证券代码：600029 证券简称：南方航空 公告编号：临 2024-053 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 关于"南航转债"2024 年付息公告 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： 中国南方航空股份有限公司（以下简称"本公司"、"公司"） 于2020年10月15日发行的可转换公司债券（以下简称"南航转 债"、"可转债"）将于2024年10月15日开始支付自2023年10 月15日至2024年10月14日期间的利息。根据《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》（以下简称 "《募集说明书》"）有关条款的规定，现将有关事项公告如下： 一、南航转债发行上市概况 可转债付息债权登记日：2024年10月14日 可转债除息日：2024年10月15日 可转债兑息日：2024年10月15日 （一）债券名称：中国南方航空股份有限公司可转换公司债 券 （二）债券简称：南航转债 （三）债券代码：110075 （四）债券类型：可转换为公司A股股票的可转换公司债 ...

经中国证券监督管理委员会《关于核准中国南方航空股份有 限公司公开发行可转换公司债券的批复》（证监许可[2020]2264 号）核准，中国南方航空股份有限公司（以下简称"公司"、"本 公司"）于 2020 年 10 月 15 日公开发行 16,000 万张可转换公司 债券（以下简称"南航转债"、"可转债"），每张面值人民币 100 元，发行总额人民币 160.00 亿元，期限 6 年。 证券代码：600029 证券简称：南方航空 公告编号：临 2024-054 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 9 月 30 日,累计已有人民 币 10,103,700,000 元南航转债转换成公司 A 股股票，累计转股 股数为 1,619,182,792 股，占南航转债转股前公司已发行股份总 额 ...

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9月30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 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600029 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 13,476,911,604 | RMB | | 1 RMB | | 13,476,911,604 | | 增加 / 減少 (-) | | | 162 | | | RMB | | 162 | | 本月底結存 | | | 13,476,911,766 | RMB | | 1 RMB | | 13,476,911,766 | 本月底法定/註冊股本總額： RMB 18,120,909,074 FF301 第 1 頁 ...

Investment Rating - The investment rating for the company is maintained at "Buy" [5] Core Views - The report indicates that the supply and demand in the industry are expected to continue recovering in the first half of 2024, with the company’s main business continuing to reduce losses, excluding the impact of capital increase. The profitability center is anticipated to rise with the recovery of supply and demand, alongside the construction of the Beijing Daxing hub. The report highlights that the airline has an option for benefits from falling oil prices [3][4]. Summary by Sections Financial Performance - The company is projected to have a net profit of -12.3 billion yuan in the first half of 2024, considering a nearly 14 billion yuan investment loss from the capital increase in China Southern Airlines. The main business is expected to continue reducing losses year-on-year [4]. - The company’s fleet size is expected to grow by 6.7% compared to the same period in 2019, with an ASK (Available Seat Kilometers) growth of 6% in the first half of 2024 [4]. - The company achieved a year-on-year increase of 6 percentage points in passenger load factor during the off-peak season, which is higher than in 2019 [4]. Profitability and Cost Management - The company is leveraging opportunities in cross-border e-commerce, with a more than 30% increase in international routes, leading to a year-on-year profit increase of 450 million yuan in Southern Airlines logistics, totaling 1.7 billion yuan [4]. - The report suggests that if the average fuel purchase price decreases by 10%, the estimated annual net profit increases for China Southern Airlines and other airlines would be 4.2 billion yuan, 4.1 billion yuan, 3.5 billion yuan, 530 million yuan, and 470 million yuan respectively [4]. Strategic Developments - The construction of the Beijing Daxing hub is a significant strategic initiative for the company, which is the largest base airline at the Beijing Daxing Airport. The company is expected to benefit from new slot allocation policies [4]. - The report anticipates that as the industry supply and demand recover, the profitability center for domestic routes will rise, and the long-term profitability of international routes is also expected to improve [4].

证券代码：600029 证券简称：南方航空 公告编号：临 2024-052 中国南方航空股份有限公司 2024 年 8 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 和完整性承担法律责任。 2024年8月，中国南方航空股份有限公司及所属子公司（以 下简称"本集团"）客运运力投入（按可利用座公里计）同比上 升12.00%，其中国内、地区、国际分别同比上升2.37%、33.47%、 60.86%；旅客周转量（按收入客公里计）同比上升20.74%，其中 国内、地区、国际分别同比上升11.80%、30.53%、63.66%；客座 率为87.19%，同比上升6.31个百分点，其中国内和国际分别同比 上升7.37和1.49个百分点，地区同比下降1.85个百分点。 货运方面，2024年8月货运运力投入（按可利用吨公里—货 邮运计）同比上升11.69%；货邮周转量（按收入吨公里—货邮运 计）同比上升16.81%；货邮载运率为48.75%，同比上升2.14个百 分点。 2024年8月，本集团无新增主要航线。 1 2024年8月，本集团引进6架飞 ...

