Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company reported a revenue of 15.977 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13.29%, while the net profit attributable to shareholders decreased by 2.73% to 2.604 billion yuan [2][3] - In Q3 2024, the company achieved a revenue of 6.102 billion yuan, a slight year-on-year increase of 0.48%, but the net profit attributable to shareholders fell by 32.37% to 1.244 billion yuan [2][3] - The passenger load factor has exceeded the same period in 2019, but revenue levels are under pressure due to lower yield per passenger kilometer [3][4] - The company is expected to benefit from a decline in oil prices, which will significantly reduce operating costs in the future [5][7] Summary by Sections Financial Performance - For Q3 2024, the company's operating costs were 4.535 billion yuan, an increase of 8.37% year-on-year, while the unit ASK cost slightly decreased by 1.2% [4] - The net profit margin for Q3 2024 was 20.38%, a decrease of 9.90 percentage points year-on-year due to increased tax expenses and pressure on revenue levels [4] Market Data - As of November 4, 2024, the current stock price is 56.84 yuan, with a market capitalization of 55.621 billion yuan [3][4] - The stock has a 52-week price range of 47.72 to 67.62 yuan [3] Earnings Forecast - The company is projected to achieve revenues of 19.807 billion yuan, 21.758 billion yuan, and 23.788 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.414 billion yuan, 3.225 billion yuan, and 3.854 billion yuan [7][8] - The expected P/E ratios for 2024, 2025, and 2026 are 23.04, 17.25, and 14.43 respectively, indicating a favorable long-term growth outlook [7][8]

证券代码：601021 证券简称：春秋航空 公告编号：2024-059 春秋航空股份有限公司 关于以集中竞价方式回购股份的预案 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：回购资金总额不低于人民币 15,000 万元（含，下同），不超过人 民币 30,000 万元（含，下同）。 ● 回购股份资金来源：春秋航空股份有限公司（以下简称"公司"）自有资金和自 筹资金。 ● 相关股东是否存在减持计划：经问询，公司控股股东、实际控制人及其一致行动 人、持股 5%以上的股东及其一致行动人、董事、监事、高级管理人员未来 3 个月、 未来 6 个月无减持本公司股份的计划。公司控股股东的一致行动人上海春秋包机 旅行社有限公司（以下简称"春秋包机"）、上海春翔投资有限公司（以下简称"春 翔投资"）、上海春翼投资有限公司（以下简称"春翼投资"）在未来 3 个月、6 个 月内若有增减持计划，公司将严格按照相关规定及时履行信息披露义务。 ● 相关风险提示： 1、公司股票交易价格持续超出回购方案披露的价格上限，导 ...

证券代码：601021 证券简称：春秋航空 公告编号：2024-058 春秋航空股份有限公司 第五届董事会第八次会议决议公告 二、董事会会议审议情况 （一）审议并通过《关于以集中竞价交易方式回购公司股份的议案》 为积极响应国家政府和监管部门的政策导向，稳定资本市场及投资者的预期， 增强市场信心，维护公司和投资者的利益；同时，基于对公司未来发展前景的信心 以及对公司价值的认可，为进一步完善公司的长效激励机制，有效地将股东利益、 公司利益和核心团队个人利益结合在一起，推动各方共同促进公司健康可持续发展， 同意公司拟使用自有资金和自筹资金以集中竞价交易方式回购公司股份，回购资金 总额不低于人民币 15,000 万元（含），不超过人民币 30,000 万元（含），并将回 购股份全部用于员工持股计划，同时授权公司管理层全权办理本次回购股份的相关 事宜。 根据《公司章程》第三章第二节第二十六条的授权，本议案无需提交公司股东 大会审议。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a slight increase in revenue of 0.5% year-on-year for Q3 2024, achieving an operating income of 6.1 billion yuan, while the net profit attributable to shareholders decreased by 32.4% to 1.24 billion yuan [4][5]. - The company demonstrated resilience in demand during the peak season, with significant improvements in operational metrics such as ASK (Available Seat Kilometers) and RPK (Revenue Passenger Kilometers), which increased by 9.6% and 10.7% year-on-year, respectively [5]. - The company’s unit non-fuel cost for Q3 2024 was 0.1925 yuan per seat kilometer, a decrease of 0.8% compared to Q3 2019, showcasing effective cost control measures [5]. - The company is expected to benefit from its low-cost positioning, appealing to private travel customers, and is projected to see a recovery in profitability in the medium term [6]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a total profit of 1.62 billion yuan, with operating profit declining by 18% year-on-year [4][5]. - The company’s revenue for Q3 2024 was 6.1 billion yuan, reflecting a 0.5% increase compared to the same period last year [4]. - The net profit attributable to shareholders was 1.24 billion yuan, down 32.4% year-on-year [4]. Operational Metrics - The company’s passenger load factor improved to 92.7%, an increase of 0.9 percentage points year-on-year [5]. - The unit revenue for Q3 2024 saw a decline of 9.2% compared to Q3 2023, but increased by 5.2% compared to Q2 2019, indicating strong revenue management capabilities [5]. Investment Recommendations - Short-term outlook suggests that the company will benefit from attracting private travel customers due to its low pricing strategy [6]. - Medium-term expectations indicate that the company’s cost efficiency will normalize, leading to a recovery in profitability [6]. - Long-term growth potential is highlighted by the company’s commitment to shareholder returns, with a proposed cash dividend of 684 million yuan for 2023, representing a payout ratio of 30.3% [6].

