高负债率和有息负债规模反映出航空公司在机队扩张、航线拓展等方面的资金需求大，通过大量举债来满足业务发展。然而，这也意味着沉重的利息负担和 财务风险，尤其是在市场环境波动、盈利能力下降时，偿债压力将进一步加剧。 从负债率来看，海航控股以98.9%的高负债率位居榜首，逼近资不抵债的边缘。中国国航、中国东航、南方航空、华夏航空和吉祥航空的负债率也均在80% 以上，春秋航空的负债率相对较低，为60.3%。 有息负债方面，中国国航以 2359.81 亿元的规模领先，南方航空和中国东航紧随其后，分别为 2069.21 亿元和 1784.54 亿元。华夏航空和吉祥航空的有息负 债相对较少，分别为 146.06亿元和 330.29亿元，春秋航空则仅为196.37亿元。 专题：新浪财经上市公司研究院 出品：新浪财经上市公司研究院 作者：昊 近期，7 家上市航空公司2024年年报陆续出炉。作为杠杆率较高的行业之一，市场对各家航司的负债和财务费用情况颇为关注。 财务费用方面，中国国航以67.67亿元位居首位，南方航空和中国东航分别为 66.28 亿元和 58.4 亿元。海航控股的财务费用也较高，为 51.60亿元。华夏航空 和吉祥 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - Maersk reported a 70.4% year-on-year increase in EBITDA for Q1 2025, with total revenue reaching $13.32 billion, a 7.8% increase [3][14] - Hainan Airlines transported over 617,000 passengers during the "May Day" holiday, setting a record for Beijing Daxing Airport [3][16] - SF Express saw an 87% year-on-year increase in business volume during the "May Day" holiday, with the e-commerce logistics index rising to 111.1 points in April [3][23] Summary by Sections 1. Industry Hot Events - Maersk's Q1 2025 report shows EBITDA growth of 70.4%, with net profit increasing by 480.3% to $1.21 billion [3][14] - Hainan Airlines executed approximately 3,883 flights and transported over 617,000 passengers during the "May Day" holiday, marking a 9% increase year-on-year [3][16] - SF Express reported an 87% increase in business volume during the holiday, with significant growth in various categories [3][23] 2. High-Frequency Data Tracking - Air freight prices remained stable from early to mid-April 2025, with a slight decline in some indices [4][27] - Domestic cargo flight volumes decreased by 1.67% year-on-year in April 2025, while international flights increased by 25.08% [4][36] - The SCFI index for container shipping reported a 0.32% week-on-week increase, but a 41.66% year-on-year decrease [4][40] 3. Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies like COSCO Shipping, China Merchants Energy, and Huamao Logistics [5] - It highlights investment opportunities in low-altitude economy trends and the cruise and ferry sectors [5] - Recommendations for the express delivery sector include SF Holdings, Jitu Express, and Yunda Express, with a focus on the aviation industry as well [5]

Core Viewpoint - Spring Airlines has achieved remarkable profitability in 2024, with a net profit of 2.273 billion yuan, leading among A-share listed airlines, despite facing significant criticism from passengers regarding service quality and aircraft conditions [4][5][6]. Financial Performance - In 2024, Spring Airlines reported a revenue of 20 billion yuan, an increase of 11.5% year-on-year, and a net profit of 2.273 billion yuan, up 0.69% from the previous year, resulting in a profit margin of 11.36% [7][8]. - The airline's profitability exceeds the combined profits of six other major airlines, which reported losses totaling 69.83 million yuan [9][10]. Operational Metrics - Spring Airlines achieved an impressive average passenger load factor of 91.49% in 2024, up 2.1 percentage points from the previous year, with domestic routes reaching 92.16% [12]. - The airline transported over 28.6 million passengers in 2024, marking an 18.8% increase year-on-year [13]. Competitive Strategy - The airline's success is attributed to its low-cost model and high operational efficiency, appealing to cost-conscious travelers [11][14]. - Spring Airlines has focused on expanding its capacity in key provincial airports, increasing capacity by 267% compared to 2019 [17]. Fleet and Cost Management - The airline operates a fleet of 129 Airbus A320 series aircraft, maintaining a single-class economy seating arrangement to maximize capacity and reduce operational costs [21][22]. - In 2024, the airline's operating costs were 17.412 billion yuan, accounting for 87.05% of total revenue, which is lower than many competitors [32]. Ancillary Revenue - Spring Airlines generated 1.03 billion yuan from ancillary services in 2024, contributing 5.15% to total revenue, with services including in-flight sales and baggage handling [34]. Challenges and Market Conditions - Despite its low-cost strategy, Spring Airlines faces challenges such as declining unit revenue and increasing operational costs due to market conditions and rising supplier prices [43][45]. - In the first quarter of 2025, the airline's revenue growth slowed to 2.9%, with net profit declining by 16.4% compared to the previous year [46][47].