H 股證券代碼 : 1055 • A 股證券代碼 : 600029 讓 更 多 人 樂 享 美 好 飛 行 2 0 2 4 中 期 報 告 中國南方航空股份有限公司 關於我們 經營業績 企業管治 財務報告 目錄 關於我們 經營業績 8 主要會計資料和財務指標 12 管理層討論與分析 企業管治 財務報告 2 釋義 4 公司資料 39 公司治理 42 環境與社會責任 49 重要事項 62 股份變動、股東情況及權益披露 68 債券相關情況 74 獨立核數師報告 75 中期財務報告 釋義 在本報告書中，除非文義另有所指，下列詞語具有如下含義： | 本公司、公司、南航、南方航空 | 中國南方航空股份有限公司 | | --- | --- | | 本集團 | 中國南方航空股份有限公司及控股子公司 | | 南航集團 | 中國南方航空集團有限公司 | | 廈門航空、廈航 | 廈門航空有限公司 | | 貴州航空 | 貴州航空有限公司 | | 珠海航空 | 珠海航空有限公司 | | 汕頭航空 | 汕頭航空有限公司 | | 重慶航空、重航 | 重慶航空有限責任公司 | | 河南航空 | 中國南方航空河南航空有限公司 | | 河北航空 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a loss in H1 2024 but is expected to achieve profitability for the full year [1] - Passenger transport volume for domestic, international, and regional routes in H1 2024 reached 70.44 million, 8.02 million, and 0.9716 million respectively, representing 114.39%, 81.65%, and 71.20% of the 2019 levels [1] - Revenue for H1 2024 was 84.79 billion yuan, a year-on-year increase of 18.04%, and 116.25% of the 2019 level [1] - The company faced increased operating costs due to production recovery, with operating costs rising by 17.42% year-on-year [1] Financial Performance Summary - In H1 2024, the company achieved an operating revenue of 84.79 billion yuan, with a net profit attributable to shareholders of -1.228 billion yuan [1] - The operating costs for H1 2024 were 78.551 billion yuan, leading to a gross margin of 6.81% [1] - The company operated 907 aircraft as of the report date, maintaining its position as the largest airline in Asia [2] - The forecast for earnings per share (EPS) for 2024, 2025, and 2026 is 0.03 yuan, 0.22 yuan, and 0.37 yuan respectively, with corresponding price-to-earnings (PE) ratios of 167.89X, 24.72X, and 15.08X [2][8]

证券研究报告：交通运输 | 公司点评报告 2024 年 9 月 3 日 股票投资评级 南方航空(600029) 买入|维持 个股表现 南方航空 交通运输 -16% -14% -12% -10% -8% -6% -4% -2% 0% 2% 资料来源：聚源，中邮证券研究所 | --- | --- | |---------------------------------------------------|----------------------| | | | | | | | 最新收盘价（元） | 5.56 | | 总股本 / 流通股本（亿股） 总市值 流通市值（亿元） | 181.21 / 126.73 | | / | 1,008 / 705 | | 52 周内最高 / 最低价 | 6.46 / 5.41 | | 资产负债率 (%) | 83.2% | | 市盈率 | -24.17 | | | 中国南方航空集团有限 | | 第一大股东 | 公司 | 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 民航需求逐步恢复，上半年明显减亏 ...

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: 中國南方航空股份有限公司 呈交日期: 2024年9月3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 | | | | 本月底結存 | | | 4,643,997,308 | RMB | | | 1 RMB | | 4,643,997,308 | | 2. 股份分類 | 普通股 | 股份類別 A | | | 於香 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A-shares and H-shares [5][6]. Core Views - The company experienced a significant decline in revenue levels in 2Q24, with a year-on-year revenue increase of 6.4% to RMB 40.189 billion, which is 13.8% higher than the same period in 2019. However, the unit revenue per passenger kilometer decreased by approximately 12% [5][6]. - The overall supply and demand for the company in 1H24 increased by 21.7% and 33.5%, respectively, recovering to 106% of the levels seen in 1H19. The passenger load factor was 83.1%, up 7.3 percentage points year-on-year [5][6]. - The company recorded a net loss attributable to shareholders of RMB 12.28 billion in 1H24, which is an improvement from a net loss of RMB 28.75 billion in 1H23. The net loss in 2Q24 expanded to RMB 19.84 billion, influenced by weak demand and investment losses from a subsidiary [5][6][7]. - The target price for A-shares is set at RMB 6.60 and for H-shares at HKD 4.05, reflecting a valuation premium based on expected improvements in profitability indicators [5][6]. Summary by Sections Financial Performance - In 2Q24, the company's operating revenue was RMB 40.189 billion, with a year-on-year increase of 6.4%. The passenger load factor was 83.2%, up 6.3 percentage points year-on-year, exceeding the same period in 2019 by 0.8 percentage points [5][6]. - The company reported a net loss of RMB 19.84 billion in 2Q24, which is an increase of RMB 10.07 billion compared to the previous year. The total operating cost for 2Q24 was RMB 38.826 billion, up 15.5% year-on-year [6][7]. Profitability Forecast - The net profit estimates for 2024-2026 have been adjusted to RMB 5.19 billion, RMB 38.45 billion, and RMB 79.15 billion, respectively, reflecting a downward revision from previous estimates [5][6][7]. - The expected book value per share (BVPS) for 2024 is RMB 2.06, with price-to-book (PB) ratios of 3.2x for A-shares and 1.8x for H-shares [5][6]. Market Conditions - The company is expected to benefit from increased capacity and strong private demand in the upcoming peak season (3Q24), which may help maintain high profitability levels [6][7]. - The report indicates that the recovery in supply and demand dynamics has not yet fully manifested in the off-peak season, leading to cautious adjustments in profit forecasts [6][7].