业绩行业领先，盈利值得期待 春秋航空（601021.SH）/航空 证券研究报告/公司点评 2024年4月30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：55.99元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,369 17,938 20,676 23,380 27,150 分析师：杜冲 增长率yoy% -23% 114% 15% 13% 16% 执业证书编号：S0740522040001 净利润（百万元） -3,036 2,257 3,362 4,252 4,530 电话： 增长率yoy% -7862% 174% 49% 26% 7% 每股收益（元） -3.10 2.31 3.44 4.35 4.63 Email：duchong@zts.com.cn 每股现金流量 0.45 6.84 4.66 7.42 6.32 联系人：李鼎莹 净资产收益率 -22% 14% 18% 18% 16% 电话： P/E -18.0 24.3 16.3 12.9 12.1 P/B ...

证券研究报告 | 2024年04月30日 春秋航空（601021.SH） 买入 一季度业绩表现强劲，24 年盈利上行可期 核心观点 公司研究·财报点评 春秋航空披露2023年年报和2024年一季报。2023年全年营收179.4亿元 交通运输·航空机场 （+114.3%），归母净利润22.6亿元（+174.4%）；23年四季度单季营收38.4 证券分析师：罗丹 证券分析师：高晟 亿元（+117.4%），归母净利润-4.2亿元（同比减亏）；2024年一季度单季 021-60933142 021-60375436 luodan4@guosen.com.cn gaosheng2@guosen.com.cn 营收51.7亿元（+33.8%），归母净利润8.1亿元（+127.8%）。 S0980520060003 S0980522070001 运投大幅增长，客座率显著提升，运价坚挺推动收入同比大增。2023年以来 基础数据 民航持续复苏，公司运力投放大幅增长，客座率显著提升，运价同比也实现 投资评级 买入(维持) 合理估值 了较大增幅，2023年全年和2024年一季度，ASK分别同比提升56%和31%， 收盘价 55.9 ...

