公司报告 | 公司点评 中国东航（600115） 证券研究报告 2024年05月 21日 投资评级 经济复苏，有望释放盈利弹性 行业 交通运输/航空机场 6个月评级 买入（维持评级） 当前价格 3.99元 航空业有望迎来周期复苏 目标价格 元 航空周期与库存周期高度相关。2024 年库存周期有望回升：一是去库存 近2 年，有望结束；二是前瞻指标 PPI，2023 年7 月份以来趋于回升， 基本数据 在低位震荡；三是库存增速降到零附近，历史低点，2024 年 1 月份以来 A股总股本(百万股) 17,114.52 小幅回升。一旦库存周期回升，有望持续2 年左右，航空收入增速和毛利 流通A股股本(百万股) 13,480.64 A股总市值(百万元) 68,286.93 率有望随之回升，即迎来周期复苏。在库存周期上行阶段，航空股股价往 流通A股市值(百万元) 53,787.74 往上涨。 每股净资产(元) 0.87 中国东航的盈利弹性较大、单机市值较低 资产负债率(%) 85.30 一年内最高/最低(元) 5.13/3.38 在2006-2007 年和2014-2015年两轮牛市中，三大航A 股股价最大涨 幅高达9- ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2024-024 中国东方航空股份有限公司 2024 年 4 月运营数据公告 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。 一、运营情况 2024 年 4 月，中国东方航空股份有限公司（以下简称"本公司"）客运运力 投入（按可用座公里计）同比上升 20.06%；旅客周转量（按客运人公里计）同 比上升 34.93%；客座率为 81%，同比上升 8.93 个百分点。2024 年 4 月货邮周 转量（按货邮载运吨公里计）同比上升 88.03%。 2024 年 4 月，国内市场方面，本公司新开北京大兴-北海等航线，复航大连 -济南等航线，加密上海虹桥-成都双流、上海虹桥-昆明、上海浦东-成都天府、 上海浦东-武汉、北京大兴-武汉、西安-哈尔滨等航线，本公司 4 月在国内市场 的客运运力投入已经达到 2019 年同期的 117.66%。 国际市场方面，本公司持续恢复国际市场运力，新开上 ...

FF301 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4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: 中國東方航空股份有限公司 呈交日期: 2024年5月6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 | 00670 | 說明 | | 中國東方航空股份有限公司H股 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | | 2. 股份分類 | 普 ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 33,189 million, representing a 48.96% increase compared to RMB 22,261 million in the same period last year[4]. - The net profit attributable to shareholders was RMB -803 million, showing an improvement from RMB -3,803 million year-over-year[4]. - Net profit for Q1 2024 was a loss of RMB 931 million, compared to a loss of RMB 4,036 million in Q1 2023, showing an improvement in performance[29]. - The weighted average return on equity improved by 12 percentage points, reaching -1.99% compared to -13.99% in the previous year[5]. - The basic and diluted earnings per share were both reported at RMB -0.04, unchanged from the previous year[5]. - The company reported a basic and diluted earnings per share of RMB -0.04 for Q1 2024, an improvement from RMB -0.17 in Q1 2023[45]. Cash Flow and Assets - The cash flow from operating activities decreased by 29.36%, ending at RMB 4,738 million compared to RMB 6,665 million at the end of the previous year[5]. - Cash flow from operating activities for Q1 2024 was RMB 4,738 million, compared to RMB 6,707 million in Q1 2023, reflecting a decrease in cash flow generation[46]. - Cash and cash equivalents at the end of the period amounted to 4,849 million, down from 20,504 million[47]. - The net increase in cash and cash equivalents was -7,012 million, compared to an increase of 2,331 million in the previous year[47]. - Total assets as of March 31, 2024, were RMB 273,381 million, a decrease of 3.25% from RMB 282,491 million at the end of the previous year[5]. - Total assets as of March 31, 2024, amounted to RMB 273,381 million, a decrease from RMB 282,576 million at the end of the previous period[28]. - Total liabilities were RMB 233,199 million as of March 31, 2024, down from RMB 241,253 million in the previous period[28]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 190,398[7]. - The largest shareholder, China Eastern Airlines Group, holds 39.57% of the shares, totaling 8,820,552,003 shares[8]. - As of February 26, 2024, the controlling shareholder, China Eastern Airlines Group, had accumulated a total of 113,746,036 A-shares, representing 0.5103% of the total share capital[11]. Strategic Acquisitions and Investments - The company acquired a 55% stake in Eastern Airlines Media Co., Ltd., which is now a subsidiary, impacting the financial data for 2023[5]. - The company completed the acquisition of a 55% stake in Eastern Airlines Media for approximately RMB 126.203 million on January 24, 2024[11]. - The company plans to continue expanding its market presence and enhancing its service offerings through strategic acquisitions and investments in technology[11]. Operating Costs - Total operating costs for Q1 2024 were RMB 35,467 million, up from RMB 27,234 million in Q1 2023, indicating an increase of about 30.3%[29]. Financing Activities - Cash inflow from financing activities totaled 16,300 million, down from 29,000 million year-over-year[47]. - Cash outflow from investment activities was 3,674 million, compared to 2,638 million in the previous year[47]. - Net cash flow from financing activities was -8,075 million, a decrease from -2,650 million year-over-year[47]. - Total cash outflow from financing activities reached 24,375 million, compared to 31,650 million last year[47]. - Cash received from borrowings was 16,300 million, while cash paid for debt repayment was 18,741 million[47]. - Cash paid for dividends, profits, or interest was 1,196 million, down from 1,601 million year-over-year[47]. - The impact of exchange rate changes on cash and cash equivalents was -1 million, consistent with the previous year[47]. Accounting Standards - The company did not apply new accounting standards or interpretations for the first time in 2024[47].

