Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of HKD 5.50 and RMB 8.80 [2][3][8] Core Views - The company reported a net loss of RMB 2.782 billion in 1H24, which is an improvement compared to a net loss of RMB 3.451 billion in 1H23. However, the net loss in Q2 2024 expanded by RMB 584 million to RMB 1.108 billion due to weak revenue levels during the industry off-season [3][4][7] - The report anticipates a gradual recovery in supply and demand in the aviation sector, with expectations for improved profitability driven by high-quality routes and resource advantages [8][19] Summary by Sections Financial Performance - 1H24 operating revenue reached RMB 79.52 billion, a year-on-year increase of 33.4%, while the net loss was RMB 2.782 billion, aligning with the performance forecast [3][4] - Q2 2024 saw operating costs of RMB 38.741 billion, up 17.8%, leading to a gross profit of RMB 714 million, a decline of RMB 940 million year-on-year [7] - The company adjusted its 2024-2026 net profit forecasts to RMB 0.520 billion, RMB 5.196 billion, and RMB 8.279 billion respectively, reflecting a slower recovery in supply-demand dynamics [3][19] Operational Metrics - In Q2 2024, the company achieved a capacity increase of 13.1% and demand growth of 26.9%, with a passenger load factor of 79.0%, an increase of 8.6 percentage points year-on-year [4][8] - The unit revenue per passenger kilometer decreased by approximately 19%, indicating pressure on revenue despite a recovery in capacity and demand [4][8] Valuation and Estimates - The report maintains a price-to-book (PB) ratio of 3.5x for A-shares and 2.0x for H-shares, with a projected book value per share (BPS) of RMB 2.52 for 2024 [3][8] - The target prices have been adjusted to RMB 8.80 for A-shares and HKD 5.50 for H-shares, down from previous estimates of RMB 9.90 and HKD 6.20 respectively [8][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a significant recovery in performance, with a 33.4% year-on-year increase in revenue for H1 2024, totaling 79.52 billion yuan, and a net profit attributable to shareholders of -2.78 billion yuan, marking a turnaround of 670 million yuan compared to the previous year [9][10] - In Q2 2024, the company achieved revenue of 39.45 billion yuan, a 14.2% year-on-year increase, but a 1.5% decrease quarter-on-quarter, with a net profit of -1.11 billion yuan, which is a year-on-year loss increase of 580 million yuan but a quarter-on-quarter improvement of 570 million yuan [9][10] - The recovery in air travel demand is accelerating, with international routes recovering to 80% of 2019 levels, driven by a 33.4% increase in ASK (Available Seat Kilometers), a 50.0% increase in RPK (Revenue Passenger Kilometers), and a 35.0% increase in passenger volume [9][10] - The company faces challenges from high fuel prices and a depreciating RMB, which led to a foreign exchange loss of 360 million yuan in H1 2024 [9][10] - The company is expected to see accelerated performance recovery during the peak season, with July showing a year-on-year increase of 13.2% in ASK, 20.4% in RPK, and 13.4% in passenger volume, with international passenger volume exceeding 2019 levels by 6.1% [9][10] Financial Summary - For 2024-2026, the company is projected to achieve net profits of 280 million yuan, 6.52 billion yuan, and 13.44 billion yuan, with year-on-year growth rates of turning profitable, 2255%, and 106% respectively [9][10] - The company’s revenue is expected to grow from 141.1 billion yuan in 2023 to 170.34 billion yuan in 2024, reflecting a growth rate of 20.73% [11] - The EBITDA is projected to increase significantly from 17.62 billion yuan in 2023 to 35.55 billion yuan in 2024, indicating a strong recovery trajectory [11]

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 截至月份: 2024年8月31日 狀態: 新提交 公司名稱: 中國國際航空股份有限公司 呈交日期: 2024年9月2日 I. 法定/註冊股本變動 FF301 | 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) | 00753 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 4,955,610,672 | | 0 | | 4,955,610,672 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 4,955,610,672 | | 0 | | 4,955,610,672 | | 2. 股份分類 | 普通股 | | 股份類別 | ...