Financial Performance - Net profit for 2023 reached 2,257,429,466 yuan, with a net profit of 1,815,367,094 yuan in the parent company's financial statements[2] - Revenue in 2023 reached RMB 17,937,857,423, a 114.34% increase compared to 2022[18] - Net profit attributable to shareholders in 2023 was RMB 2,257,429,466, compared to a loss of RMB 3,035,823,226 in 2022[18] - Operating cash flow in 2023 surged to RMB 6,694,171,165, a 1,426.19% increase from 2022[18] - Total assets at the end of 2023 were RMB 44,237,902,712, a 1.88% increase from 2022[18] - Basic earnings per share in 2023 were RMB 2.31, compared to a loss of RMB 3.30 per share in 2022[19] - Weighted average return on equity in 2023 was 15.32%, a significant improvement from -24.41% in 2022[19] - Q3 2023 revenue was the highest at RMB 6,072,343,238, while Q4 saw a net loss of RMB 419,930,459[22] - Government subsidies in 2023 amounted to RMB 64,281,046, a decrease from RMB 159,089,371 in 2022[24] - Total revenue reached a record high of 17,937,857,423 yuan, with net profit attributable to shareholders hitting 2,257,429,466 yuan[32] - Revenue in 2023 reached RMB 17,937,857,423, a year-on-year increase of 114.3%[66] - Net profit attributable to shareholders of the listed company in 2023 was RMB 2,257,429,466[66] - Passenger business revenue increased by 115.7% to RMB 17,476,880,767, while cargo business revenue rose by 5.4% to RMB 98,838,889[66] - Operating costs increased by 33.9% to RMB 15,518,700,426, driven by higher fuel and landing fees[69] - Domestic business contributed RMB 14,890,098,776 in revenue, with a gross margin increase of 56.19 percentage points[71] - International business revenue grew by 666.58% to RMB 2,407,210,770, but gross margin decreased by 50.42 percentage points[71] - Net cash flow from operating activities surged by 1,426.19% to RMB 6,694,171,165 due to increased business volume[67] - Financial expenses decreased by 58.00% to RMB 261,338,486, mainly due to increased interest income and favorable exchange rate movements[67] - R&D expenses increased by 17.88% to RMB 144,176,949, reflecting ongoing investment in innovation[67] - Aviation fuel costs increased by 42.98% to 5,641,874,003 yuan, accounting for 36.36% of total costs[73] - Aircraft and engine leasing depreciation costs rose by 4.60% to 2,287,365,593 yuan, making up 14.74% of total costs[73] - Wages and welfare expenses grew by 30.60% to 2,925,380,010 yuan, representing 18.85% of total costs[73] - Landing fees surged by 68.93% to 2,284,071,463 yuan, accounting for 14.72% of total costs[73] - Maintenance costs increased by 37.14% to 1,107,572,393 yuan, making up 7.14% of total costs[73] - Civil Aviation Development Fund expenses rose by 44.63% to 166,550,251 yuan, representing 1.07% of total costs[73] - Sales expenses increased by 32.2% to 237,236,689 yuan, primarily due to higher marketing personnel salaries[77] - R&D investment totaled 144,176,949 yuan, accounting for 0.80% of total revenue[78] - Operating cash flow increased by 1426.2% to 6,694,171,165 yuan, driven by higher business volume and revenue[81] - Accounts receivable grew by 71.38% to 180,380,469 yuan, representing 0.41% of total assets[82] - Other comprehensive income decreased by 115.86% to -27,286,865 yuan, mainly due to the fair value change of the investment in China Southern Airlines at the end of the period[83] - Undistributed profits increased by 49.51% to 6,591,246,370 yuan, driven by the company's profitability during the reporting period[83] - Available seat kilometers increased by 56.38% to 47,466.87 million, with a passenger load factor of 89.39%, up 14.74 percentage points year-on-year[86] - Revenue per passenger kilometer rose by 15.20% to 0.412 yuan[86] - The company's total restricted assets amounted to 15,605,607,568 yuan, including 192,206,128 yuan in cash and 14,740,806,244 yuan in fixed assets[84] - The company's total investment in external equity (parent company basis) decreased by 4.1% to 2.16 billion yuan, with a significant investment of 173.5 million yuan in subsidiary Spring Airlines Real Estate[88] - The fair value of the investment in China Southern Airlines decreased by 260 million yuan due to a decline in its stock price[88] - The company's total financial assets measured at fair value stood at 862,571,683 yuan, with a significant portion in other equity instrument investments[90] - The company's derivative financial liabilities amounted to 14,796,035 yuan, including 13,918,000 yuan in forward foreign exchange contracts and 878,035 yuan in interest rate swap contracts[92] - The company incurred a net loss of 17,938,492 yuan from interest rate swap contracts and a net loss of 22,027,655 yuan from forward foreign exchange contracts during the reporting period[92] - Total assets of Qiushi Company reached 157,833,648 yuan, with net assets of 81,826,156 yuan and a net profit of 4,068,426 yuan[94] - Shanglv Tong Company's total assets amounted to 268,892,622 yuan, with net assets of 140,005,269 yuan and a net profit of 13,309,290 yuan[94] - Feipei Company's total assets stood at 418,491,844 yuan, with net assets of 291,137,010 yuan and a net profit of 19,184,422 yuan[94] - Chunqiu International Hong Kong reported total assets of 716,674,855 HKD, net assets of 424,808,514 HKD, and a net profit of 20,402,238 HKD[94] - Chunqiu Financing Leasing's total assets reached 13,079,613,984 yuan, with net assets of 2,012,546,089 yuan and a net profit of 276,207,710 yuan[94] - Chunqiu Airlines Japan reported total assets of 4.4 billion JPY, with a net loss of 15.2 billion JPY and a net profit loss of 3.9 billion JPY[94] - The company's net profit for 2023 was 1,815,367,094 yuan, with a net profit attributable to shareholders of 2,257,429,466 yuan[161] - The company's total equity at the end of 2023 was 4,494,872,022 yuan[161] Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.70 yuan per share (tax included), totaling 683,971,767.50 yuan, with a dividend payout ratio of 31.77% of the net profit attributable to shareholders[2] - Total cash dividends for 2023, including share repurchases, amounted to 717,077,147.50 yuan[2] - The company's undistributed profit at the end of 2023 was 4,494,872,022 yuan[2] - The company's profit distribution plan has been approved by the board of directors and will be submitted to the 2023 annual shareholders' meeting for approval[3] - The company plans to distribute a cash dividend of 0.70 yuan per share (tax included), totaling 683,971,767.50 yuan[161] - The total cash dividend for 2023, including share repurchases, is 717,077,147.50 yuan, accounting for 31.77% of the net profit attributable to shareholders[161] - The company's cash dividend policy for 2024-2026 stipulates a minimum cash dividend of 30% of distributable profits[160] - The proposed cash dividend for 2023 is RMB 7.00 per 10 shares, totaling RMB 683,971,767.50, accounting for 30.30% of the net profit attributable to ordinary shareholders[164] - Including cash used for share repurchases, the total dividend amount is RMB 717,077,147.50, representing 31.77% of the net profit attributable to ordinary shareholders[164] Share Capital and Repurchases - The company's total share capital as of April 28, 2024, was 978,548,805 shares, excluding 1,446,280 shares in the repurchase account[2] - The company completed the non-trading transfer of 603,478 shares to the 2023 employee stock ownership plan on