[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 ...

经营业绩符合预期，盈利修复有望加速 中国东航（600115.SH）/航空 证券研究报告/公司点评 2024年3月29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：3.65元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 46,111 113,741 155,877 175,337 185,801 分析师：杜冲 增长率yoy% -31% 147% 37% 12% 6% 执业证书编号：S0740522040001 净利润（百万元） -37,386 -8,168 6,728 12,710 13,647 电话： 增长率yoy% -206% 78% 182% 89% 7% 每股收益（元） -1.68 -0.37 0.30 0.57 0.61 Email：duchong@zts.com.cn 每股现金流量 -0.29 1.19 1.58 1.20 1.27 联系人：李鼎莹 净资产收益率 -124% -20% 13% 20% 17% 电话： P/E -2.2 -10.0 12.1 ...

Investment Rating - The report maintains a "Buy" rating for China Eastern Airlines (600115.SH) [1][21] Core Insights - In 2023, China Eastern Airlines reported a narrowing loss with total revenue of 113.74 billion yuan, a year-on-year increase of 145.6%, and a net profit attributable to shareholders of -8.17 billion yuan [1][5] - The recovery in domestic passenger traffic and strong ticket prices significantly boosted revenue, with passenger transport volume and available seat kilometers (ASK) recovering to 88.7% and 90.6% of 2019 levels, respectively [1][5] - The company expects profitability to improve in 2024, despite a downward adjustment in revenue forecasts due to macroeconomic pressures and slow recovery in international routes [1][7] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022: Revenue of 46.11 billion yuan, net profit of -37.39 billion yuan - 2023: Revenue of 113.74 billion yuan, net profit of -8.17 billion yuan - 2024E: Revenue expected to be 137.66 billion yuan, net profit of 5.91 billion yuan [19] - **Key Financial Ratios**: - Earnings per share (EPS) for 2023 was -0.37 yuan, expected to turn positive in 2024 with 0.26 yuan [19] - Return on equity (ROE) improved from -128.6% in 2022 to -20.1% in 2023, with a forecast of 12.9% in 2024 [19] Operational Metrics - The passenger load factor for 2023 was 74.4%, down 7.6 percentage points from 2019, while domestic routes showed a recovery with a load factor of 78.0% [1][5] - The company achieved a significant increase in passenger revenue, reaching 104.58 billion yuan in 2023, a 199% increase year-on-year [1][5] Cost and Margin Analysis - Operating costs for 2023 were 112.46 billion yuan, up 50.8% year-on-year, with fuel costs rising by 84.9% [1][5] - The gross margin turned positive in 2023 due to improved operational efficiency, with unit fuel costs per ASK decreasing by 27.4% [1][5] Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 5.91 billion yuan, 9.63 billion yuan, and 12.91 billion yuan, respectively, reflecting a cautious outlook due to anticipated economic challenges [1][7][19]

公司研 究 证 券研究 报 告 航空 2024年04月01日 中 国东航（600115）2023年报点评 推 荐 （维持） 2023 全年归母亏损 81.7 亿元，23Q4 归母亏 目标价：4.59元 损 55.6 亿元 当前价：3.64元  公司公告2023年年报：2023年归母亏损81.7亿元，23Q4归母亏损55.6亿元 华创证券研究所  1、财务数据：2023年归母亏损81.7亿，Q4归母亏损55.6亿。1）2023全年： 营收1137.4亿，同比+146.7%，较 19年-5.9%，归母亏损 81.7亿（22年同期 证券分析师：吴一凡 亏损373.9亿），扣非后亏损89.4亿，全年人民币贬值1.7%，汇兑损失9.0亿。 2）2023Q4：营收282.0亿，同比+169.8%，较19年+2.7%；归母亏损55.6亿 电话：021-20572539 （22Q4亏损92.7亿），扣非亏损 57.4亿，Q4人民币升值1.4%，测算汇兑收 邮箱：wuyifan@hcyjs.com 益2.0亿。 执业编号：S0360516090002  2、经营数据：1）2023全年：ASK 同比+154.6%，较19年 ...

2024年3月30日 公司研究 23 年同比大幅减亏，盈利修复仍将继续 ——中国东航（600115.SH）2023 年报点评 要点 A 股：增持（维持） ◆事件：公司发布2023年报。公司2023年实现营业收入1,137亿元，同比增 当 前价：3.64元 长147%（调整后，下同）；归母净亏损82亿元，较上年同期（亏损374亿元） H 股：增持（维持） 大幅减亏；扣非归母净亏损89亿元，较上年同期（亏损380亿元）大幅减亏。 其中Q4实现营业收入282亿元，环比下降21.9%；归母净亏损56亿元，环比 当前价：1.95港元 Q3（盈利36亿元）由盈转亏；扣非归母净亏损57亿元，环比Q3（盈利35亿 元）由盈转亏。 作者 ◆生产经营回升向好，国际航线仍待恢复。2023年公司可用座公里（ASK）同 分析师：程新星 比增长155%，较2019年减少9%，其中国内航线ASK较2019年上涨16%， 执业证书编号：S0930518120002 国际航线、地区航线ASK分别恢复至2019年的44%、75%。公司2023年综 021-52523841 chengxx@ebscn.com 合客座率为74.41%，同比增加10 ...