Fleet and Route Network - The company operates a modern fleet of nearly 800 aircraft, with the largest and most technologically advanced internet-enabled wide-body fleet in China[7] - The company's route network covers 1,050 destinations in 166 countries and regions globally[7] - The company operated a total of 782 aircraft as of December 31, 2023, with 7 net additions during the year, including 3 C919 series aircraft[22][23] - The company's fleet remains young, with an average age of 8.7 years, including 106 wide-body aircraft with an average age of 7.8 years and 659 narrow-body aircraft with an average age of 9 years[23] - The company introduced 22 new aircraft and retired 15 in 2023, continuing to optimize its fleet structure[22] - The company plans to introduce 56 aircraft and retire 15 in 2024, with a total of 143 aircraft to be introduced and 77 retired from 2024 to 2026[26] - The company signed an additional order for 100 C919 aircraft, becoming the largest global user of C919[28] Financial Performance - Revenue for 2023 reached RMB 113.741 billion, a significant increase from RMB 46.305 billion in 2022[15][18] - Net loss attributable to equity holders of the company in 2023 was RMB 8.168 billion, compared to RMB 37.356 billion in 2022[15][18] - Total assets decreased slightly to RMB 282.491 billion in 2023 from RMB 286.189 billion in 2022[18] - Shareholders' equity increased to RMB 41.221 billion in 2023 from RMB 30.436 billion in 2022[18] - Earnings per share (EPS) loss improved to RMB 0.37 in 2023 from RMB 1.98 in 2022[18] - Operating loss for 2023 was RMB 121.089 billion, compared to RMB 81.506 billion in 2022[15] - Cash and cash equivalents decreased to RMB 11.741 billion in 2023 from RMB 18.015 billion in 2022[15] - Net current liabilities increased to RMB 80.601 billion in 2023 from RMB 78.503 billion in 2022[15] - Long-term borrowings, including current portion, decreased to RMB 71.410 billion in 2023 from RMB 72.718 billion in 2022[15] - Lease liabilities, including current portion, decreased to RMB 84.175 billion in 2023 from RMB 97.007 billion in 2022[15] - The company's total assets amounted to RMB 2,847.33 billion, a decrease of 1.28% compared to the end of 2022[67] - The company's debt-to-asset ratio was 84.74%, a decrease of 3.93 percentage points from the end of 2022[67] - The company's net loss attributable to equity holders was RMB 8.168 billion, a significant improvement from the RMB 37.356 billion loss in 2022[67] - The company's interest-bearing liabilities decreased by 11.18% to RMB 1,950.88 billion, with RMB-denominated liabilities accounting for 82.13%[69][71] - The company's lease liabilities decreased by 14.08% to RMB 84.547 billion, with RMB-denominated liabilities accounting for 82.13%[68][69] - The company's long-term and short-term bank loans and bonds decreased by 8.82% to RMB 1,105.41 billion, with RMB-denominated liabilities accounting for 82.13%[69][70] - The company's fixed-rate interest-bearing debt accounted for 50.28% of total interest-bearing debt, while floating-rate debt accounted for 49.72%[71] - The company's USD-denominated interest-bearing debt accounted for 15.86% of total interest-bearing debt, a slight increase from 14.95% in 2022[71] - The company's financial expenses decreased by 20.96% to RMB 6.982 billion, primarily due to reduced exchange losses[67] - The company's other operating income and gains increased by 50.26% to RMB 5.429 billion, driven by increased passenger traffic and expanded capacity[67] - The nominal amount of outstanding interest rate swap contracts held by the company as of December 31, 2023, was approximately $189 million, which will mature between 2024 and 2025, compared to $327 million as of December 31, 2022[72] - The company's foreign currency interest-bearing debt totaled RMB 34.874 billion as of December 31, 