股票代码：601021 股票简称：春秋航空 公告编号：2024-045 春秋航空股份有限公司 关于证券事务代表辞职的公告 春秋航空股份有限公司董事会 2024 年 9 月 3 日 春秋航空股份有限公司（以下简称"公司"）董事会于近日收到公司证券 事务代表赵志琴女士的辞职报告。赵志琴女士因个人原因申请辞去公司证券事 务代表职务，辞去该职务后，赵志琴女士将不再担任公司任何职务。根据《上 海证券交易所股票上市规则》《公司章程》等有关规定，赵志琴女士的辞职报 告自送达董事会之日起生效。赵志琴女士的辞职不会影响公司相关工作的正常 开展。赵志琴女士辞职后，公司证券事务代表人数由 2 名变更为 1 名，徐亮先 生继续担任公司证券事务代表。 赵志琴女士在担任证券事务代表期间恪尽职守、勤勉尽责，在公司首次公 开募股、信息披露、规范运作等方面发挥了重要作用。在此，公司及公司董事 会对赵志琴女士在任职期间为公司发展所做的辛勤工作和贡献表示衷心感谢！ 特此公告。 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。 ...

量增价跌盈利向好，经营管理优势维持 春秋航空(601021.SH） 证券研究报告/公司点评 2024 年 8 月 30 日 [Table_Profit] 基本状况 总股本(百万股) 979 流通股本(百万股) 979 市价(元) 50.48 市值(百万元) 49,397 流通市值(百万元) 49,397 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------|-----------------------------------------------|-------------------------|--------|--------|---------------------------|--------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格：50.48 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 20 ...

Investment Rating - The report maintains an "Outperform" rating for Spring Airlines (601021 SH) [1][4][8] Core Views - Spring Airlines demonstrated robust revenue growth and excellent cost control in H1 2024 [1] - The company's passenger revenue performance remained stable, with significant improvements in supply-demand metrics [1][5] - Unit costs showed a slight year-over-year decline, supporting continued earnings growth [1][5] Financial Performance - H1 2024 revenue reached 9 88 billion yuan (+23 0% YoY), with net profit attributable to shareholders of 1 36 billion yuan (+62 3% YoY) [1][5] - Q2 2024 revenue was 4 71 billion yuan (+12 9% YoY), with net profit of 551 million yuan (+14 1% YoY) [1][5] - Gross margin improved to 15 0% (+1 6pct YoY), while net margin reached 13 8% (+3 3pct YoY) [1][5] Operational Metrics - ASK and RPK grew by 21 5% and 26 1% YoY respectively in H1 2024, with load factor reaching 91 3% (+3 4pct YoY) [1][5] - Passenger yield per kilometer was 0 393 yuan (-2 5% YoY), with domestic and international yields up 7 9% and 18 0% compared to 2019 [1][5] - Daily aircraft utilization increased by 14 4% YoY, contributing to fixed cost dilution [1][5] Fleet Expansion - The company plans to add 8 aircraft in 2024, with a total of 127 A320 series aircraft in operation by Q2 2024 [1][5] - Fleet expansion targets include net additions of 8, 12, and 14 aircraft for 2024-2026, with a CAGR of 8 6% from 2023-2026 [1][5] Financial Projections - 2024-2026 revenue forecasts are 21 557 billion, 24 314 billion, and 26 686 billion yuan respectively [2] - Net profit projections for 2024-2026 are 2 912 billion, 3 730 billion, and 4 384 billion yuan [2][9] - EPS estimates for 2024-2026 are 2 98, 3 81, and 4 48 yuan respectively [2] Valuation Metrics - 2024-2026 PE ratios are projected at 17 0x, 13 2x, and 11 3x [2] - PB ratios for 2024-2026 are estimated at 2 78x, 2 42x, and 2 10x [2] - ROE is expected to improve from 16 4% in 2024 to 18 7% in 2026 [2]

证 券 研 究 报 告 春秋航空（601021）2024 年中报点评 强推（维持） H1 盈利 13.6 亿元，同比+62.3%，超预告上 限，看好低成本航空龙头业绩兑现 公司公告 2024 年中报：1、2024H1：营收 98.8 亿，同比+23.0%，较 19 年 +38.1%，盈利 13.6 亿（预告盈利 12.9 至 13.4 亿，高于预告上限），同比+62.3%， 扣非盈利 13.6 亿，同比+79.1%。上半年人民币兑美元贬值 0.6%，汇兑收益 2088.7 万元。2、2024Q2：营收 47.1 亿，同比+12.9%，较 19 年+34.1%，盈利 5.5 亿（预告盈利 4.8 至 5.3 亿，高于预告上限），同比+14.1%，扣非盈利 5.5 亿，同比+31.1%。Q2 人民币兑美元贬值 0.4%，测算汇兑收益 588.7 万元。3、 其他收益：2024H1 实现 4.7 亿，同比-8.2%；2024Q2 实现 2.7 亿，同比-5.8%。 经营数据：1、24H1：ASK 同比+21.5%，较 19 年+28.7%，RPK 同比+26.1%， 较 19 年+28.2%，客座率 91.3%，同 ...

