公司研 究 证 券研究 报 告 航空 2024年04月27日 中 国国航（601111）2024 年一季报点评 强 推 （维持） 目标价：9.22元 24Q1 亏损 16.7 亿，同比减亏 12.5 亿 当前价：7.61元  公司公布2024年一季报： 华创证券研究所 财务数据：1）2024Q1实现营收400.7亿，同比+59.8%，较19年+23.1%；归 母亏损 16.7 亿（23Q1 亏损 29.3 亿），扣非亏损 17.1 亿，24Q1 人民币贬值 证券分析师：吴一凡 0.2%，测算汇兑亏损1.2亿。2）Q1其他收益9.9亿，同比+58.1%；投资收益 电话：021-20572539 6.2亿，同比-15.8%。 邮箱：wuyifan@hcyjs.com 经营数据：2024Q1：ASK同比+45.3%，较19年+7.0%，RPK同比+62.7%，较 执业编号：S0360516090002 19年+4.0%，客座率79.5%，同比+8.5pct，较19年-2.3pct。 证券分析师：吴晨玥 收益水平：2024Q1：客公里客运收益 0.54 元，同比-12.1%，较 19 同期增长 邮箱：wucheny ...

Financial Performance - Operating revenue for Q1 2024 reached RMB 40,065,742, representing a year-on-year increase of 59.83%[2] - Net profit attributable to shareholders was a loss of RMB 1,674,456, with a significant reduction in losses compared to the previous year[2][5] - The operating profit for Q1 2024 improved to RMB -1,946,659 thousand, compared to RMB -3,294,946 thousand in Q1 2023, indicating a reduction in losses[17] - The net profit for Q1 2024 was RMB -2,001,897 thousand, an improvement from RMB -3,273,648 thousand in Q1 2023, reflecting a positive trend in financial performance[17] - In Q1 2024, the total comprehensive income amounted to -2,063,807 thousand RMB, an improvement from -3,635,719 thousand RMB in Q1 2023[18] - The company reported investment income of RMB 621,078 thousand from associates and joint ventures in Q1 2024, down from RMB 737,421 thousand in Q1 2023[16] - The company reported a basic earnings per share of -0.11 RMB in Q1 2024, an improvement from -0.19 RMB in Q1 2023[18] Cash Flow and Liquidity - Net cash flow from operating activities amounted to RMB 9,407,344, reflecting a year-on-year increase of 38.42%[2][5] - The net cash flow from operating activities for Q1 2024 was 9,407,344 thousand RMB, compared to 6,796,158 thousand RMB in Q1 2023, reflecting a 38.5% increase[20] - The net cash flow from investing activities in Q1 2024 was -2,510,272 thousand RMB, a significant decrease from 3,428,079 thousand RMB in Q1 2023[21] - The company issued bonds in Q1 2024, raising 2,000,000 thousand RMB, while total cash inflow from financing activities was 15,036,658 thousand RMB[21] - The net increase in cash and cash equivalents for Q1 2024 was 6,918,500 thousand RMB, compared to 21,444,490 thousand RMB in Q1 2023[22] - Cash and cash equivalents at the end of Q1 2024 totaled 21,935,304 thousand RMB, down from 32,052,201 thousand RMB at the end of Q1 2023[22] - As of March 31, 2024, the company's cash and cash equivalents amounted to RMB 22,467,149,000, up from RMB 15,628,496,000 as of December 31, 2023[13] Assets and Liabilities - Total assets at the end of the reporting period were RMB 341,316,757, an increase of 1.79% from the previous year[2] - The total assets as of March 31, 2024, amounted to RMB 341,316,757 thousand, up from RMB 335,302,681 thousand as of December 31, 2023[15] - The total liabilities increased to RMB 306,276,826 thousand as of March 31, 2024, compared to RMB 300,014,685 thousand at the end of 2023[15] - The company’s total non-current liabilities as of March 31, 2024, were RMB 183,163,969 thousand, a slight decrease from RMB 189,697,411 thousand at the end of 2023[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 167,174[7] - The largest shareholder, China National Aviation Holding Company, holds 39.57% of the shares, with a total of 6,566,761,847 shares[8] - The total number of shares held by the largest shareholder, China Aviation Group, increased from 8,123,096,767 shares (50.14%) to 8,516,024,075 shares (51.32%) after the issuance of new shares[12] - The total number of shares held by Cathay Pacific Airways remained unchanged at 2,633,725,455 shares, representing 15.87% of the total share capital post-issuance[12] - The company is subject to shareholding restrictions, with 127,445,536 and 36,454,464 shares held by major shareholders currently frozen[10] Operational Strategy - The company has strengthened cost control measures, contributing to a significant reduction in losses despite increased revenue[5] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and customer experience[16] - The company plans to hold its first extraordinary general meeting of 2024 on January 26, 2024, to discuss the issuance of A-shares and H-shares[11] Inventory and Current Assets - The total current assets increased to RMB 40,633,024,000 from RMB 32,334,721,000 during the same period[13] - The inventory, including data resources, rose to RMB 4,580,834,000 from RMB 3,682,821,000[13] - The company reported a total of 1,689,255,335 H-shares held by Hong Kong Central Clearing (Agent) Co., Ltd., excluding 166,852,000 shares held on behalf of China Aviation Limited[10]

