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: 2024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: 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 | 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. 股份分類 | ...

证券代码：600029 证券简称：南方航空 公告编号：临 2024-013 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 2024 年 3 月 31 日,累计已有人民 币 10,103,691,000 元南航转债转换成公司 A 股股票，累计转股 股数为 1,619,181,334 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 2024 年 3 月 31 日，尚未转股 的南航转债金额为人民币 5,896,309,000 元，占南航转债发行总 量的比例约为 36.85%。 根据《上海证券交易所股票上市规则》等相关规定以及《中 国南方航空股份有限公司公开发行 A 股可转换公司债券募集说 明书》的有关约定，南航转债自 2021 年 4 月 21 日起进入转股 期， ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 航空运输 ＃investSuggestion＃ ＃ ＃d南yCo方mpa航ny＃空 （ 600029 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 全年大幅减亏，盈利中枢抬升仍在路上 ange＃ ＃createTime1＃ 2024年4月1日 投资要点 ＃市场ma数rk据etData＃ ＃ sum南ma方ry航＃空发布2023年年报：2023年全年公司实现营业收入1599亿元，同比增 日期 2024-3-29 加83.7%；实现归母净亏损42.09亿元，去年同期实现归母净亏损326.82亿元。 收盘价（元） 5.59 其中，四季度实现归母净亏损55.29亿元。值得注意的是，公司年内完成对川航 总股本（百万股） 18121 的增资，一次性确认投资损失23.4亿元。 流通股本（百万股） 12673  全年业务量稳步恢复：公司2023年全年可用座公里ASK恢复至2019年同期 净资产（百万元） 36784 91.9%，其中国内、国际分别恢复到2019年同期的113.3%、45.2%。旅客周转量 总资产（百 ...

Investment Rating - The report maintains a "Buy" rating for China Southern Airlines (600029.SH) [1][4][19] Core Views - In 2023, China Southern Airlines significantly reduced its losses, with operating revenue reaching 159.93 billion yuan, a year-on-year increase of 83.7%, and a net profit attributable to shareholders of -4.209 billion yuan [1][5] - The domestic supply and demand quickly recovered, while the international recovery was slower. Passenger transport volume, revenue passenger kilometers (RPK), and available seat kilometers (ASK) recovered to 93.8%, 86.7%, and 91.9% of 2019 levels, respectively [1][7] - The company experienced a decrease in unit costs, which improved profitability. Operating costs were 147.58 billion yuan, up 39.4% year-on-year, but unit costs for fuel and non-fuel decreased significantly [1][12] - Investment losses from capital injection into Sichuan Airlines and foreign exchange losses impacted overall performance [1][16] Summary by Sections Financial Performance - In 2023, the company reported an operating revenue of 159.93 billion yuan, a significant increase of 83.7% from the previous year, with a net profit of -4.209 billion yuan [2][5] - The fourth quarter saw an operating revenue of 40.44 billion yuan, up 139.3% year-on-year, with a net profit of -5.53 billion yuan [1][5] Passenger and Cargo Operations - Domestic RPK and ASK recovered to 106.4% and 113.3% of 2019 levels, respectively, while international RPK and ASK were at 43.2% and 45.2% [1][7] - Passenger revenue reached 139.33 billion yuan, a year-on-year increase of 123%, while cargo revenue was 15.28 billion yuan, down 26.9% [1][7] Cost Structure - Operating costs were 147.58 billion yuan, with fuel costs at 52.05 billion yuan (up 59.3%) and non-fuel costs at 95.53 billion yuan (up 30.5%) [1][12] - Unit ASK fuel cost decreased by 22.5% to 0.165 yuan, and non-fuel cost decreased by 36.5% to 0.302 yuan [1][12] Investment and Foreign Exchange - The company injected 4.68 billion yuan into Sichuan Airlines, resulting in an investment loss of 2.34 billion yuan [1][16] - Foreign exchange losses amounted to 0.687 billion yuan due to currency depreciation [1][16] Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 7.01 billion, 11.34 billion, and 14.53 billion yuan, respectively, with adjustments reflecting a decrease in growth expectations [1][19]