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Investment Rating - The report maintains a "Strong Buy" rating for Spring Airlines (601021) [1] Core Views - The report highlights that Spring Airlines' Q3 net profit attributable to shareholders was 1.24 billion yuan, with a year-on-year decrease of 32.4%, but the overall performance of the low-cost airline leader is expected to be strong [1] - The report anticipates significant price elasticity in the airline sector once demand picks up, similar to the market trends observed in 2009-2010 [1] - The report adjusts profit forecasts for 2024-2026, estimating net profits of 2.48 billion, 3.21 billion, and 3.73 billion yuan respectively, with corresponding EPS of 2.53, 3.28, and 3.81 yuan [1] Summary by Sections Financial Performance - For Q1-Q3 2024, Spring Airlines reported revenue of 15.98 billion yuan, a year-on-year increase of 13.3%, and a net profit of 2.6 billion yuan, down 2.7% year-on-year [1] - In Q3 2024, revenue was 6.1 billion yuan, a slight increase of 0.5% year-on-year, while net profit was 1.24 billion yuan, down 32.4% year-on-year [1][5] Operational Data - For Q1-Q3 2024, Available Seat Kilometers (ASK) increased by 17.0% year-on-year, while Revenue Passenger Kilometers (RPK) rose by 20.1% [1] - The passenger load factor for Q3 2024 was 92.7%, an increase of 0.9 percentage points year-on-year [1] Revenue and Cost Analysis - The passenger revenue per kilometer for Q1-Q3 2024 was 0.41 yuan, down 5.7% year-on-year [1] - Operating costs for Q1-Q3 2024 were 12.93 billion yuan, up 16.1% year-on-year, with fuel costs at 4.78 billion yuan, an increase of 17.4% [1] Investment Recommendations - The report suggests a target market capitalization of 64.3 billion yuan and a target price of 65.7 yuan per share, indicating a potential upside of 20% from the current price [1] - The report emphasizes that despite seasonal price declines, Spring Airlines is expected to maintain strong profitability due to effective cost control and high passenger load factors [1]

春秋航空 2024 年三季报业绩说明会交流纪要 一、公司业绩阐述 1）运力方面 2024 年前三季度共引进 8 架飞机，其中 3 架为 A321neo，5 架为 A320neo， 均为自购引进，退租一架 A320ceo。截止三季度末，公司拥有空客 A320 系列机队共 128 架，其中自购飞机 88 架，经营性租赁飞机 40 架。Q4 还会有 3 架 320neo 引进，2 架飞机退 租，到年底机队规模是 129 架。 2024Q3 整体 ASK 较去年同期，增长 9.6%，其中国内增长 3.8%，国际增长 48.9%，区域 下降 28.3%。较 2019 年同期，增长 30.4%，其中国内增长 60.9%，国际恢复到 2019 年的近 8 成，其中，日本、韩国 ASK 已经超过 2019 年同期，泰国恢复比例在 7 成左右。地区恢复 到 2019 年的 30%+。 2）利用率方面 2024 年前三季度利用率 9.4 小时，较去年同期上升 10%，较 2019 年同期 下滑 16%。2024Q3 利用率平均 9.7 小时，去年 Q3 为 9.4 小时，同比上升 0.3 小时，相较于 2019Q3 有 14%的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a year-on-year decline in performance due to increased volume but decreased prices, while maintaining cost control advantages [1] - The company’s net profit for the first three quarters of 2024 was 2.604 billion yuan, a decrease of 2.73% compared to the same period last year [1] - The company’s cost control advantages remain strong, with a leading passenger load factor of 91.79% [2] - The average ticket price has declined, with unit ASK revenue at 0.3991 yuan, down 8.41% year-on-year [3] - The profit forecast for 2024-2026 has been adjusted downwards due to a more relaxed industry supply and overall price decline, with expected net profits of 2.511 billion yuan, 3.078 billion yuan, and 3.925 billion yuan respectively [3] Financial Performance Summary - For 2024E, the company is projected to achieve operating revenue of 20.436 billion yuan, with a growth rate of 14% year-on-year [1] - The projected net profit for 2024E is 2.511 billion yuan, reflecting an 11% growth rate year-on-year [1] - The earnings per share (EPS) for 2024E is expected to be 2.57 yuan [1] - The company’s return on equity (ROE) is projected to be 14% for 2024E [1] - The price-to-earnings (P/E) ratio is expected to be 21.4 for 2024E [1] Operational Highlights - The company added 7 aircraft in the first three quarters of 2024, bringing the total fleet size to 128 [2] - The overall and domestic available seat kilometers (ASK) increased by 17% and 10% respectively compared to the same period last year [2] - The company’s passenger turnover (RPK) grew by 20% overall and 12% domestically compared to the previous year [2]