2023, with USD-denominated debt accounting for 88.73% of the total foreign currency interest-bearing debt[72] - The company's capital expenditure for aircraft and engines over the next three years is expected to be approximately RMB 63.215 billion, with RMB 21.202 billion in 2024, RMB 22.347 billion in 2025, and RMB 19.666 billion in 2026[72] - The company's overseas assets amounted to RMB 833 million as of December 31, 2023, accounting for 0.29% of total assets[72] - The company invested RMB 600 million in Sichuan Airlines, acquiring a 10% stake, and RMB 430 million in Dongfang Import & Export, acquiring a 100% stake[73] - The company's total financial assets measured at fair value through profit or loss amounted to RMB 1,170.97 million as of December 31, 2023[75] - The company's investment in China Civil Aviation Information Network had an initial investment cost of RMB 18.50 million and a year-end book value of RMB 259.48 million[76] - The company's subsidiary, Eastern Airlines Jiangsu, reported a net loss of RMB 522 million and an asset-liability ratio of 118.89%[76] - The company's subsidiary, Shanghai Airlines, reported a net loss of RMB 2.045 billion and an asset-liability ratio of 118.59%[76] - Eastern Jiangsu achieved operating revenue of RMB 9.437 billion, a year-on-year increase of 130.33%, with a net loss of RMB 522 million, significantly reduced from RMB 3.041 billion in 2022[77] - Eastern Wuhan's operating revenue reached RMB 4.016 billion, up 180.78% year-on-year, with a net loss of RMB 102 million, down from RMB 1.285 billion in 2022[78] - Eastern Yunnan reported operating revenue of RMB 9.851 billion, a 113.05% increase year-on-year, with a net loss of RMB 594 million, reduced from RMB 2.417 billion in 2022[79] - Shanghai Airlines achieved operating revenue of RMB 10.337 billion, up 175.32% year-on-year, with a net loss of RMB 2.045 billion, down from RMB 4.469 billion in 2022[80] - China United Airlines achieved operating revenue of RMB 7.111 billion, a 241.47% increase year-on-year, with a net profit of RMB 1 million, compared to a net loss of RMB 1.964 billion in 2022[81] Passenger and Cargo Traffic - Passenger traffic (RPK) increased by 197.45% to 182,299.38 million, with domestic routes up 153.99% to 149,930.96 million and international routes surging 1,328.57% to 28,846.07 million[19] - Available seat kilometers (ASK) grew 154.61% to 244,960.45 million, with domestic routes up 116.71% to 199,818.68 million and international routes skyrocketing 1,027.44% to 40,338.30 million[19] - Cargo and mail traffic (RFTK) decreased by 4.01% to 2,504.35 million, with domestic routes up 68.94% to 886.40 million but international routes down 22.88% to 1,600.16 million[20] - Available ton kilometers (ATK) increased by 96.73% to 29,525.58 million, with domestic routes up 128.81% to 22,091.31 million and international routes growing 29.28% to 6,813.62 million[21] - Passenger load factor improved by 10.72 percentage points to 74.42%, with domestic routes at 75.03% and international routes at 71.51%[19] - Cargo and mail load factor decreased by 7.61 percentage points to 33.48%, with domestic routes at 21.58% and international routes at 50.27%[20] - Revenue ton kilometers (RTK) increased by 130.81% to 18,522.83 million, with domestic routes up 144.86% to 14,063.03 million and international routes growing 83.59% to 4,133.89 million[21] - Passenger transport volume for A320 series reached 55.329 million, with a load factor of 76.39% and a daily utilization rate of 8.12 hours[25] - C919 series achieved a load factor of 77.03% and a daily utilization rate of 5.03 hours, with a passenger transport volume of 81,700[25] - The company completed a total transport turnover of 185.2 billion ton-kilometers and transported 120 million passengers in 2023, with a revenue of RMB 113.74 billion, a year-on-year increase of 145.6%[35] - Revenue and passenger volume recovered to RMB 100 billion and 100 million passengers respectively, with a significant year-on-year reduction in losses[37] - Domestic, international, and regional seat kilometers deployed recovered to 116.4%, 43.8%, and 75.0% of 2019 levels respectively[37] - Domestic, international, and regional passenger traffic recovered to 97.5%, 38.8%, and 67.7% of 2019 levels respectively[37] - Ancillary product revenue totaled RMB 6.86 billion in 2023, an 80.4% increase compared to 2022[37] - Completed 160 quality and efficiency improvement projects, cumulatively