July 20, 2023, initiating a one-year lock-up period[166] - As of December 31, 2023, the 2020 employee stock ownership plan held 357,000 shares, representing 0.04% of the total share capital[168] - The 2021 employee stock ownership plan sold 160,400 shares during the reporting period and held 284,300 shares as of December 31, 2023, representing 0.03% of the total share capital[168] - The 2022 employee stock ownership plan sold 151,400 shares during the reporting period and held 388,242 shares as of December 31, 2023, representing 0.04% of the total share capital[168] Operational Performance - The company's asset scale, revenue, and net profit reached historical highs in 2023, marking a turnaround from previous years' losses[2] - Available Tonne Kilometers (ATK) increased by 56.49% to 454,748.81 million tonne kilometers in 2023, with international routes surging by 3074.76% to 53,800.71 million tonne kilometers[28] - Revenue Tonne Kilometers (RTK) grew by 81.62% to 384,975.45 million tonne kilometers, with international routes skyrocketing by 4434.29% to 41,579.72 million tonne kilometers[28] - Passenger traffic rose by 77.38% to 24.13 million passengers, with international passenger traffic surging by 3734.96% to 2.09 million passengers[28] - Average passenger load factor increased by 14.74 percentage points to 89.39%, with international routes seeing a 24.63 percentage point rise to 82.24%[28] - Cargo and mail traffic increased by 2.55% to 69,214.13 tons, with international cargo traffic surging by 1740.12% to 3,357.29 tons[29] - Number of flights increased by 44.53% to 150,287 takeoffs in 2023[29] - Passenger revenue per kilometer increased by 15.20% to 0.412 yuan, with domestic routes rising by 15.59% to 0.398 yuan[28] - Aircraft daily utilization increased by 51.79% to 8.50 hours in 2023[28] - Total industry passenger traffic recovered to 93.9% of 2019 levels, with cargo traffic at 97.6% of pre-pandemic levels[31] - The company achieved a major accident rate of 0 per million flight hours in 2023, with safety-related expenditures reaching 4,012.54 million yuan and a total of 370,319 safe flight hours[33] - The company introduced 6 Airbus A320neo aircraft and retired 1 A320ceo aircraft in 2023, resulting in a fleet of 121 A320 series aircraft by the end of the year, with an average fleet age of 7.4 years[34] - The company's total available seat kilometers (ASK) increased by 56.4% year-over-year in 2023, with domestic, international, and Hong Kong/Macau/Taiwan routes growing by 36.5%, 3194.0%, and 1487.0% respectively[34] - The company's domestic passenger scale reached a historical high in 2023, with domestic routes accounting for 86.7% of total ASK, while international and Hong Kong/Macau/Taiwan routes recovered to about 40% of 2019 levels[34] - The company increased its capacity deployment in five new provincial capital airport bases by 213.5% compared to 2019 levels[35] - By the end of 2023, the company operated 216 routes, including 179 domestic, 34 international, and 3 Hong Kong/Macau/Taiwan routes[34] - The company's overall passenger load factor reached 89.4% in 2023, an increase of 14.7 percentage points year-over-year, with domestic and international load factors at 90.3% and 82.2% respectively[39] - The company's revenue per passenger kilometer (RPK) increased by 15.2% year-over-year in 2023, with domestic and international RPK growing by 11.3% and 39.5% compared to 2019 levels[39] - The company's international routes recovered to over 60% of 2019 levels by the end of 2023, with Southeast Asia routes leading the recovery, particularly in Thailand[36] - The company's market share ranked in the top three at several key airports, including Shanghai Hongqiao, Lanzhou, Shijiazhuang, Ningbo, Yangzhou, and Jieyang airports[38] - The company achieved auxiliary business revenue of 900 million yuan in 2023, with registered members exceeding 78 million, a year-on-year increase of 16.4%, and frequent flyer members surpassing 33 million, a year-on-year growth of 29.7%[40] - The company's e-commerce direct sales (including OTA flagship stores) accounted for 97.0% of sales channels, excluding charter and block space businesses[40] - The company launched a self-developed mini-program on short video platforms, generating billions of yuan in revenue through live streaming, successfully opening a new direct sales channel for air tickets[41] - The company's gold and silver card members increased nearly threefold year-on-year, driven by cross-industry membership cooperation with hotels, financial institutions, and corporate travel companies[41] - The company sold over 1 million sets of "Fly Anytime" series products, including ticket sub-cards, premium cards, and family cards, catering to specific customer segments[41] - The company's unit cost decreased by 14.4% year-on-year to 0.327 yuan, with non-fuel unit cost dropping by 17.4% year-on-year to 0.208 yuan[44] - The company's daily utilization hours increased by 51.8% year-on-year in 2023, contributing to the reduction in unit costs[44] - The company achieved a net exchange gain of 24.84 million yuan in 2023, with a low exposure to USD liabilities, maintaining a neutral impact on the profit statement from exchange rate fluctuations[43] - The company ranked first in average flight punctuality rate among 12 major passenger airlines in 2023, according to the Civil Aviation Administration's statistics[42] - The company's online self-service rate for overall services reached 70%, with 15 domestic connecting flight points and 25 connecting flights established by the end of 2023[46] - Global low-cost airline market share increased from 30.3% to 31.8% for domestic routes and from 24.8% to 33.0% for international routes from 2014 to 2023[49] - Asia-Pacific low-cost airline market share rose from 25.7% to 28.3% for domestic routes and from 5.7% to 13.9% for international routes over the same period[49] - China's low-cost airline market share reached 6.4% of domestic routes in 2023[49] - China's domestic air passenger traffic in 2023 exceeded 2019 levels by 1.5%[50] - Total industry transport turnover in 2023 reached 1,188.3 billion ton-kilometers, recovering to 91.9% of 2019 levels[50] - Passenger traffic in 2023 reached 620 million, recovering to 93.9% of 2019 levels[50] - Cargo and mail transport volume in 2023 reached 7.354 million tons, recovering to 97.6% of 2019 levels[50] - Aircraft daily utilization in 2023 increased by 3.8 hours year-over-year to 8.1 hours[50] - International passenger flights recovered to 4,600 weekly flights by end of 2023, reaching 89.2% of 2019 levels[51] - The aviation industry reduced losses by 187.2 billion yuan in 2023 compared to previous years[52] - The company operates 179 domestic routes, 34 international routes to Northeast Asia and Southeast Asia, and 3 routes to Hong Kong, Macau, and Taiwan as of the end of 2023[55] - The company's fleet consists of 121 A320 series aircraft, including 84 A320 aircraft with 186 seats and 9 A321neo aircraft with 240 seats[57] - The company's e-commerce direct sales (including OTA flagship stores) accounted for 97.0% of sales channels in 2023, with a unit sales cost of 0.0050 yuan[57] - The company's unit management cost was 0.0049 yuan in 2023, significantly lower than industry peers[58] - The company's R&D investment in 2023 was approximately 144.18 million yuan, a year-on-year increase of 17.9%[62]

