证券代码：600029 证券简称：南方航空 公告编号：临 2025-018 转债代码：110075 转债简称：南航转债 中国南方航空股份有限公司 可转债转股结果暨股份变动公告 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。 重要内容提示： 累计转股情况：南航转债的转股期间为 2021 年 4 月 21 日至 2026 年 10 月 14 日。截至 2025 年 3 月 31 日,累计已有人民 币 10,103,740,000 元南航转债转换成公司 A 股股票，累计转股 股数为 1,619,189,273 股，占南航转债转股前公司已发行股份总 额的比例约为 10.56%。 未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股 的南航转债金额为人民币 5,896,260,000 元，占南航转债发行总 量的比例约为 36.85%。 本季度转股情况：自 2025 年 1 月 1 日至 2025 年 3 月 31 日期间，南航转债累计转股金额为人民币 25,000 元，累计转股 股数为 4,051 股。 元/股调整为人民币 ...

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 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國南方航空股份有限公司 呈交日期: 2025年4月1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 (如上市) | 01055 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,643,997,308 | RMB | | | 1 RMB | | 4,643,997,308 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,643,997,308 | RMB | | | 1 RMB | | 4,643,997,308 | | 2. 股 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][19] Core Views - The company has significantly reduced its losses in 2024, with total revenue reaching 174.22 billion yuan, a year-on-year increase of 8.9%, and a net profit attributable to shareholders of -1.696 billion yuan, marking a substantial reduction in losses [1][8] - Domestic demand is recovering, with notable improvements in passenger load factors, although revenue levels remain under pressure due to excess supply in the industry [2][10] - The company has improved operational efficiency and benefited from lower fuel prices, leading to a decrease in unit costs and an increase in gross margin [3][13] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 39.563 billion yuan, a decrease of 2.2% year-on-year, with a net profit of -3.661 billion yuan, also reflecting reduced losses [1][8] - The total passenger transport volume, revenue passenger kilometers (RPK), and available seat kilometers (ASK) increased by 9.1%, 13.8%, and 6.4% year-on-year, respectively, recovering to 106.1%, 106.2%, and 102.3% of 2019 levels [2][10] - The overall passenger load factor improved to 85.40%, up 5.6 percentage points year-on-year [2][10] Cost and Efficiency - The company's operating costs in Q4 2024 were 38.83 billion yuan, down 5.8% year-on-year, attributed to improved operational efficiency and lower fuel prices [3][13] - The unit cost per ASK was 0.44 yuan, a decrease of 11.5% year-on-year, contributing to a gross margin increase of 3.8 percentage points to 1.85% [3][13] Future Outlook - The company plans to introduce 53 new aircraft in 2025, with a total fleet size reaching 917 aircraft by the end of 2024 [3][13] - Profit forecasts for 2025-2027 have been adjusted, with expected net profits of 3.22 billion yuan, 6.67 billion yuan, and 8.44 billion yuan, respectively [15][17]

3月30日，中国民航正式执行夏秋航季航班计划。四川航空市场迎来新一轮航线布局优化，成都作 为西南地区航空枢纽，国内国际航线网络进一步加密，多家航司新增、恢复及加密航线。 国际航线方面，川航新开成都天府—马德里、天府—槟城2条国际直飞航线；天府—温哥华增至每 周2班，天府—罗马增至每周5班；川航天府航班2—10小时国际中转机会接近每周7000个，覆盖京沪广 深等18个城市。据介绍，川航天府—伊斯坦布尔—雅典、天府—巴厘岛等新增航线也将陆续"上线"。 国航恢复成都—巴黎航线；成都—东京航线复航后，计划7月加密至每日一班。春秋航空推出成都 经上海、宁波中转至大阪、济州岛的"当天直达"航线。韩亚航空将恢复成都往返首尔航线，每天一班。 澳门航空将加密成都天府—中国澳门航线，计划每周10班。 南航成都至大连航线加密至每天2班；新开通成都直飞库尔勒航线；成都至武汉航线加密至每天4 班；成都至揭阳航线加密至每天2班。东航计划新开成都天府—伊宁等部分进疆长航距航线。春秋航空 将新开成都—揭阳（潮汕）航线。（记者 兰珍 王眉灵） 川航计划新开成都天府—厦门、杭州—重庆—林芝等15条航线，恢复成都天府—武夷山、天府—伊 宁等19条 ...