证券研究报告：交通运输 | 公司点评报告 2024年3月31日 股票投资评级 中国东航(600115) 买入|维持 民航需求复苏，公司营收回升，全年明显减亏 个股表现 ⚫ 中国东航披露 2023 年年报 中国东航披露2023年年报，全年营业收入1137.4亿元，同比增 中国东航 交通运输 6% 长145.6%，实现归母净利润-81.7亿元，同比减亏291.9亿元。 2% ⚫ 运量及客座率均显著恢复，营收同比明显增长 -2% -6% 2023年民航业逐步走出低谷，回归常态运营，主要航空公司营业 -10% 收入均实现大幅增长。2023年公司业务量显著恢复，叠加2022年上 -14% -18% 海市场的低基数，公司业务数据同比实现大幅增长，全年ASK2450亿， -22% 同比增长154.6%，RPK1823亿，同比增长197.4%，客座率恢复至74.4%， -26% -30% 同比提升10.72pct。 2023-03 2023-06 2023-08 2023-11 2024-01 2024-03 运价方面，国内市场需求恢复，公司运价同比明显提高，而国际 资料来源：聚源，中邮证券研究所 及地区市场因运力投入恢复叠 ...

大公司： 小林制药问题保健品生产时间集中在2023年4月至10月 据日本媒体3月29日报道，小林制药公司生产的可能混有未知有害成分的保健品生产时间集中于2023年4 月至10月，上市时间在2023年7月至12月之间。（央视新闻） 中国东航于上海成立数字科技公司，注册资本2亿元 36氪获悉，爱企查App显示，近日，上海东航数字科技有限公司成立，法定代表人为高志东，注册资本 2亿元人民币，经营范围包括软件开发、货物进出口、技术进出口、计算机软硬件及辅助设备零售、智 能控制系统集成、物联网技术研发、数据处理服务、网络设备销售等。股东信息显示，该公司由中国东 方航空股份有限公司全资持股。 消息称三星电子劳资双方达成协议，今年涨薪5.1% 据知情人士称，三星电子劳资双方就今年平均加薪5.1%达成了协议。消息人士透露，这家全球最大的 存储芯片和智能手机制造商与员工代表就工资和延长产假达成了协议。今年的工资涨幅为5.1%，高于 去年的4.1%。三星电子表示，尽管全球经济仍存在不确定性，但该公司已决定将工资上调约5%，以鼓 舞员工士气。（新浪财经） 皖能电力等16.8亿元成立抽水蓄能公司 36氪获悉，爱企查App显示，近日， ...