increasing efficiency by approximately RMB 1.31 billion[37] - Flight punctuality rate reached 87.4% for the year[37] - Launched over 20 new international routes along the "Belt and Road" initiative, including Shanghai Pudong-Istanbul and Shanghai Pudong-Cairo[37] - Air-rail intermodal products covered 46 cities and 710 railway stations, achieving two-way intermodal connections between 1,240 rail segments and air segments[37] - C919 maiden flight publicity accumulated over 1 billion views[37] - Ranked 7th in Brand Finance's "2023 Global Airline Brand Value Top 50"[37] - The company successfully issued perpetual bonds at a fair interest rate, reducing the asset-liability ratio by nearly 6 percentage points[38] - The company completed the replacement or substitution of plastic materials for 53 types of aircraft supplies, and deployed SAF (Sustainable Aviation Fuel) on more than 20 Airbus aircraft for delivery flights[38] - The company operated over 3,500 flights involving targeted poverty alleviation, transporting more than 320,000 passengers and contributing over RMB 570 million to local GDP[38] - The company has a fleet of 782 passenger aircraft with an average age of approximately 8.7 years, focusing on core hubs in Shanghai and Beijing, and regional hubs in Xi'an and Kunming[46] - The company plans to enhance its digital transformation, leveraging big data to improve flight scheduling, revenue management, and marketing intelligence[43] - The company aims to strengthen its risk management, particularly in areas such as safety operations, overseas operations, fuel price fluctuations, and exchange rate risks[44] - The company is committed to improving service quality, optimizing irregular flight handling, and enhancing member benefits[42] - The company will focus on increasing operational efficiency, including cost reduction, asset optimization, and expanding the coverage of financial integration[41] - The company emphasizes the importance of safety, aiming to improve the operational scale and quality of domestically produced aircraft[40] - The company's future outlook includes cautious optimism about the international and domestic economic environment, with plans to adapt to market uncertainties[39] - Global air passenger traffic in 2023 increased by 36.9% YoY, reaching 94.1% of 2019 levels, with domestic traffic up 30.4% and international traffic up 41.6%[47] - China's civil aviation passenger traffic in 2023 reached 620 million, a 146.1% YoY increase, recovering to 93.9% of 2019 levels, while international flights recovered to 62.8% of 2019 levels[47] - The IMF forecasts global economic growth of 3.1% in 2024, with China remaining the largest engine of global economic growth[48] - IATA predicts that the Asia-Pacific aviation industry is expected to achieve profitability by the end of 2024[48] - The company aims to become a world-class smart aviation travel service integrator, focusing on safety, efficiency, service quality, and economic benefits[49] - The company holds a dominant market share at Shanghai Hongqiao and Pudong International Airports, benefiting from the Yangtze River Delta integration strategy[50] - The company's route network covers 1,050 destinations in 166 countries and regions, with "Eastern Miles" frequent flyer program offering access to over 750 airport lounges globally[51] - The company was ranked 7th in Brand Finance's "2023 Global Airline Brand Value Top 50" and among the top 50 in WPP's "BrandZ Most Valuable Chinese Brands"[52] - The company's "Eastern Miles" frequent flyer membership has exceeded 57 million members[53] - The company operates a modern fleet of nearly 800 aircraft, with an average fleet age of 8.7 years as of the end of 2023[53] - The company has established a comprehensive strategic partnership with Delta and Air France-KLM, forming a golden triangle connecting Asia, North America, and Europe[53] - The company is actively promoting cooperation with JAL, Korean Air, and Saudi Airlines in areas such as joint marketing and code-sharing[53] - The company has strengthened its competitiveness in the Shanghai hub through a "equity + business" strategic cooperation model with Juneyao Air[53] - The company has established an "aviation + internet" cooperation model with Ctrip, enhancing collaboration in product promotion and route promotion[53] - The company has achieved one-stop booking for "air tickets + train tickets" in cooperation with China State