证券代码：601021 证券简称：春秋航空 公告编号：2025-025 春秋航空股份有限公司 第五届监事会第九次会议决议公告 本公司监事会及全体监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。 二、监事会会议审议情况 一、监事会会议召开情况 春秋航空股份有限公司（以下简称"公司"）第五届监事会第九次会议于 2025 年 5 月 13 日以通讯方式召开。会议通知及材料于 2025 年 5 月 8 日以电子邮件 形式发出，并予以确认。 会议应出席监事 3 名，实际出席监事 3 名，监事会主席徐国萍、监事刘华丽以 及职工监事金晶出席了会议。 会议由监事会主席徐国萍召集和主持。公司全体监事认真审阅了会议议案，全 部 3 名监事对会议议案进行了表决。会议参与表决人数及召集、召开程序符合《公 司法》和《公司章程》的有关规定，所作决议合法有效。 （一）审议并通过《关于提请股东大会授权董事会制定 2025 年中期分红方案 的议案》 与会监事认为：该议案在综合考虑公司经营状况、现金流量状况、未来的业务 发展规划及资金需求等因素的基础上，能够进一步回馈投资者对公司的 ...

证券代码：601021 证券简称：春秋航空 公告编号：2025-024 春秋航空股份有限公司 第五届董事会第十一次会议决议公告 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、董事会会议召开情况 春秋航空股份有限公司（以下简称"公司"）第五届董事会第十一次会议于 2025 年 5 月 13 日以通讯方式召开。会议通知及材料于 2025 年 5 月 8 日以电子邮件 形式发出，并予以确认。 会议应出席董事 9 名，实际出席董事 9 名，出席董事占应出席人数的 100%。 会议由董事长王煜先生召集并主持，公司全体董事认真审议了会议议案并进行 了表决。会议参与表决人数及召集、召开程序符合有关法律、法规和《公司章程》 的有关规定，所作决议合法有效。 二、董事会会议审议情况 （一）审议并通过《关于提请股东大会授权董事会制定 2025 年中期分红方案 的议案》 根据《公司法》《上市公司章程指引》《上海证券交易所股票上市规则》《上市 公司监管指引第 3 号——上市公司现金分红》《公司章程》等相关规定，在综合考 虑公司经营状况、现金流量状 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Views - The company has shown resilient ticket prices and stable pre-tax profit performance despite a challenging macroeconomic environment. The revenue for 2024 is projected to be 20.0 billion yuan, an increase of 11.5% year-on-year, with a net profit of 2.27 billion yuan, reflecting a slight increase of 0.7% [1][8]. - The company is expected to continue its operational recovery in 2025, supported by fleet expansion, international route recovery, and improved cost management, which will drive performance upward [3][17]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 20.0 billion yuan, with a net profit of 2.27 billion yuan. The fourth quarter of 2024 saw a revenue of 4.02 billion yuan, with a net profit loss of 0.33 billion yuan, indicating a reduction in losses year-on-year. For the first quarter of 2025, revenue was 5.32 billion yuan, down 16.4% in net profit to 0.68 billion yuan [1][8]. - The company maintained steady growth in operational metrics, with ASK (Available Seat Kilometers) increasing by 16.1% in 2024 and 6.9% in Q1 2025, while RPK (Revenue Passenger Kilometers) rose by 18.8% and 6.2% respectively [10][16]. Cost Management - The company has optimized cost management, with total operating costs for 2024 reaching 17.41 billion yuan, a year-on-year increase of 12.2%. Fuel costs accounted for 6.14 billion yuan, up 8.9%, while non-fuel costs were 11.27 billion yuan, up 14.1% [2][16]. - The daily aircraft utilization rate improved to 9.30 hours, recovering to 82.7% of the 2019 level, and the unit non-fuel cost per ASK decreased to 0.205 yuan, down 1.71% compared to 2019 [2][16]. Future Outlook - The company plans to introduce 8 new aircraft in 2024 and 5 in 2025, which is expected to support continued growth in performance. The forecasted net profits for 2025-2027 are 2.58 billion, 3.14 billion, and 3.76 billion yuan respectively, with adjustments reflecting a decrease of 30.8% and 28.3% for 2025 and 2026 [3][18].

跟踪中证旅游的公募基金包括：富国中证旅游主题ETF、华夏中证旅游主题ETF。 金融界5月12日消息，上证指数高开高走，中证旅游主题指数 (中证旅游，930633)上涨0.9%，报2783.81 点，成交额67.19亿元。 数据统计显示，中证旅游主题指数近一个月下跌4.42%，近三个月上涨1.01%，年至今下跌5.28%。 据了解，中证旅游主题指数选取不超过50家业务涉及旅游住宿、旅游游览、旅游购物、旅游娱乐、旅游 综合服务、旅游出行、旅游餐饮、旅游地产开发等旅游产业链的上市公司证券作为指数样本，以反映旅 游主题上市公司证券的整体表现。该指数以2008年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证旅游主题指数十大权重分别为：中国中免（14.99%）、宋城演艺（7.39%）、上 海机场（6.38%）、锦江酒店（5.53%）、首旅酒店（5.15%）、中国东航（5.13%）、南方航空 （5.05%）、中国国航（4.48%）、春秋航空（4.38%）、海南机场（3.87%）。 从中证旅游主题指数持仓样本的行业来看，消费者服务占比48.04%、交通运输占比31.30%、零售业占 比14.99%、房地产 ...