Group 1: Key Insights from Reports - The report highlights that overseas growth remains strong, driven by both IP and product categories, with Pop Mart achieving a revenue of 13.04 billion RMB in 2024, a year-on-year increase of 106.9% [4][5] - The adjusted net profit for Pop Mart reached 3.4 billion RMB in 2024, reflecting a year-on-year growth of 185.9% [5][6] - The company plans to distribute a final dividend of 0.8146 RMB per share, totaling 1.094 billion RMB, which represents 35% of the net profit [6] Group 2: Company Performance and Growth - Xingtong Co. reported a revenue of 1.515 billion RMB in 2024, up 22% year-on-year, with a net profit of 350 million RMB, marking a 39% increase [12][13] - China Foreign Transport achieved a revenue of 105.621 billion RMB in 2024, a 3.9% increase, although net profit decreased by 7.2% to 3.918 billion RMB [16][17] - The company’s logistics and agency business volumes grew steadily, with contract logistics volume increasing by 4% and sea freight agency volume by 13% [17][18] Group 3: Industry Trends and Developments - The distributed energy storage demand is accelerating, with a focus on sodium battery solutions and new product iterations [21][24] - The report indicates that the global industrial storage market is entering a new growth phase, driven by economic viability and increasing backup power demands [24] - The wind power sector is experiencing a surge in component production, with significant increases in offshore wind projects expected in 2025 [25][26] Group 4: Investment Outlook - The report maintains a "buy" rating for Pop Mart, projecting revenues of 21.749 billion RMB, 30.671 billion RMB, and 38.205 billion RMB for 2025-2027, with adjusted net profits of 5.516 billion RMB, 8.026 billion RMB, and 9.974 billion RMB respectively [11] - Xingtong Co. is also rated as a "buy," with projected revenues of 1.943 billion RMB, 2.495 billion RMB, and 2.991 billion RMB for 2025-2027, alongside net profits of 417 million RMB, 494 million RMB, and 576 million RMB [15] - China Foreign Transport is expected to see revenues of 113.848 billion RMB, 118.386 billion RMB, and 122.636 billion RMB for 2025-2027, with net profits of 4.154 billion RMB, 4.300 billion RMB, and 4.429 billion RMB [20]

Core Insights - The new summer-autumn flight schedule in China's civil aviation will last for 210 days, from now until October 25, 2025, with 209 domestic and international airlines planning to operate 123,000 scheduled passenger and cargo flights weekly [1][5]. Flight Schedule Overview - This summer-autumn season, 49 airlines will operate 97,604 scheduled passenger and cargo flights weekly, excluding Hong Kong, Macau, and Taiwan, with 95,207 passenger flights and 2,397 cargo flights [3]. - Airlines from mainland China and Hong Kong will operate 1,454 flights weekly between 44 mainland destinations and Hong Kong, while those between mainland China and Macau will have 668 flights weekly from 24 points [3]. International Flight Plans - The Civil Aviation Administration has approved 193 domestic and international airlines to operate 22,946 scheduled passenger and cargo flights weekly, marking a 33% increase compared to the 2024 summer-autumn season, covering 78 foreign countries, including 58 "Belt and Road" countries [5]. Market Demand and Adjustments - The aviation market is continuously evolving, and airlines will optimize their route networks based on market demand, with flexibility for adjustments during peak travel periods such as "May Day" and "National Day" [5]. Regional Flight Expansion - The new season will see increased capacity on regional routes to meet domestic travel demand, particularly for "small city" tourism, with more flights allocated to these routes [6]. - A total of 38 airlines plan to operate 6,454 scheduled flights weekly on 640 newly opened domestic routes, primarily connecting tourism destinations in Xinjiang, Inner Mongolia, and Guizhou with hub airports like Chongqing, Guiyang, and Changsha [8]. Specific Airline Initiatives - Several airlines are increasing capacity on regional routes, with Air China launching new routes such as Beijing to Altay and Chongqing to Kashgar, while China Southern Airlines is adding flights from Guangzhou to Kashgar and Yiwu [10].