Investment Rating - The report maintains a "Recommended" rating for China Southern Airlines (600029) [1] Core Views - In 2023, the company reported a net loss attributable to shareholders of 4.2 billion RMB, with a significant loss of 5.5 billion RMB in Q4 [1] - The revenue for 2023 reached 159.9 billion RMB, representing an increase of 83.7% year-on-year [1] - The report anticipates a positive start to the 2024 peak season, with expected net profits of 6.8 billion RMB and 10.6 billion RMB for 2024 and 2025, respectively [1] Financial Data Summary - **2023 Financial Performance**: - Total revenue: 159.9 billion RMB, up 83.7% YoY - Net loss: 4.2 billion RMB, compared to a loss of 32.7 billion RMB in 2022 - Q4 revenue: 40.4 billion RMB, up 139.3% YoY, with a net loss of 5.5 billion RMB [1] - **Operational Metrics**: - Available Seat Kilometers (ASK) increased by 105.5% YoY in 2023 - Revenue Passenger Kilometers (RPK) rose by 141.9% YoY - Passenger load factor reached 78.1%, up 11.7 percentage points YoY [1] - **Cost Structure**: - Operating costs for 2023 were 147.6 billion RMB, up 39.4% YoY - Fuel costs were 52.1 billion RMB, a 59.3% increase YoY [1] Earnings Forecast - The report adjusts the profit forecast for 2024 and 2025 to 6.8 billion RMB and 10.6 billion RMB, respectively, with an introduction of a 2026 forecast of 14.4 billion RMB [1] - Corresponding EPS for 2024, 2025, and 2026 are projected at 0.37 RMB, 0.59 RMB, and 0.80 RMB, respectively [1] Valuation - The target price is set at 7.03 RMB, indicating a potential upside of 26% from the current price of 5.59 RMB [2]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company achieved a total revenue of 159.9 billion yuan in 2023, representing an increase of 83.7% year-on-year and a recovery to 3.6% above the 2019 level. The net profit attributable to the parent company was 4.209 billion yuan, significantly reducing losses compared to a loss of 28.473 billion yuan in 2022 [1]. - The company's gross margin improved to 7.72% in 2023, recovering from a negative margin of -21.6% in 2022, although it still lags 4.37 percentage points behind the 2019 level [1]. - The company is expected to achieve net profits of 6.023 billion yuan, 9.121 billion yuan, and 11.178 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 243.1%, 51.4%, and 22.5% [2]. Summary by Sections Revenue and Profitability - In 2023, the company generated revenues of 159.9 billion yuan, with domestic, international, and regional revenues of 117.6 billion yuan, 35.2 billion yuan, and 1.8 billion yuan, respectively, showing year-on-year increases of 119%, 20%, and 220% [1]. - The unit revenue per passenger kilometer reached 0.55 yuan, a 13.4% increase from 0.49 yuan in 2019 [1]. Cost Management - The total operating costs for 2023 were 147.6 billion yuan, up 39.4% year-on-year, with a significant impact from rising fuel prices [1]. - The unit cost per available seat kilometer (ASK) was 0.47 yuan, an 18.4% increase from 0.39 yuan in 2019, with fuel costs rising by 32.3% [1]. Operational Metrics - The company's available seat kilometers (ASK) and revenue passenger kilometers (RPK) reached 91.9% and 86.7% of the 2019 levels, respectively, with a seat occupancy rate of 78.09%, which is 4.72 percentage points lower than in 2019 [1]. - The fleet size reached 908 aircraft by the end of 2023, with plans to increase the fleet by 40, 18, and 10 aircraft in the years 2024 to 2026 [1]. Financial Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.33 yuan, 0.50 yuan, and 0.62 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 16.82, 11.11, and 9.06 [2].