Investment Rating - The report adjusts the investment rating for China National Aviation (601111) to "Recommended" with a target price of 8.45 CNY, representing a 21% upside from the current price of 6.98 CNY [2][4]. Core Views - The company reported a loss of 2.78 billion CNY in H1 2024, with Q2 losses amounting to 1.11 billion CNY. However, the demand-supply situation in the peak season is expected to improve, allowing the airline to potentially realize profits [2]. - Revenue for H1 2024 reached 79.52 billion CNY, a year-on-year increase of 33.4%, while the loss increased by 19.4% compared to the previous year [2]. - The report highlights significant improvements 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 79.52 billion CNY, up 33.4% year-on-year. The company incurred a loss of 2.78 billion CNY, with a net loss of 1.11 billion CNY in Q2 [2]. - The adjusted profit forecasts for 2024-2026 are 1.0 billion CNY, 7.1 billion CNY, and 10.2 billion CNY respectively, with corresponding EPS of 0.01 CNY, 0.43 CNY, and 0.62 CNY [2][12]. - **Cost Structure**: - Operating costs for H1 2024 were 77.5 billion CNY, a 30.8% increase year-on-year, with fuel costs rising by 40.2% to 27.1 billion CNY [2]. - The cost per seat kilometer for H1 2024 was 0.451 CNY, a decrease of 1.9% year-on-year [2]. - **Operational Metrics**: - In H1 2024, Available Seat Kilometers (ASK) increased by 27.3% year-on-year, while Revenue Passenger Kilometers (RPK) rose by 42.7% [2]. - The passenger load factor for H1 2024 was 79.3%, an increase of 8.8 percentage points year-on-year [2]. Market Outlook - The report indicates that the domestic aviation market is experiencing a significant recovery, with a 23% increase in average passenger volume compared to 2019 during the summer peak season [2]. - The average ticket price in the domestic market has decreased by 12% year-on-year, which may impact revenue but also reflects increased competition [2].

Investment Rating - The investment rating for the company is "Accumulate" [3][2]. Core Views - In Q2, the company reported a loss of 1.1 billion yuan, which is an increase in loss by 580 million yuan year-on-year, but a decrease in loss by 560 million yuan compared to Q1. For the first half of 2024, the company achieved operating revenue of 79.5 billion yuan, a year-on-year increase of 33%, with a net profit attributable to shareholders of -2.78 billion yuan, a reduction in loss by 670 million yuan year-on-year [1][2]. - The company plans to increase the introduction of C919 aircraft over the next three years, with a total of 48, 40, and 76 aircraft planned for 2024, 2025, and 2026 respectively, which is higher than the previous year's plan [1]. - The company’s passenger revenue per unit decreased by 12% year-on-year in the first half of 2024, with domestic, international, and regional lines showing declines of 7%, 37%, and 21% respectively [1]. Summary by Sections Financial Performance - In Q2, the company’s passenger load factor recovered to 80.2%, with ASK and RPK increasing by 18% and 35% year-on-year respectively. The fleet utilization rate was 8.79 hours per day, an increase of 1.04 hours year-on-year [1]. - The company’s unit operating cost per ASK was 0.45 yuan, a decrease of 2% year-on-year, while the unit fuel cost increased by 18% due to rising fuel prices [1]. - The company recorded investment income of 1.2 billion yuan in the first half of 2024, a decrease of 185 million yuan year-on-year, including 1.07 billion yuan from its investment in Cathay Pacific [1]. Future Outlook - The company is expected to have net profits of -1.9 billion yuan, 4.6 billion yuan, and 8.4 billion yuan for 2024, 2025, and 2026 respectively [2]. - The average price of aviation fuel in the first half of 2024 was 6,638 yuan per ton, and a 5% decrease in fuel prices could reduce fuel costs by 1.36 billion yuan [1].

Investment Rating - The investment rating for China National Aviation (601111) is upgraded to "Accumulate" from "Buy" [1] Core Views - The report highlights that the company achieved significant revenue growth in the first half of 2024, with total operating income reaching 79.5 billion yuan, a year-on-year increase of 33.4% and a 21.8% increase compared to the same period in 2019 [1][2] - The company recorded a net profit attributable to shareholders of -2.78 billion yuan, which represents a reduction in losses by 668 million yuan compared to the previous year [1] - The report anticipates a strong recovery in profitability for the company in the coming years, with projected net profits of 2.45 billion yuan, 5.25 billion yuan, and 6.53 billion yuan for 2024, 2025, and 2026 respectively, indicating year-on-year growth rates of 123.4%, 2043.3%, and 24.5% [5] Summary by Sections Financial Performance - In Q2 2024, the company achieved operating revenue of 39.5 billion yuan, a year-on-year increase of 14.2%, but the net profit attributable to shareholders was -1.11 billion yuan, indicating an increase in losses compared to the previous year [2] - The gross margin for the first half of 2024 was 2.58%, with a significant recovery potential, while the financial expense ratio saw a notable decrease [2] - The passenger load factor improved significantly, reaching 79.0% in Q2 2024, which is an increase of 8.55 percentage points year-on-year [2] Operational Metrics - The fleet size reached 915 aircraft with an average age of 9.64 years, and the daily utilization rate of aircraft was 8.79 hours, showing a recovery trend [3] - The company plans to increase its fleet by a net addition of 34, 34, and 64 aircraft in 2024, 2025, and 2026 respectively [3] Revenue and Cost Analysis - The unit revenue per RPK (Revenue Passenger Kilometer) decreased in Q2 2024, primarily due to a rapid decline in demand during the off-peak season [2] - The unit cost per ASK (Available Seat Kilometer) slightly increased, influenced by high oil prices, with the average price of aviation fuel rising by 8.0% year-on-year [2] Future Outlook - The report expresses optimism regarding the company's future profitability, supported by the recovery of domestic and international routes and an improving supply-demand relationship [5]