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][20]. Core Views - The company is projected to incur a loss of 1.7 billion yuan in 2024, which represents a reduction in loss by 2.5 billion yuan year-on-year, with expectations for continued recovery in profitability [1][6]. - The report highlights a gradual improvement in the aviation market, driven by resilient domestic demand and a tightening supply of capacity, which is expected to enhance the industry supply-demand relationship [6][7]. Financial Summary - **Revenue Projections**: Total revenue is expected to reach 174.224 billion yuan in 2024, with a year-on-year growth rate of 8.9%. Projections for subsequent years are 189.530 billion yuan in 2025, 203.987 billion yuan in 2026, and 219.821 billion yuan in 2027 [2][11]. - **Net Profit Forecast**: The company is expected to achieve a net profit of 4.013 billion yuan in 2025, 7.058 billion yuan in 2026, and 10.136 billion yuan in 2027, reflecting significant growth rates of 336.6% and 75.9% respectively [2][11]. - **Earnings Per Share (EPS)**: EPS is projected to be -0.09 yuan in 2024, followed by 0.22 yuan in 2025, 0.39 yuan in 2026, and 0.56 yuan in 2027 [2][11]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to be -64 in 2024, improving to 27 in 2025, 15 in 2026, and 11 in 2027. The price-to-book (P/B) ratio is projected to decrease from 3.1 in 2024 to 2.0 in 2027 [2][11]. Operational Data - **Capacity and Load Factor**: The available seat kilometers (ASK) are expected to increase by 14.7% year-on-year in 2024, with a load factor of 84.4%, which is an increase of 6.3 percentage points year-on-year [6][7]. - **Cost Management**: Operating costs are projected to be 159.571 billion yuan in 2025, with a year-on-year increase of 8.1%. Fuel costs are expected to be 550 billion yuan in 2024, reflecting a 5.6% increase [6][7]. Market Position - The company is positioned to benefit from a recovering aviation market, with expectations of improved profitability as domestic demand remains strong and international routes continue to recover [6][7].

Investment Rating - The report maintains an "Accumulate" rating for China Southern Airlines (600029) [1] Core Views - The company reported a revenue of 174.2 billion yuan in 2024, an increase of 8.9% year-on-year, while the net profit attributable to shareholders was a loss of 1.696 billion yuan, reducing losses by 59.7% [2][7] - The airline's capacity (ASK) increased by 14.7% year-on-year, with domestic ASK up by 2.4% and international ASK recovering to 82.4% of 2019 levels [4] - Passenger load factors improved significantly, with overall load factor at 84.4%, up 6.3 percentage points year-on-year, and domestic load factor at 84.7%, up 6.8 percentage points [4] - The average ticket price in the industry fell by 12.1% year-on-year, impacting overall profitability, while the company’s unit revenue per RPK decreased by 12.7% [5] - The report highlights a positive outlook for ticket prices in the second and third quarters of 2025, driven by limited supply and increasing travel demand [6] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 174.2 billion yuan, with passenger and cargo revenues of 149.7 billion yuan and 18.7 billion yuan, respectively, marking increases of 7.4% and 22.4% year-on-year [7] - The company’s net profit is projected to improve significantly in the coming years, with estimates of 4.223 billion yuan, 6.460 billion yuan, and 8.015 billion yuan for 2025, 2026, and 2027, respectively [9] Operational Metrics - The fleet size reached 917 aircraft by the end of 2024, with a net increase of 9 aircraft during the year, and fleet utilization improved to 9.62 hours per day [4] - The report indicates that the company’s operational recovery is evident, with gross margin expected to rise and profitability elasticity becoming more