证券研究报告 | --- | |----------------------------------------------------------------------------------------------------------| | 公司研究 | | [Table_ReportType] 公司点评报告 | | [Table_StockAndRank] 春秋航空 (601021) | | 投资评级 买入 | | 上次评级 买入 | | [Table_Author] 匡培钦 交通运输行业首席分析师 执业编号： s1500524070004 邮 箱： kuangpeiqin@cindasc.com | | 相关研究 [Table_OtherReport] 春秋航空（ 601021.SH ）深度报告：低 成本航空龙头，定位精准空间可期 | | --- | --- | |----------------------|-------| | | | | 信达证券股份有限公司 | | [Table_Title] 春秋航空（601021.SH）2024 年中报点评： 经营韧性凸显，盈利空间可期 [Table_ ...

股票代码：601021 股票简称：春秋航空 公告编号：2024-043 春秋航空股份有限公司 关于使用部分闲置募集资金临时补充流动资金的公告 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： ● 春秋航空股份有限公司（以下简称"春秋航空"或"公司"）本次使用闲 置募集资金临时补充流动资金的金额为不超过人民币 19,430,049 元。 ● 公司募集资金临时补充流动资金的使用期限：自公司董事会审议通过之日 起不超过十二个月。 ● 公司于 2024 年 8 月 28 日召开第五届董事会第六次会议和第五届监事会第 五次会议审议通过了《关于使用部分闲置募集资金临时补充流动资金的议案》，同 意公司使用不超过 19,430,049 元闲置的募集资金临时补充流动资金。现将相关事宜 公告如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准春秋航 空股份有限公司非公开发行股票的批复》（证监许可[2022]300 号）的核准，春秋 航空本次非公开发行 A 股股票 62,086,092 股，发行价 ...

Financial Performance - Spring Airlines reported a total revenue of 1.2 billion RMB for the first half of 2024, representing a year-on-year increase of 15%[10]. - The company's operating revenue for the first half of 2024 reached CNY 9,875,103,007, representing a year-on-year increase of 22.97% compared to CNY 8,030,371,802 in the same period last year[14]. - Net profit attributable to shareholders for the same period was CNY 1,360,572,268, marking a significant increase of 62.28% from CNY 838,392,342 in the previous year[14]. - The company reported a gross profit margin of approximately 10.4% for the first half of 2024, compared to 10.1% in the same period of 2023[143]. - The net profit for the first half of 2024 was ¥1,064,527,605, compared to ¥567,717,943 in the previous year, marking an increase of 87.5%[147]. - The company achieved a basic earnings per share of ¥1.39 for the first half of 2024, compared to ¥0.86 in the same period of 2023[144]. - The company reported a total comprehensive income of ¥1,078,229,432 for the first half of 2024, significantly higher than ¥402,242,030 in the same period of 2023[147]. Operational Efficiency - The passenger turnover (RPK) reached 3.5 billion, up 20% compared to the same period last year[10]. - The available seat kilometers (ASK) increased by 18% to 4.2 billion, indicating enhanced capacity utilization[10]. - The load factor improved to 83%, reflecting a 5% increase year-on-year, showcasing better seat utilization[10]. - The average passenger load factor improved to 91.3%, an increase of 3.4 percentage points compared to the same period last year[48]. - The average aircraft utilization per day rose to 9.28 hours, a 14.43% increase compared to the same period last year[44]. - The company maintains a high seat occupancy rate and high aircraft daily utilization rate, with fixed costs accounting for approximately one-third of the main business costs, allowing for significant cost dilution through increased aircraft utilization[33]. Fleet and Capacity Expansion - The company plans to expand its fleet by adding 5 new aircraft by the end of 2024, aiming to enhance operational capacity[10]. - As of June 2024, the company has introduced 87 A320 aircraft with a new cabin layout increasing seating from 180 to 186, and 12 A321neo aircraft, enhancing capacity and operational efficiency[32]. - The company has established a network of 222 flight routes, including 178 domestic routes and 41 international routes, with international capacity recovering to over 70% of 2019 levels[55][57]. - The company has significantly increased capacity at five new provincial capital airports, achieving nearly a 300% increase compared to the same period in 2019[56]. Market Strategy and Growth - Spring Airlines is focusing on developing new routes in Southeast Asia, targeting a 25% increase in international passenger traffic[10]. - The company has established a strong base at Shanghai Hongqiao and Pudong airports, with a combined passenger throughput ranking first nationally, facilitating further expansion[37]. - The company focuses on expanding its market presence beyond first-tier cities, targeting second to fourth-tier markets to tap into significant demand[37]. - The company anticipates further growth in air transport demand driven by emerging markets, including China and Southeast Asia[21]. Ancillary Revenue and Services - The company reported a 12% increase in ancillary revenue, driven by additional services offered to passengers[10]. - The company has developed a diverse range of auxiliary services, contributing to higher profit margins, and plans to further integrate online direct sales channels to boost ancillary revenue[39]. - The company achieved a 97.3% share of direct e-commerce sales channels in the first half of 2024, significantly reducing sales agency costs, with unit sales expenses of 0.0045 yuan, well below industry peers[33]. Financial Health and Investments - The company reported a net cash flow from operating activities of CNY 3,212,568,388, which is a decrease of 5.77% compared to CNY 3,409,265,244 in the previous year[14]. - The total assets at the end of the reporting period were CNY 42,306,332,962, down 4.37% from CNY 44,237,902,712 at the end of the previous year[14]. - The company has invested approximately 79.36 million yuan in R&D in the first half of 2024, a 12.2% increase year-on-year, focusing on enhancing its proprietary distribution, booking, and settlement systems[40]. - The company has provided guarantees for up to 28 million RMB for flight trainees requiring bank loans for training fees[123]. Industry Trends and Challenges - The global airline industry is expected to see a 10.4% increase in total passenger volume in 2024, with a projected revenue exceeding USD 1 trillion and a net profit of USD 30.5 billion[20][21]. - The industry is facing cost pressures due to high international oil prices and inflation, impacting airline operational costs significantly[28]. - The cyclical nature of the aviation industry is influenced by macroeconomic conditions, with demand fluctuating based on economic performance[30]. - The company faces challenges in securing airport resources due to saturation at major hub airports, impacting its competitive position[43]. Environmental and Social Responsibility - The company has established an environmental protection management system and actively participates in ecological restoration projects, donating 20 million yuan to the "China Green Carbon Sink Fund" for a 30-year ecological restoration project in Hebei[100]. - The company emphasizes energy efficiency, achieving lower fuel consumption per ton-kilometer compared to the industry average due to its low-cost airline model[100]. - The company has stopped providing single-use plastic products on domestic flights as part of its plastic reduction initiative[103]. - The "Blue Sky Dream Plan" has recruited 37 ethnic minority high school graduates for a two-year aviation training program, contributing to local employment and poverty alleviation[105]. Governance and Shareholder Commitments - Spring Airlines' parent company, Spring Travel, will ensure the repurchase of all newly issued shares of Spring Airlines if there are any false records or misleading statements in the prospectus that cause investor losses[109]. - Spring Airlines' shareholders are committed to not reducing their holdings by more than 20% of their shares annually, and any reduction must be below 5% of the total share capital[109]. - The company has engaged in related party transactions with Spring Travel, with an expected amount of 1,150 million yuan for charter and ticket agency services in 2024[119].