Railway Group[53] - The company is actively deploying and applying sustainable aviation fuel (SAF) and participating in the SkyTeam "Sustainable Flight Challenge"[55] - The company has been publishing high-quality social responsibility and ESG reports annually since 2009[55] - The company is closely monitoring the impact of macroeconomic conditions, international trade relations, geopolitical situations, and public health events, and flexibly adjusting capacity deployment and market sales[54] - Jet fuel price fluctuations pose a significant risk, with a 5% change in average jet fuel price potentially increasing or decreasing the company's fuel costs by approximately RMB 2.055 billion[56] - The company has a substantial amount of foreign currency debt, primarily in USD, and a fluctuation in the USD to RMB exchange rate could significantly impact profits. For example, a change in the exchange rate could affect the profit by RMB 297 million[56] - The company has optimized its debt structure by issuing short-term financing bills, corporate bonds, and RMB loans to mitigate exchange rate risks[57] - Interest rate changes could affect the company's financial expenses. A 25 basis point change in interest rates could impact the profit by RMB 231 million[58][59] - The company is actively managing its floating rate debt through derivative transactions and timing the issuance of short-term financing bills and corporate bonds to reduce RMB financing costs[59] - The company faces data and information security risks, which could impact operations and lead to data breaches. It has implemented measures such as appointing a Data Protection Officer and enhancing data protection systems[60] - The company is expanding into international markets and engaging in investment and M&A activities, which carry risks related to decision-making, management, and competition. It is strengthening risk control systems and conducting due diligence to mitigate these risks[61] - The company is exposed to supply chain risks, particularly related to aircraft, engines, and critical technical services. It regularly assesses supplier performance and monitors market prices and policy changes to manage these risks[62] - The company's passenger revenue in 2023 was RMB 104.576 billion, a year-on-year increase of 198.75%, accounting for 96.64% of the company's transportation revenue[66] - Domestic route passenger revenue in 2023 was RMB 83.986 billion, a year-on-year increase of 174.72%, accounting for 80.31% of passenger revenue[66] - International route passenger revenue in 2023 was RMB 17.825 billion, a year-on-year increase of 325.93%, accounting for 17.05% of passenger revenue[66] - Regional route passenger revenue in 2023 was RMB 2.765 billion, a year-on-year increase of 1,014.92%, accounting for 2.64% of passenger revenue[66] - The company's total operating costs in 2023 were RMB 121.089 billion, a year-on-year increase of 48.56%[66] - Aircraft fuel costs in 2023 were RMB 41.102 billion, a year-on-year increase of 84.89%, mainly due to a 104.23% increase in refueling volume[66] - Aircraft landing fees in 2023 were RMB 14.558 billion, a year-on-year increase of 132.82%, mainly due to increased flight operations[66] - Depreciation and amortization in 2023 were RMB 25.023 billion, a year-on-year increase of 14.73%, mainly due to increased transportation turnover[66] - Wages, salaries, and benefits in 2023 were RMB 23.613 billion, a year-on-year increase of 15.27%, mainly due to increased transportation turnover and flight crew hourly fees[66] - Aircraft maintenance costs in 2023 were RMB 4.542 billion, a year-on-year increase of 35.34%, mainly due to increased transportation turnover and daily maintenance costs[66] Corporate Governance and Leadership - The company's Board Secretary is Wang Jian, and the Securities Affairs Representative is Yang Hui[12] - The company's contact email for investor relations is ir@ceair.com[12] -

二〇二四年四月二十九日 中国东方航空股份有限公司 China Eastern Airlines Corporation Limited 2023 年度股东大会 会议资料 Document of the 2023 Annual General Meeting April 29, 2024 中国东方航空股份有限公司 二〇二三年度股东大会 China Eastern Airlines Corporation Limited The 2023 Annual General Meeting 文件目录 | 1.会议须知 | | 3 | | --- | --- | --- | | 2.会议议程 | | 5 | | 3.会议议案 | | 8 | 2 中国东方航空股份有限公司 二〇二三年度股东大会 China Eastern Airlines Corporation Limited The 2023 Annual General Meeting 会议须知 为确保中国东方航空股份有限公司（以下简称"公司"） 股东在公司 2023 年度股东大会（以下简称"本次会议"）期 间依法行使股东权利，保证股东大会的会议秩序和议事效 率，现将 ...

