证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 航空运输 ＃investSuggestion＃ ＃ ＃d中yCo国mpa国ny＃航 （ 601111 ） investSug 增持 ( 维ges持tionC）h 000009 亏损幅度收窄＃ ，tit 迎le＃ 接盈利上行期 ange＃ ＃createTime1＃ 2024年4月1日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  中国国航发布2023年年报：2023年公司实现营业收入1411.0亿元，同比增加 日期 2024-3-29 166.7%；实现归母净亏损10.5亿元，上年同期实现归母净亏损386.2亿元，大幅 收盘价（元） 7.30 减亏。其中，四季度实现归母净亏损18.4亿元。需要注意的是国泰航空全年盈 总股本（百万股） 16594 利81.6亿元，确认投资收益24.3亿元。 流通股本（百万股） 11024  合并山航后公司整体运量提升显著：公司2023年全年可用座公里ASK恢复至 净资产（百万元） 37230 2019年同期101.6%，其中国内、国际分别恢复到2019年同期的141.6%、43.6%。 总资 ...

2023 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对中国国际航空股份有限公司（以下简称"中国国航""公司""上 市公司"）进行持续督导工作的保荐人，对 2023 年度（以下简称"本持续督导期 间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 中信证券股份有限公司 关于中国国际航空股份有限公司 张阳、吴晓光 （三）现场检查人员 张阳 （四）现场检查时间 2024 年 4 月 1 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （六）现场检查手段 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具体检查 ...

中信证券股份有限公司 关于中国国际航空股份有限公司 2023年度持续督导报告书 | 上市公司：中国国际航空股份有限公司（以下简称"中国国航"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：张阳 | 联系电话：010-60838570 | | 保荐代表人姓名：吴晓光 | 联系电话：010-60838583 | 经中国证券监督管理委员会《关于核准中国国际航空股份有限公司非公开发 行股票的批复》（证监许可〔2022〕3050 号）核准，并经上海证券交易所同意， 公司于 2023 年 1 月非公开发行人民币普通股（A 股）1,675,977,653 股，每股发 行价格为 8.95 元，募集资金总额为 14,999,999,994.35 元，扣除各类发行费用之 后实际募集资金净额 14,993,016,587.32 元。德勤华永会计师事务所（特殊普通合 伙）于 2023 年 1 月 4 日对中国国际航空股份有限公司非公开发行人民币普通 股（A 股）的资金到位情况进行了审验，并出具了"德师报(验)字(23)第 0000 ...

截至月份: 2024年3月31日 狀態: 新提交 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 公司名稱: 中國國際航空股份有限公司 呈交日期: 2024年4月2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 | 00753 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,955,610,672 | RMB | | 1 RMB | | 4,955,610,672 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 4,955,610,672 | RMB | | 1 RMB | | 4,955,610,672 | | 2. 股份分類 | 普通股 | 股份類別 | A | | ...

Investment Rating - The report maintains a "Recommended" rating for China National Aviation (601111.SH) due to the continuous recovery of international routes and the company's significant earnings elasticity [2][6]. Core Views - The company reported a revenue of 141.1 billion yuan in 2023, a year-on-year increase of 166.7%, with a reduced net loss of 3.18 billion yuan compared to a loss of 39.18 billion yuan in the previous year [5][6]. - The recovery in civil aviation operations has led to a substantial reduction in losses, with a decrease of over 30 billion yuan compared to 2022, primarily due to the normalization of industry operations [5][6]. - Domestic route capacity increased by 127.3% and international route capacity surged by 916.6% year-on-year, reflecting a strong recovery in demand [5][6]. - The passenger load factor improved significantly, with domestic routes increasing by 10.2 percentage points to 74.5% and international routes rising by 23.5 percentage points to 67.7% [5][6]. - The company’s unit cost has improved significantly, with the unit ASK excluding fuel costs at 0.298 yuan, down from 0.624 yuan in the previous year [5][6]. Financial Summary - The company’s projected revenues for 2024-2026 are 171.2 billion yuan, 183.9 billion yuan, and 192.9 billion yuan, respectively, with growth rates of 21.33%, 7.41%, and 4.93% [7][8]. - The forecasted net profit for 2024-2026 is 7.17 billion yuan, 11.94 billion yuan, and 14.16 billion yuan, with corresponding EPS of 0.44 yuan, 0.74 yuan, and 0.87 yuan [7][8]. - The net asset return rate is expected to improve significantly, reaching 16.14% in 2024 and stabilizing around 20% in the following years [7][8]. Industry Context - The report highlights that the international route capacity has recovered to about 70% of the levels seen in 2019, indicating a strong rebound in the aviation sector [6][8]. - The company is positioned to benefit from the ongoing recovery of international routes, which is expected to enhance its profitability further [6][8].

证券研究报告 | 2024年03月31日 中国国航（601111.SH） 买入 国泰航空投资收益带动业绩大幅修复，24 年业绩表现可期 核心观点 公司研究·财报点评 中国国航2023年亏损大幅收窄。2023年年公司营业收入1411.0亿元，同比 交通运输·航空机场 增长166.7%，实现归母净利润-10.5亿元，其中四季度公司营业收入356.2 证券分析师：罗丹 证券分析师：高晟 亿元，同比增长229.6%，实现归母净利润-18.4亿元。 021-60933142 021-60375436 luodan4@guosen.com.cn gaosheng2@guosen.com.cn 国内供需快速恢复，国际供需修复速度较缓。因需求复苏叠加公司并表山东 S0980520060003 S0980522070001 航空，2023年公司旅客运输量、旅客周转量（RPK）、可用座公里（ASK）分 基础数据 别达到2019年的109%、92%以及102%，客座率恢复至73.22%，相较2019年 投资评级 买入(维持) 合理估值 减少了7.81 pct。其中，国内航线的RPK和ASK分别达到2019年的128%和 收盘价 7 ...

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].