Investment Rating - The report maintains an "Outperform" rating for the company, Spring Airlines [4]. Core Views - The third quarter of 2024 saw Spring Airlines report a net profit of 1.244 billion yuan, a year-on-year decline of 32.37%, with operating revenue remaining stable at 6.102 billion yuan, reflecting a slight increase of 0.48% year-on-year [4]. - The airline's operational data showed significant growth in passenger demand, with overall ASK (Available Seat Kilometers) up 30% compared to 2019, and RPK (Revenue Passenger Kilometers) up 31% compared to 2019 [4]. - The company’s fleet size reached 128 aircraft by the end of Q3 2024, marking a 45.5% increase compared to 2019 [4]. - The report indicates that the international recovery is slower than expected, leading to adjustments in profit forecasts for 2024-2026 [4]. Summary by Sections Market Data - Closing price: 56.27 yuan - One-year high/low: 67.62/47.72 yuan - Market capitalization: 55,063 million yuan [2]. Financial Data - Q3 2024 net profit: 1.244 billion yuan, down 32.37% year-on-year - Q3 2024 operating revenue: 6.102 billion yuan, up 0.48% year-on-year - Q3 2024 operating cost: 4.535 billion yuan, with a unit cost of 0.3 yuan [4][5]. Earnings Forecast - 2024E total revenue: 20,992 million yuan, with a year-on-year growth rate of 17.0% - 2024E net profit: 2,446 million yuan, with a year-on-year growth rate of 8.4% [5][6]. Operational Metrics - Domestic ASK recovery: 161% of 2019 levels, up 4% year-on-year - International ASK recovery: 78% of 2019 levels, up 49% year-on-year [4]. Profitability Metrics - Q3 2024 passenger kilometer yield: 0.51 yuan, up 5.2% compared to 2019, down 9.2% compared to 2023 [4]. - Forecasted PE ratios for 2024-2026: 23x, 17x, and 13x respectively [4].

Investment Rating - The report maintains a "Buy" rating for Spring Airlines [2] Core Views - In the first three quarters of 2024, Spring Airlines achieved operating revenue of 15.98 billion RMB, a year-on-year increase of 13%, while net profit attributable to shareholders decreased by 2.7% to 2.6 billion RMB [2] - The third quarter saw operating revenue of 6.1 billion RMB, a slight increase of 0.5% year-on-year, but net profit dropped by 32% to 1.24 billion RMB [2] - The decline in profitability is attributed to a decrease in ticket prices, with unit revenue per RPK down by 9% in Q3 2024 [2] - The company is expected to benefit from new international routes launched in the winter-spring season of 2024, which may lead to an increase in passenger volume [2] Summary by Sections Operating Analysis - Q3 2024 saw an increase in capacity and passenger load factor, with ASK up by 9.6% and a load factor of 92.7%, leading to a 10.7% increase in RPK [2] - The unit operating cost decreased by 1% to 0.30 RMB, but the gross margin fell to 25.7%, down 5.4 percentage points year-on-year due to lower ticket prices [2] Profit Forecast and Valuation - The net profit forecasts for 2024-2026 have been revised down to 2.8 billion RMB, 3.3 billion RMB, and 4.4 billion RMB respectively [2] - The report maintains the "Buy" rating based on the expected recovery in demand [2]