pronounced [2][6] Market Outlook - The report suggests that the airline industry is likely to see a recovery in ticket prices due to increasing travel demand and limited supply, which could enhance profitability [6][9] - The company is positioned to benefit from a balanced supply-demand scenario, with ticket prices expected to rebound as travel demand grows [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in relation to the benchmark index [9]. Core Views - The company reported a revenue of 174.2 billion yuan in 2024, reflecting a year-on-year increase of 8.9%, while the net profit attributable to shareholders was a loss of 1.696 billion yuan, a reduction in loss by 59.7% compared to the previous year [7][9]. - The report highlights that the average ticket price in the industry decreased by 12.1% year-on-year, impacting the overall profitability of the passenger transport business, while the cargo business experienced significant growth [5][9]. - The company is expected to see a recovery in profitability due to limited supply growth and increasing travel demand, which may support ticket prices in the future [6][9]. Summary by Sections Operational Performance - In 2024, the total Available Seat Kilometers (ASK) increased by 14.7%, with domestic ASK up by 2.4% and international ASK recovering to 82.4% of 2019 levels [4]. - The total Revenue Passenger Kilometers (RPK) rose by 23.9%, with domestic RPK increasing by 11.3% and international RPK recovering to 83.3% of 2019 levels [4]. - The overall passenger load factor reached 84.4%, up by 6.3 percentage points year-on-year, with domestic and international load factors at 84.7% and 83.3%, respectively [4]. Financial Performance - The company achieved a gross margin of 8.4% in 2024, with expectations for further improvement in the coming years [8]. - The report forecasts net profits for 2025-2027 to be 4.223 billion, 6.460 billion, and 8.015 billion yuan, respectively, with significant year-on-year growth rates [9]. - The earnings per share (EPS) are projected to be 0.23, 0.36, and 0.44 yuan for the years 2025, 2026, and 2027, respectively [9]. Market Outlook - The report anticipates that the airline industry will face limited supply growth in 2025, which, combined with increasing travel demand, could lead to a rebound in ticket prices [6][9]. - The company is positioned to benefit from this market dynamic, with a potential for high elasticity in ticket pricing as demand increases [6][9].

Investment Rating - The investment rating for the company is "Buy" [7][8] Core Views - The company is expected to enter a profit cycle soon, with a projected revenue of RMB 174.22 billion in 2024, an increase of 8.9% year-on-year, and a narrowed net loss of RMB 1.696 billion, down 59.7% from a loss of RMB 4.209 billion in 2023 [1][4] - The airline industry is anticipated to see supply growth remain low, leading to improved supply-demand dynamics and enhanced revenue levels for airlines [1][4] Summary by Sections Revenue and Profitability - In 2024, the company achieved a passenger load factor of 84.4%, up 6.3 percentage points year-on-year, while unit revenue per passenger kilometer decreased by 12.7% to RMB 0.48 [2] - The company’s cargo revenue reached RMB 18.695 billion in 2024, a 22.4% increase, driven by high growth in cross-border e-commerce [2] Cost and Margin Analysis - The company improved its aircraft utilization rate to 9.62 hours, leading to a 4.5% reduction in unit costs, resulting in a gross profit margin increase of 0.7 percentage points to 8.4% [3] - The total operating cost for 2024 was RMB 159.571 billion, an increase of 8.1% year-on-year, while gross profit improved by 18.7% to RMB 14.653 billion [3] Profit Forecast and Valuation - The net profit forecast for 2025 has been raised by 6% to RMB 4.027 billion, with expected net profits of RMB 7.894 billion in 2026 and RMB 9.501 billion in 2027 [4][6] - The target price for the A-share is set at RMB 7.50 and for the H-share at HKD 5.10, reflecting an upward adjustment in valuation multiples [4][8]