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"）第六届董事会第二十九 次会议（以下简称"本次会议"）通知和资料已于 2024 年 4 月 19 日以电子邮 件的方式发出。本次会议于 2024 年 4 月 26 日上午 10:50 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的方式召开。本次 会议应出席董事 9 人，实际出席董事 9 人，副董事长王明远先生、职工董事肖 鹏先生因公务委托董事长马崇贤先生代为出席并表决，独立董事李福申先生因 公务委托独立董事禾云先生代为出席并表决。 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《中华人民共和国公司法》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 证券代码：601111 股票简称：中国国航 公告编号：2024-018 中国国际航空股份有限公司 第六届董事会第二十九次会议决议公告 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个别及连带 ...

Financial Performance - The company's operating revenue for Q1 2024 reached CNY 40,065,742, representing a year-on-year increase of 59.83%[4] - The net profit attributable to shareholders of the listed company was a loss of CNY 1,674,456, with a significant reduction in losses compared to the previous year[4][7] - Total operating revenue for Q1 2024 reached CNY 40,065,742 thousand, a significant increase of 59.9% compared to CNY 25,067,711 thousand in Q1 2023[20] - Net profit for Q1 2024 was CNY -2,001,897 thousand, an improvement from CNY -3,273,648 thousand in Q1 2023[21] - The company reported a comprehensive income total of CNY -2,063,807 thousand for Q1 2024, compared to CNY -3,635,719 thousand in Q1 2023[22] - Basic earnings per share for Q1 2024 were CNY -0.11, an improvement from CNY -0.19 in Q1 2023[22] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 9,407,344, reflecting a year-on-year increase of 38.42%[4][8] - In Q1 2024, the cash inflow from operating activities totaled CNY 44,716,587, a significant increase of 48% compared to CNY 30,204,121 in Q1 2023[24] - The net cash flow from operating activities was CNY 9,407,344, compared to CNY 6,796,158 in the same period last year, marking a 38% increase[24] - The total cash and cash equivalents at the end of Q1 2024 stood at CNY 21,935,304, down from CNY 32,052,201 at the end of Q1 2023[25] - The cash outflow for purchasing goods and services was CNY 23,737,346, up from CNY 12,538,632, reflecting a 89% increase year-over-year[24] - The cash flow from other operating activities increased to CNY 3,141,718 from CNY 1,340,351, representing a 134% increase year-over-year[24] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 341,316,757, a slight increase of 1.79% from the previous year[5] - The total liabilities of the company amounted to 40,633,024 thousand RMB in Q1 2024, up from 32,334,721 thousand RMB in Q4 2023, reflecting an increase of approximately 25.8%[17] - Total liabilities as of Q1 2024 amounted to CNY 306,276,826 thousand, slightly up from CNY 300,014,685 thousand in the previous year[19] - The company’s non-current liabilities totaled CNY 183,163,969 thousand, down from CNY 189,697,411 thousand in the previous year[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 167,174, indicating a stable shareholder base[9] - The major shareholder, China National Aviation Holding Company, holds 39.57% of the shares, with significant stakes from foreign entities as well[9][10] - The proportion of shares held by the controlling shareholder, AVIC Group, increased from 50.14% to 51.32% following the issuance of new shares[14] Investments and Expenses - Research and development expenses for Q1 2024 were CNY 85,305 thousand, compared to CNY 69,676 thousand in Q1 2023, reflecting a growth of 22.4%[20] - The company’s long-term equity investments reached 15,889,735 thousand RMB, up from 15,136,903 thousand RMB, reflecting an increase of approximately 4.9%[17] Inventory and Receivables - The company’s accounts receivable rose to 4,333,047 thousand RMB in Q1 2024 from 3,182,797 thousand RMB in Q4 2023, marking an increase of approximately 36.1%[16] - The company’s inventory increased to 4,580,834 thousand RMB in Q1 2024 from 3,682,821 thousand RMB in Q4 2023, indicating a rise of about 24.3%[16] Cost Management - The company has strengthened cost control measures, contributing to a significant reduction in losses despite increased revenue[7][8] - Total operating costs for Q1 2024 were CNY 43,614,326 thousand, up 46.7% from CNY 29,749,323 thousand in Q1 2023[20]