丨证券研究报告丨 公司研究丨点评报告丨春秋航空（601021.SH） [Table_Title] 收益韧性凸显，Q1 经营利润逆势增加 报告要点 [Table_Summary] 春秋航空披露 2024 年年报与 2025 年一季报，2024 年全年公司实现营业收入 200 亿元，同比 增加 11.5%，实现归属净利润 22.7 亿元，同比增加 0.7%，其中 2024Q4 公司实现营业收入 40.23 亿元，同比增加 4.9%，实现归属净利润-3.3 亿元，同比减亏 0.9 亿元。2025Q1 公司实 现营业收入 53.2 亿元，同比增加 2.9%，实现利润总额 8.9 亿元，同比增加 0.5%，实现归属净 利润 6.8 亿元，同比下滑 16.4%，主要由于 2024Q1 公司有税盾影响未全额确认所得税，导致 税后利润波动较大。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 research.95579.com 1 春秋航空（601021.SH） cjz ...

Core Viewpoint - Spring Airlines has been recognized for its outstanding performance in carbon finance and green aviation practices, receiving the "Low Carbon Practice Award" at the Shanghai Carbon Market 2024 Annual Evaluation Event, highlighting its role in promoting sustainable development in the civil aviation industry [1] Group 1: Carbon Market Participation - In May 2024, Spring Airlines completed a "carbon quota pledge loan" transaction in collaboration with China Construction Bank and Guotai Junan, aiming to activate corporate carbon assets and broaden financing channels [1] - By September 2024, Spring Airlines actively participated in the first batch of "carbon inclusive" demonstration trading, purchasing carbon inclusives for quota compliance, establishing itself as a pioneer in carbon finance practices within the civil aviation sector [1] - Spring Airlines has successfully fulfilled its obligations in the Shanghai carbon market for 11 consecutive years, demonstrating the company's sense of responsibility and execution capability [1] Group 2: Green Development Initiatives - Spring Airlines adheres to a "green aviation" development philosophy, implementing systematic measures such as fleet iteration, operational optimization, and sustainable aviation fuel (SAF) application to achieve a continuous reduction in carbon emission intensity [2] - In 2024, the company introduced 11 Airbus A320neo aircraft, increasing their proportion in the fleet to 42%, significantly improving fuel efficiency compared to traditional models [2] - The company has implemented detailed management measures, including optimized cruising altitude and single-engine taxiing, resulting in a cumulative reduction of 33,000 tons of carbon dioxide emissions in 2024 [2] - Spring Airlines has begun using a specific proportion of SAF on international scheduled flights, significantly reducing carbon emissions from long-haul flights, in response to global aviation emission reduction calls [2] - The electrification of ground vehicles at airports has accelerated, with the introduction of 31 new energy vehicles in 2024, raising the proportion of new energy vehicles in the fleet to 22% [2] - The company emphasizes that green development is essential for high-quality growth in the civil aviation industry and will continue to deepen its green development strategy [2]

Investment Rating - The report maintains a "Buy" rating for the company, Spring Airlines, as it is expected to benefit from the future popularization of civil aviation travel in China [4]. Core Views - The company reported a revenue of 20 billion yuan for 2024, reflecting an 11.5% year-on-year increase, and a net profit of 2.273 billion yuan, which is a slight increase of 0.69%. For Q1 2025, the revenue was 5.317 billion yuan, up 2.88%, but the net profit decreased by 16.39% to 677 million yuan [2][4]. - The report highlights that the company's average passenger kilometer revenue decreased by 6.5% year-on-year, while the overall passenger load factor improved by 2.1 percentage points to 91.49% in 2024 [4]. - The company is expected to see a revenue adjustment for 2025 from 27.074 billion yuan to 22.437 billion yuan, with an estimated EPS reduction from 4.59 yuan to 2.75 yuan. Projections for 2026 and 2027 are set at 26.740 billion yuan and 30.248 billion yuan in revenue, with EPS of 3.47 yuan and 4.12 yuan respectively [4]. Financial Summary - For 2025, the estimated revenue is 22.437 billion yuan, with a year-on-year growth of 12.2%. The net profit is projected at 2.692 billion yuan, reflecting an 18.4% increase. The gross margin is expected to be 15.6% [7][18]. - The report provides a detailed financial outlook, including a projected PE ratio of 19.78 for 2025, decreasing to 13.22 by 2027 [7][18]. - The company’s fleet size is expected to grow to 134 aircraft in 2025 and 146 in 2026, with a corresponding increase in available pilots [4][18].