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。 一、运营情况 2024 年 3 月，中国东方航空股份有限公司（以下简称"本公司"）客运运力 投入（按可用座公里计）同比上升 35.12%；旅客周转量（按客运人公里计）同 比上升 55.88%；客座率为 81.23%，同比上升 10.82 个百分点。2024 年 3 月货邮 周转量（按货邮载运吨公里计）同比上升 110.30%。 2024 年 3 月，公司在国内市场新开上海浦东-库尔勒、广州-大理、天津-温 州等航线，复航广州-成都双流、广州-沈阳等航线，加密南京-厦门、西安-敦煌 等航线；在国际市场加密了上海浦东-洛杉矶、上海浦东-莫斯科、上海浦东-东 京成田、上海浦东-大阪、昆明-吉隆坡、南京-曼谷等航线；在地区市场复航了 太原-香港等航线。 二、飞机机队 2024 年 3 月，本公司合计引进 4 架客机，包括 1 架 B737 系列客机，1 架 C919 系列客机和 2 架 ARJ 系列客机，未退出客机。截至 2024 年 3 月末，本公 司合计运营 786 架飞机，其中自 ...

Investment Rating - The report maintains an "Add" rating for China Eastern Airlines (600115) [1][2] Core Views - The company reported a narrowing loss with an annual revenue of 113.7 billion yuan, a year-on-year increase of 145.6%, and a net loss attributable to shareholders of 8.168 billion yuan, down from 37.356 billion yuan in the same period last year [1][2] - The operational metrics show a steady recovery in business volume, with available seat kilometers (ASK) recovering to 90.64% of the 2019 level, and passenger turnover (RPK) recovering to 82.20% of the 2019 level [1][2] - The report highlights that the increase in ticket prices has led to a rise in revenue per passenger kilometer, which is up 13.6% compared to 2019 [1][2] Financial Summary - For 2023, the company achieved an operating income of 113.741 billion yuan, with a year-on-year growth of 145.6% [3] - The forecast for net profit attributable to shareholders for 2024-2026 is 5.767 billion, 8.130 billion, and 10.055 billion yuan respectively, indicating a return to profitability [2][3] - The gross margin is projected to improve from 1.1% in 2023 to 14.2% by 2026, reflecting enhanced operational efficiency [3]

FF301 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: 中國東方航空股份有限公司 FF301 II. 已發行股份變動 | 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 | 00670 | 說明 | 中國東方航空股份有限公司H股 | | | | 上月底結存 | | 5,176,777,777 | | | | | 增加 / 減少 (-) | | | | | | | 本月底結存 | | 5,176,777,777 | | | | 呈交日期: 2024年4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 | 00670 | 說明 | | 中 ...

[Table_Page] 年报点评|航空机场 证券研究报告 [中Table_T国itle] 东航(600115.SH)/中国东方航 公[Ta司ble评_Inv级est ] 增持-A/增持-H 当前价格 3.64元/1.95港元 空股份(00670.HK) 合理价值 4.62元/3.01港元 报告日期 2024-04-01 23 年同比减亏明显，静待盈利继续改善 [相Tab对le_P市icQ场uote表] 现 [Table_Summary] 核心观点： 10% 2% ⚫ 事件：中国东航发布 2023 年年报。全年实现收入 1137.4 亿元/yoy+ -6%03/23 05/23 07/23 09/23 11/23 01/24 03/24 145.63%，相当于2019年的94.15%；归母净利润-81.7亿元，同比减 -14% 亏291.9亿元；扣非归母净利润-89.44亿元，同比减亏290.09亿元。 -22% ⚫ 业务恢复步伐稳健，23年营收与19年基本相当：公司23年全年旅客 -30% 中国东航 沪深300 运输量达到1.16 亿人次，相当于 19 年同期约 9 成，其中4Q 公司运 输旅客超过3000 ...