% -26% 客运业务量同比大幅回升，ASK为2925.1亿，同比增长204.0%，RPK -30% -34% 为2141.7亿，同比增长254.9%，客座率73.2%，同比提高10.49pct。 2023-03 2023-06 2023-08 2023-11 2024-01 2024-03 运价方面，国际航线供给逐步放量，运价虽有回落，但仍明显高 资料来源：聚源，中邮证券研 ...

目录 2023 社会责任暨ESG报告 中国国际航空股份有限公司 关于本报告 02 可持续发展管理 01 | 责任治理 | 22 | | --- | --- | | 全面风险管理 | 32 | | 推动科技创新 | 38 | | 数字化转型 | 41 | | 知识产权保护 | 43 | | 责任供应链 | 44 | 绿色运营 03 | 完善环境管理体系 | 62 | | --- | --- | | 应对气候变化 | 63 | | 深化绿色运营模式 | 70 | | 践行企业绿色责任 | 78 | 02 安全发展 | 安全管理 | 50 | | --- | --- | | 员工及旅客安全 | 54 | | 安全文化 | 56 | 04 品质服务 | 服务质量管理 | 82 | | --- | --- | | 维护旅客权益 | 83 | | 真情服务 | 87 | 员工发展 05 | 员工雇佣与权益 | 94 | | --- | --- | | 员工培训与发展 | 97 | | 职业健康与安全 | 100 | | 员工激励与关爱 | 103 | 06 社区责任 | 乡村振兴 | 110 | | --- | --- ...

2023 年，在董事会的引领下，审计和风险管理委员会（监 督委员会）严格遵守上海证券交易所、香港联合交易所的相 关指引及守则，按照公司《董事会议事规则》及《董事会审 计和风险管理委员会（监督委员会）工作细则》的规定，认 真履行职责，通过召开会议、听取汇报、检查调研等形式， 较好地完成了 2023 年度的工作任务，为董事会科学决策提 供了有力的支持。现将 2023 年度履职情况报告如下： 一、基本情况 中国国际航空股份有限公司 董事会审计和风险管理委员会（监督委员会） 2023 年度履职报告 报告期内，公司第六届董事会审计和风险管理委员会 （监督委员会）由三名独立董事组成，李福申先生担任主任， 禾云先生和谭允芝女士担任委员，分别为战略规划、财务审 计、法律领域的专业人士。为加强对委员会决策支持，设立 联合工作组，成员由公司总会计师、总法律顾问、董事会秘 书、审计部和财务部负责人组成。 二、履职概况 报告期内，审计和风险管理委员会（监督委员会）共召 开 6 次会议。各位委员勤勉尽责，忠实履行义务，积极出席 会议，听取专题汇报，了解公司战略实施、生产运营和风险 防控等情况，重点关注关联交易、内部控制、外部审计、风 ...