证券代码：601111 股票简称：中国国航 公告编号：2024-019 （1）本公司，作为买方，主要业务为航空客运、航空货运及航空相关服务； （2）商飞公司，作为卖方，是一家于中国上海注册成立的公司，主要业务 之一为民用飞机生产。 本公司在做出一切合理查询后确认，商飞公司及其各最终权益拥有人均不是 本公司的关联方。 中国国际航空股份有限公司 关于购买飞机的公告 本公司及董事会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个别及连带责任。 重要内容提示： 经中国国际航空股份有限公司（以下简称"本公司"或"公司"）第六 届董事会第二十九次会议批准，本公司与中国商用飞机有限责任公司（以下简称 "商飞公司"）于 2024 年 4 月 26 日签订协议，向商飞公司购买 100 架 C919 飞机。 上述 100 架飞机计划于 2024 年至 2031 年分批交付至本公司。 一、本次交易的基本情况 1. 交易概述 本公司与商飞公司签订协议，本公司向商飞公司购买 100 架 C919 飞机。 2. 交易各方 本公司将以自有资金、商业银行贷款及其他融资方式为本次交易 ...

股東週年大會通告 茲通告中國國際航空股份有限公司（「本公司」）將於二零二四年五月三十日（星期四）上午 十一時正假座中國北京市順義區空港工業區天柱路30號C713會議室舉行截至二零二三年 十二月三十一日止年度之股東週年大會（「股東週年大會」），以審議及酌情通過下列決議 案。除另有說明者外，本通告所用大寫詞彙與本公司日期為二零二四年四月二十六日的 通函所界定者的涵義一致。 普通決議案 - 1 - 1. 審議及批准二零二三年度董事會工作報告。 2. 審議及批准二零二三年度監事會工作報告。 3. 審議及批准分別按照中國會計準則和國際財務報告準則編製的本公司二零二三年度 經審計綜合財務報表。 4. 審議及批准二零二三年度利潤分配方案。 5. 審議及批准公司未彌補虧損超實收股本總額三分之一的議案。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本通告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 00753 於本通告日期，本公司的董事為馬崇賢先生、王明遠先生、馮剛先生、賀以禮先生、肖 鵬先生、李福申先生*、禾雲先生 ...