2024 年第一季度报告 证券代码：601021 证券简称：春秋航空 春秋航空股份有限公司 2024 年第一季度报告 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 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | | 本报告期比上年同期增减 | | | | --- | --- | --- | --- | --- | --- | | | | | 变动幅度(%) | | | | 营业收入 | | 5,168,038,809 | | | 33.79 | | 归属于上市公司股东的净利润 | | 809,908,774 | 127.78 | | | | 归属于上市公司股东的扣除非经常 | | 809,934,889 | 137.82 | | | | 性损益的净利润 | | | | | | | 经营活动产生的现金流量净额 | | 1,025,295,337 | -26.35 | | | | 基本每股收益（元/股） | | 0.83 ...

低成本航空龙头，定位精准空间可期 [Table_CoverStock] —春秋航空(601021)公司深度报告 [Tab2l0e_2Re4po年rtDa0t4e]月 16 日 [左Ta前bl明e_ C o v能er源Au行th业or首] 席分析师 执业编号 S1500518070001 邮 箱 zuoqianming@cindasc.com [ Table_CoverReportList] [Table_Title] 证券研究报告 春秋航空（601021.SH）深度报告：低成本航 公司研究 空龙头，定位精准空间可期 [Table_ReportType] 公司深度报告 [Table_ReportDate] 2024年04月16日 [春Ta秋bl航e_空Sto(c6k0A1n0d2R1an)k ] 本期内容提要: [Table_Summary] 投资评级 买入 中国低成本航空领跑者，盈利能力持续提升。2015 年公司成功上市，成 为中国民营航空第一股。从运营情况看，2019 年前，公司国内线及国际 上次评级 线周转量均保持稳定增长，国内线客座率基本保持在91%以上，国际线客 座率基本保持在85%以上，客座率稳定 ...