Investment Rating - The report maintains a "Buy" rating for Air China (601111.SH) [1] Core Views - The company's operating performance has significantly improved, with a notable recovery in business conditions expected [1] - The international travel policies are encouraging, which is anticipated to benefit the company due to its high proportion of wide-body aircraft [1] Financial Performance Summary - For H1 2024, Air China reported operating revenue of 79.52 billion RMB, a year-on-year increase of 33.4%. The net profit attributable to shareholders was -2.78 billion RMB, a reduction in losses by 670 million RMB [1] - In Q2 2024, the company achieved operating revenue of 39.45 billion RMB, a year-on-year growth of 14.2%, with a net profit of -1.11 billion RMB, an increase in losses by 580 million RMB [1] - Passenger revenue reached 73.1 billion RMB in H1 2024, up 17.7 billion RMB year-on-year, while cargo revenue was 3.3 billion RMB, an increase of 1.9 billion RMB [1] - The company's unit cost per seat kilometer decreased to 0.45 RMB, down 1.89% year-on-year, and the gross margin improved to 2.6%, an increase of 1.9 percentage points [1] Business Analysis - The increase in business volume led to a significant rise in revenue, with RPK (Revenue Passenger Kilometers) growing by 50% year-on-year, primarily due to the consolidation of Shandong Airlines and increased demand [1] - The company benefited from a decrease in financial expense ratios, which dropped significantly due to reduced foreign exchange losses [1] - The government policies promoting international tourism are expected to enhance the recovery of international routes, which are advantageous for the company [1] Profit Forecast and Rating - The net profit forecasts for 2024-2026 have been revised down to -1.7 billion RMB, 7.4 billion RMB, and 12.1 billion RMB respectively [1]

证券代码：601111 股票简称：中国国航 公告编号：2024-038 中国国际航空股份有限公司 关于独立董事辞任的公告 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，并对其内容的真实性、准确性和完整性承担法律责任。 中国国际航空股份有限公司（以下简称"公司"）董事会于近日收到公司独 立董事李福申先生递交的辞呈。李福申先生因年龄原因，向公司董事会辞去独立 董事职务，审计和风险管理委员会（监督委员会）主任、委员职务，战略和投资 委员会、提名委员会、薪酬与考核委员会、航空安全委员会委员职务。该辞任即 日起生效。 李福申先生确认与公司董事会和公司无意见分歧，亦无有关辞任之其他事宜 须提呈公司股东和董事会。公司董事会对李福申先生任职期间对公司作出的突出 贡献表示诚挚的感谢。 特此公告。 中国国际航空股份有限公司董事会 二〇二四年八月三十日 ...

证券代码：601111 股票简称：中国国航 公告编号：2024-036 中国国际航空股份有限公司 第六届董事会第三十二次会议决议公告 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。 一、董事会会议召开情况 中国国际航空股份有限公司（以下简称"公司"）第六届董事会第三十二次 会议（以下简称"本次会议"）的通知和材料已于 2024 年 8 月 21 日以电子邮件 的方式发出。本次会议于 2024 年 8 月 29 日 13:30 在北京市顺义区空港工业区天 柱路 30 号国航总部大楼 C713 会议室以现场结合视频方式召开。本次会议应出 席董事 9 人，实际出席董事 9 人，董事王明远先生因公务委托董事长马崇贤先生 出席并表决。本次会议由董事长马崇贤先生主持，公司监事、高级管理人员列席 了本次会议。本次会议的召集和召开符合《公司法》等相关法律、行政法规、规 章、规范性文件及公司章程的规定，合法、有效。 二、董事会会议审议情况 （二）关于 2024 年半年度募集资金存放与实际使用情况专项报告的议案 表决情况：赞成 9 票、反对 0 ...

中国国际航空股份有限公司 关于 2024 年上半年中国航空集团财务有限责任公司 的风险持续评估报告 按照《上海证券交易所上市公司自律监管指引第 5 号— —交易与关联交易》要求，中国国际航空股份有限公司（以 下简称国航股份）开展了中国航空集团财务有限责任公司 （以下简称财务公司）2024 年上半年风险状况持续评估工 作。本次评估分别查验了《金融许可证》《营业执照》等证 件资料，查阅了财务报表，了解了风险管理、内部控制的情 况，财务公司风险管控状况符合相关监管要求及国航股份管 理要求，风险管理基础稳健，相关风险总体可控。现将有关 风险评估情况报告如下： 一、企业资质概况 （一）注册地、组织形式和地址 财务公司成立于 1994 年，系接受国家金融监督管理总 局监管的金融机构。截至 2024 年 6 月 30 日，国航股份及其 控股股东中国航空集团有限公司（以下简称中航集团）分别 持有财务公司 51%和 49%的股权，财务公司为国航股份控股 子公司。 注册地址：北京市朝阳区霄云路 36 号国航大厦 18 层 01、 02、03 单元和 26 层 1 注册资本：人民币 112,796.1864 万元（含 500 万美 ...