Operational Performance - In 2023, the company significantly improved its operational performance, achieving a substantial reduction in losses[7] - Operating revenue for 2023 reached RMB 141.1 billion, a significant increase compared to previous years[10] - The company reported an EBITDA of RMB 30 billion, showing a recovery from a loss of RMB 14.2 billion in 2022[10] - The company achieved a net loss attributable to shareholders of RMB 1.04 billion, an improvement from a loss of RMB 38.62 billion in 2022[10] - The operating revenue increased by 166.74% year-on-year, with a pre-tax loss reduction of RMB 44.227 billion, indicating significant improvement in operational performance[20] - The company reported a significant increase in passenger traffic, with a year-on-year growth of 25% in the first half of 2023[178] - Revenue for the first half of 2023 reached approximately CNY 60 billion, representing a 30% increase compared to the same period last year[180] - The operating profit margin improved to 12% in the first half of 2023, up from 8% in the previous year[180] Passenger and Cargo Traffic - Passenger traffic increased to 125.45 million, representing a growth of 178.25% year-on-year[14] - The international passenger traffic surged by 1,675.48% to 6.73 million[14] - Cargo and mail transported increased by 18.56% to 1,070,373 tons[14] - The domestic market contributed 80.57% to passenger revenue, with a year-on-year growth of 221.22%[45] - International passenger revenue increased by 346.14% to RMB 21.4 billion, accounting for 16.40% of total revenue[45] Fleet and Capacity - The number of flights increased to 902,517, a 120.20% increase from the previous period of 409,870 flights[15] - The company introduced 23 new aircraft and retired 12, resulting in a total fleet of 905 aircraft with an average age of 9.36 years[17] - The company plans to expand its fleet by adding 20 new aircraft by the end of 2024, enhancing its operational capacity[179] Financial Position - Total assets as of December 31, 2023, were RMB 335.28 billion, up from RMB 294.98 billion in 2022[12] - The company reported a consolidated operating revenue of RMB 299.88 billion, a year-on-year increase of 139.12%[33] - Total assets increased to RMB 335,278,694 thousand in 2023, up from RMB 294,979,377 thousand in 2022, representing an increase of approximately 13.7%[197] - The company's net assets grew to RMB 35,264,009 thousand in 2023, up from RMB 21,528,228 thousand in 2022, marking a significant increase of approximately 63.8%[198] Safety and Compliance - The company successfully ensured safety during major events such as the Chengdu Universiade and the Hangzhou Asian Games[7] - The company has implemented measures to strengthen safety management and compliance with national safety regulations[7] - The company has established a risk prevention mechanism to strengthen compliance and internal control, ensuring comprehensive risk management across all operations[25] - The company emphasizes compliance with legal and regulatory requirements, with ongoing reviews of governance policies and practices[76] Digital Transformation and Customer Experience - The company is focusing on digital transformation and service standard enhancement to improve customer experience[13] - The digital transformation includes the implementation of a global ground flight support platform with over 1,200 functional points, covering more than 250,000 flights since its launch[24] - The company aims to enhance internet connectivity on flights, with the A350 fleet extending internet service to takeoff and landing phases, improving the overall passenger experience[24] Governance and Board Structure - The board of directors held a total of 11 meetings during the reporting period, with attendance rates indicating active participation from all members[74] - The company emphasizes compliance with legal and regulatory requirements, with ongoing reviews of governance policies and practices[76] - The company’s board composition meets listing rules, ensuring at least three independent non-executive directors are present[79] - The board has established mechanisms to ensure independent opinions are available for decision-making, enhancing objectivity and effectiveness[79] Shareholder Engagement and Capital Management - The company has established an investor relations management system to enhance communication with shareholders and investors[108] - The company plans not to distribute profits for the fiscal year 2023, as the distributable profits are negative[127] - The company completed a private placement of 1,675,977,653 A-shares at a price of RMB 8.95 per share, raising a net amount of RMB 14,993,016,587.32[129] - The company is committed to maintaining competitive pricing strategies through fair negotiations and market comparisons for all services provided[157] Environmental and Social Responsibility - The company has made significant progress in environmental management, achieving ISO 14001 certification and promoting green aviation initiatives[150] - The company made charitable donations totaling RMB 45.0843 million during the reporting period[147] - The company is actively involved in environmental, social, and governance (ESG) strategies as part of its long-term development planning[96] Future Outlook - The company plans to focus on safety, improving efficiency, and accelerating innovation in 2024[35] - Future guidance suggests a projected revenue growth of 20% for the full year 2023, driven by increased travel demand[180] - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its service offerings[182]

证券代码：601111 证券简称：中国国航 公告编号：2024-017 中国国际航空股份有限公司 一、 召开会议的基本情况 （一） 股东大会类型和届次 2023 年度股东大会 召开的日期时间：2024 年 5 月 30 日 11 点 00 分 召开地点：中国北京市顺义区空港工业区天柱路 30 号国航总部大楼 C713 会 股东大会召开日期：2024年5月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 议室 （五） 网络投票的系统、起止日期和投票时间。 关于召开 2023 年度股东大会的通知 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： 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 30 日 至 2024 年 5 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 ...

中國國際航空股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 00753 董事會會議通告 茲通告中國國際航空股份有限公司（「本公司」）將於二零二四年四月二十六日（星期五）舉 行董事會會議，藉以（其中包括）審議及批准本公司及其附屬公司截至二零二四年三月三 十一日止三個月之第一季度業績。 承董事會命 聯席公司秘書 肖烽 浩賢 中國北京，二零二四年四月十六日 於本公告日期，本公司的董事為馬崇賢先生、王明遠先生、馮剛先生、賀以禮先生、肖 鵬先生、李福申先生*、禾雲先生*、徐俊新先生*及譚允芝女士*。 * 本公司獨立非執行董事 ...

证券代码：601111 股票简称：中国国航 公告编号：2024-016 中国国际航空股份有限公司 2024年3月主要运营数据公告 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个别及连带责任。 2024 年 3 月，中国国际航空股份有限公司（以下简称"本公司"）及所属 子公司（以下简称"本集团"）合并旅客周转量（按收入客公里计）同比上升、 环比下降。客运运力投入（按可用座位公里计）同比上升 33.1%，环比下降 1.5%； 旅客周转量同比上升 50.1%，环比下降 6.3%。其中，国内客运运力投入同比上 升 6.8%，环比下降 4.1%；旅客周转量同比上升 19.7%，环比下降 9.7%；国际客 运运力投入同比上升 340.2%，环比上升 7.4%；旅客周转量同比上升 452.8%，环 比上升 5.8%；地区客运运力投入同比上升 56.0%，环比下降 3.6%；旅客周转量 同比上升 68.2%，环比下降 10.3%。平均客座率 78.5%，同比上升 8.9 个百分点， 环比下降 4.1 个百分点。其中，国内航线同比上升 8.5 个百分点 ...