股票代码：601021 股票简称：春秋航空 公告编号：2024-010 春秋航空股份有限公司 2024 年 3 月份主要运营数据公告 本月新增 1 架 A321neo 型飞机，引进方式为自购。 截止本月末，公司共运营 124 架空客 A320 系列飞机。 | 机型 | 自购 | 经营租赁 | 小计 | | --- | --- | --- | --- | | A320ceo | 45 | 33 | 78 | | A320neo | 24 | 11 | 35 | | A321neo | 10 | 1 | 11 | | 合计 | 79 | 45 | 124 | 二、本月主要新增航线情况 本月无新增航线。 三、本月运营数据主要情况 指标 当月数据 环比 同比 当年累计 同比 运力 可用吨公里数(万吨公里) 43,363.60 -2.69% 19.60% 130,369.88 31.48% 国内 35,910.89 -1.73% 13.80% 107,946.42 20.16% 国际 6,784.93 -8.32% 64.93% 20,537.55 151.87% 地区 667.78 8.45% 13.45% 1,88 ...

关于回购公司股份进展公告 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： | 回购方案首次披露日 | 2023/8/31，由公司董事会提议 | | --- | --- | | 回购方案实施期限 | 在公司董事会审议通过后 个月 12 | | 预计回购金额 | 50,000,000 元~100,000,000 元 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 646,600 股 | | 累计已回购股数占总股本比例 | 0.066% | | 累计已回购金额 | 33,125,370.00 元 | | 实际回购价格区间 | 48.92 元/股~53.69 元/股 | 证券代码：601021 证券简称：春秋航空 公告编号：2024-009 春秋航空股份有限公司 2024 年 4 月 3 日 春秋航空股份有限公司董事会 二、 回购股份的进展情况 截止 2024 年 3 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易方 式回购公司股份合计 646,600 股，占公司总股本 978 ...

截止本月末，公司共运营 123 架空客 A320 系列飞机。 | 机型 | 自购 | 经营租赁 | 小计 | | --- | --- | --- | --- | | A320ceo | 45 | 33 | 78 | | A320neo | 21 | 14 | 35 | | A321neo | 9 | 1 | 10 | | 合计 | 75 | 48 | 123 | 二、本月主要新增航线情况 本月无新增航线。 股票代码：601021 股票简称：春秋航空 公告编号：2024-008 春秋航空股份有限公司 2024 年 2 月份主要运营数据公告 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。 春秋航空股份有限公司（以下简称"公司"）2024 年 2 月份主要运营数据情 况如下： 一、本月机队情况 本月新增 1 架 A320neo 型飞机，引进方式为自购。 三、本月运营数据主要情况 指标 当月数据 环比 同比 当年累计 同比 运力 可用吨公里数(万吨公里) 44,560.60 4.98% 35.75% 87,006.27 38.33% ...

转自：北京商报 3月3日，全国政协十四届二次会议召开在即，全国政协委员、春秋航空董事长王煜在接受北京商报记者 采访时介绍，目前大中型机场的航班截载时间（即停止办理乘机手续的时间）一般在40—60分钟，很多 旅客会额外预留时间，提前1—2个小时赶到机场，而机场一般又离市区较远，旅客往往需要提前3—4个 小时出家门赶往机场，民航时间效率上的优势得不到体现。王煜建议，通过规划建设体量适中候机楼、 优化流程布局、提高廊桥效率等方法，进一步缩短航班截载时间，提升旅客体验和行业运行效率。 ...

股票代码：601021 股票简称：春秋航空 公告编号：2024-007 春秋航空股份有限公司 一、回购股份的基本情况 公司于 2023 年 8 月 29 日召开第五届董事会第二次会议，审议通过了《关于以 集中竞价交易方式回购公司股份的议案》（以下简称"本次回购方案"），同意公 司以自有资金通过上海证券交易所交易系统以集中竞价交易方式回购公司已发行的 部分人民币普通股股票。回购的股份将全部用于员工持股计划，回购价格不超过 58 元/股（含），回购资金总额不低于人民币 5,000 万元（含），不超过人民币 10,000万元（含），回购期限自公司董事会审议通过本次回购方案之日起不超过12 个月。具体内容详见公司于 2023 年 8 月 31 日在上海证券交易所网站 （www.sse.com.cn）上披露的《春秋航空股份有限公司关于以集中竞价交易方式回 购公司股份的回购报告书》（公告编号：2023-037）。 二、实施回购股份的基本情况 根据《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司应在每个月的前 3 个交易日内公告截至上月 末的回购进展情况。现将公司回购股 ...