业绩符合预期，盈利或将重启 南方航空（600029.SH）/航空 证券研究报告/公司点评 2024年3月28日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：5.60元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 87,059 159,929 195,361 218,868 228,944 分析师：杜冲 增长率yoy% -14% 84% 22% 12% 5% 执业证书编号：S0740522040001 净利润（百万元） -32,682 -4,209 6,093 14,609 16,075 电话： 增长率yoy% -170% 87% 245% 140% 10% 每股收益（元） -1.80 -0.23 0.34 0.81 0.89 Email：duchong@zts.com.cn 每股现金流量 0.19 0.00 0.86 1.49 0.97 联系人：李鼎莹 净资产收益率 -59% -8% 10% 19% 17% 电话： P/E -3.1 -24.1 16.7 6.9 6. ...

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 南方航空(600029) 买入|维持 民航整体复苏，全年大幅减亏 个股表现 ⚫ 南方航空披露 2023 年年报 南方航空披露2023年年报，2023年公司营业收入1599.3亿元， 南方航空 交通运输 8% 同比增长 83.7%，实现归母净利润-42.1 亿元，同比大幅减亏；第四 4% 季度营业收入404.4亿元，同比增长139.3%，实现归母净利润-55.3 0% -4% 亿元，同比大幅减亏。 -8% ⚫ 复苏为全年主基调，营收大幅增长 -12% -16% 2023年我国民航业从疫情的低谷逐步复苏，国内市场二季度起基 -20% 本回归正轨，国际航线稳步修复，年末恢复至 2019 年同期约七成的 -24% -28% 航班量，带动主要航空公司营收大幅增长。 2023-03 2023-06 2023-08 2023-11 2024-01 2024-03 2023 年公司客运运力投放同比大幅回升，ASK 为 3162 亿，同比 资料来源：聚源，中邮证券研究所 增长 105.5%，恢复至 2019 年的 91.9%，RPK 为 2470 亿 ...

（在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 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的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 承董事會命 中國南方航空股份有限公司 聯席公司秘書 陳威華及劉巍 1 董事會召開日期 中華人民共和國，廣州 2024年3月28日 於本公告日期，董事包括執行董事馬須倫、韓文勝及羅來君 ; 及獨立非執行董事何超瓊、顧 惠忠、郭為及蔡洪平。 中國南方航空股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2024年4月 29日（星期一）舉行董事會會議，藉以考慮及通過（其中包括）本公司截至2024年3月31日 止三個月的第一季度業績。 ...

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 revenue growth in 2023, achieving an operating income of 159.9 billion yuan, a year-on-year increase of 83.7%, while reducing net losses to 4.2 billion yuan from 32.7 billion yuan in the previous year [2]. - The operational performance showed substantial improvement, with available seat kilometers (ASK) increasing by 97% year-on-year, recovering to 92% of 2019 levels [2]. - The investment loss from Sichuan Airlines negatively impacted the company's performance, with a confirmed investment loss of 2.34 billion yuan [2]. - The company is expected to see continued recovery in air passenger demand in 2024, with profit forecasts for 2024 and 2025 set at 6.1 billion yuan and 8.1 billion yuan, respectively [2]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 159.9 billion yuan, a significant increase of 83.7% year-on-year, while the net loss was reduced to 4.2 billion yuan from 32.7 billion yuan in 2022 [2]. - The fourth quarter saw a revenue of 40.4 billion yuan, a decrease of 15.2% quarter-on-quarter, with a net loss of 5.5 billion yuan [2]. Operational Metrics - The company’s ASK grew by 97% year-on-year, reaching 92% of 2019 levels, with domestic ASK up by 13% compared to 2019 [2]. - The overall passenger load factor improved to 78.09%, an increase of 11.74 percentage points year-on-year [2]. Revenue and Cost Analysis - The passenger revenue per kilometer was 0.551 yuan, down 6.2% from 2022 but up 13.4% compared to 2019 [2]. - The main business cost increased by 39.5% year-on-year, with fuel costs rising by 59.3% due to increased production and fuel consumption [2]. Investment and Future Outlook - The report anticipates a continued recovery in air passenger demand in 2024, with profit estimates of 6.1 billion yuan for 2024 and 8.1 billion yuan for 2025 [2]. - The company’s fleet size at the end of 2023 was 908 aircraft, a net increase of 14 aircraft from the previous year [2].