证券代码：601021 证券简称：春秋航空 公告编号：2024-039 春秋航空股份有限公司 春秋航空股份有限公司（以下简称"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）。 根据《关于以集中竞价交易方式回购公司股份的回购报告书》，如公司在本次 回购期间发生资本公积金转增股本、派息、派送股票红利、股份拆细、缩股、配 股等事项，公司将按照中国证券监督管理委员会及上海 ...

股票代码：601021 股票简称：春秋航空 公告编号：2024-038 春秋航空股份有限公司 2024 年度"提质增效重回报"行动方案 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、准确性和完整性承担法律责任。 春秋航空股份有限公司（以下简称"春秋航空"或"公司"）为深入贯彻中 央经济工作会议和中央金融工作会议精神，落实国务院《关于加强监管防范风险推 动资本市场高质量发展的若干意见》《关于进一步提高上市公司质量的意见》的要 求，持续提升上市公司质量，增强投资者回报与获得感，制定了 2024 年度"提质 增效重回报"行动方案。具体如下： 一、深耕主业发展，提升经营质效 春秋航空是中国首批民营航空公司之一，在保障安全的前提下，公司注重运 行准点与服务品质，尊重旅客的选择权，致力于为旅客提供多种实惠的出行产品。 近年来，公司在以国内大循环为主体、国际国内双循环相互促进的民航新发展格局 下，依托需求侧的巨大潜力和差异化竞争优势，最大程度地围绕国内外主要基地不 断发展主营业务，取得了较好的规模增长和业绩提升。 截至 2024 年 6 月末，公司已拥有 127 架空 ...

股票代码：601021 股票简称：春秋航空 公告编号：2024-037 春秋航空股份有限公司 2024 年 7 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 7 月份主要运营数据情 况如下： 一、本月机队情况 本月无新增飞机。 截止本月末，公司共运营 127 架空客 A320 系列飞机。 | 机型 | 自购 | 经营租赁 | 小计 | | --- | --- | --- | --- | | A320ceo | 50 | 28 | 78 | | A320neo | 23 | 14 | 37 | | A321neo | 11 | 1 | 12 | | 合计 | 84 | 43 | 127 | 二、本月主要新增航线情况 本月主要新增航线：广州=胡志明（周 257） 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 | | --- | --- | --- | --- | --- | --- | --- | | ...