Financial Performance - The net profit attributable to shareholders for 2023 is a loss of RMB 8.168 billion, resulting in no cash dividends or capital reserve transfers for the year [18]. - The company's operating revenue for 2023 reached RMB 113,741 million, a significant increase of 145.63% compared to RMB 46,305 million in 2022 [60]. - The net profit attributable to shareholders for 2023 was a loss of RMB 8,168 million, compared to a loss of RMB 37,356 million in 2022 [60]. - The cash flow from operating activities for 2023 was RMB 26,573 million, a recovery from a negative cash flow of RMB -64,335 million in 2022 [60]. - The total operating cost was RMB 112,461 million, an increase of 50.46% year-on-year [100]. - The company reported a net cash inflow from operating activities of RMB 26,573 million in 2023, compared to a net outflow of RMB 6.43 billion in 2022, driven by increased passenger travel and revenue [119]. - The company recorded an operating profit of RMB -8.54 billion in 2023, an improvement from RMB -40.10 billion in 2022, reflecting efforts to capitalize on the recovery of the air passenger market [118]. - Other income increased by 53.77% year-on-year to RMB 5.00 billion, primarily due to a rise in passenger travel volume and increased revenue from cooperative routes [116]. - The company reported a financial gain of RMB 60 million from interest rate swap contracts during the reporting period, aimed at reducing financial costs from long-term dollar debt [144]. Operational Highlights - The company operates a modern fleet of nearly 800 aircraft, making it one of the largest airlines in China [52]. - The airline's route network covers 1,050 destinations across 166 countries and regions globally [52]. - The fleet size reached 782 aircraft as of December 31, 2023, with an average age of 8.7 years [75]. - The company introduced 22 new aircraft and retired 15 aircraft in 2023, maintaining a young fleet structure [75]. - The overall passenger load factor improved by 10.72 percentage points to 74.42% in 2023 from 63.70% in 2022 [71]. - The company completed 2.282 million hours of safe flight and 954,000 takeoffs and landings, maintaining overall safety stability during rapid flight recovery [79]. - The company opened over 20 new international routes along the "Belt and Road" initiative, with domestic and international passenger transportation volumes recovering to 97.5% and 38.8% of 2019 levels respectively [81]. - The company commenced commercial operations of the domestically produced C919 aircraft on May 28, 2023 [75]. Market and Customer Engagement - The company has committed to building a world-class integrated aviation service provider focused on employee satisfaction, customer preference, shareholder satisfaction, and social trust [52]. - The number of frequent flyer members exceeded 57 million, indicating a strong customer base [96]. - The company is actively expanding partnerships with global brands, enhancing its service offerings and customer experience [97]. - The company plans to continue optimizing service processes and innovating service products to enhance customer experience [95]. - The company is focused on enhancing service quality and customer satisfaction to strengthen its brand and competitive position in the market [165]. Sustainability and Innovation - The company has implemented a carbon peak action plan and is actively promoting the use of sustainable aviation fuel (SAF) in its operations [86]. - The company’s research center received an "excellent rating" as a "demonstration enterprise for scientific reform" [85]. - The company’s digital twin aircraft maintenance innovations received multiple awards, showcasing its commitment to technological advancement [85]. - The company is committed to sustainable development and is implementing measures to comply with environmental policies, including the introduction of advanced fuel-efficient and noise-reducing aircraft [181]. Governance and Compliance - The company has not disclosed any non-operational fund occupation by controlling shareholders or related parties [21]. - The company has ensured the independence of its operations despite some senior management holding positions in the controlling shareholder, with measures in place to protect the interests of minority shareholders [192]. - The company strictly adheres to regulations regarding related party transactions, ensuring fairness and compliance without harming the interests of non-related shareholders [189]. - The board of directors consists of 9 members, including 4 independent directors, and has established 4 specialized committees to oversee various aspects of governance [185]. - The company has a dedicated team for information disclosure, ensuring that all shareholders receive accurate and timely information [188]. Future Outlook - The company plans to invest approximately RMB 63.215 billion in aircraft and related equipment over the next three years, with expected capital expenditures of RMB 21.202 billion, RMB 22.347 billion, and RMB 19.666 billion for 2024 to 2026 respectively [137]. - The company anticipates that the overall transportation turnover and passenger transport volume in 2024 will exceed pre-2019 levels [158]. - The company aims to enhance operational efficiency and safety, focusing on risk management and improving service quality [159]. - The company plans to improve hub competitiveness and expand its route network to better serve international transit needs [162]. - The company is actively pursuing digital transformation to improve operational efficiency and market responsiveness through advanced technologies like big data [164].

上 市 公 司 交通运输 2024年03月29日 中国东航 (600115) 公 司 研 究 ——23 年归母净亏损收窄，静待 24 年业绩盈利改善 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持） ⚫ 事件：中国东航公告2023年年度业绩，录得归母净亏损81.68亿元，接近业绩预告下限， 符合预期。2023年国内航空需求正式步入后疫情恢复阶段，公司营收同比增长145.6%至 证 市场数据： 2024年03月28日 1137亿元，受制于国际航线恢复较慢、油汇均处高位、23Q1仍未正常运行等因素影响公 券 收盘价（元） 3.65 司23年录得归母净亏损81.68亿元，亏损同比大幅收窄。 研 一年内最高/最低（元） 5.62/3.48 究 市净率 2.0 ⚫ 从运营数据来看，中国东航运送旅客运输量11564万人次，恢复至19年的88%。中国东 报 息率（分红/股价） - 航整体ASK恢复至19年的91%，RPK恢复至19年同期的105%，整体客座率达到74%， 告 流通A股市值（百万元） 49204 上证指数/深证成指 3010.66/9342.92 同比19年-8pcts。国内：根据 ...

中国东方航空股份有限公司 2023 年度募集资金存放与实际使用情况专项报告及鉴证报告 t and the state = = 普华永道 对募集资金存放与实际使用情况专项报告的鉴证报告 普华永道中天特审字(2024)第 1723 号 (第一页,共三页) 中国东方航空股份有限公司董事会: 我们接受委托,对中国东方航空股份有限公司(以下简称"东航股份")关于 2023 年度的募集资金存放与实际使用情况专项报告(以下简称"募集资金存放与 实际使用情况专项报告")执行了合理保证的鉴证业务。 对募集资金存放与实际使用情况专项报告的鉴证报告(续) 普华永道中天特审字(2024)第 1723号 (第二页,共三页) 我们的责任是在执行鉴证工作的基础上对募集资金存放与实际使用情况的专 项报告发表意见。我们根据《中国注册会计师其他鉴证业务准则第 3101 号 - 历 史财务信息审计或审阅以外的鉴证业务》的规定执行了鉴证工作。该准则要求我 们遵守职业道德规范,计划和实施鉴证工作,以对募集资金存放与实际使用情况 专项报告是否在所有重大方面按照中国证券监督管理委员会公告[2022]15 号 《上市公司监管指引第 2 号 - 上市公司募集 ...