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 Viewpoints - The company reported a revenue of 20 billion yuan in 2024, representing an 11.5% 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 by 2.88%, but the net profit decreased by 16.39% to 677 million yuan [2][4]. - The report highlights that the company is experiencing a one-time factor affecting its Q1 2025 performance, primarily due to maintenance issues with the leap-1a engines, which resulted in an average of 8 grounded aircraft [4][5]. - The company has a strong market position, with an increase in market share at major airports in Shanghai, attributed to a growing fleet and pilot training programs [5]. Financial Summary - The financial projections for 2025 have been adjusted, with expected revenue revised down from 27.074 billion yuan to 22.437 billion yuan, and earnings per share (EPS) adjusted from 4.59 yuan to 2.75 yuan. Projections for 2026 and 2027 are set at revenues of 26.740 billion yuan and 30.248 billion yuan, with EPS of 3.47 yuan and 4.12 yuan respectively [4][7]. - The report provides a detailed financial summary, indicating a projected revenue growth of 12.2% in 2025, with a net profit growth of 18.4% in 2026 and 26.0% in 2027 [7][18]. Operational Insights - The company has successfully increased its fleet size to 129 aircraft by the end of 2024, achieving a 6.6% growth compared to the previous year. Future fleet growth is planned to reach 134 aircraft in 2025 and 146 in 2026 [5][7]. - The average passenger kilometer yield has decreased by 6.5% year-on-year, reflecting the industry's trend of "price for volume" [5]. Market Position - As a leading low-cost airline in China, Spring Airlines is well-positioned to capitalize on the increasing demand for air travel as the market continues to recover and expand [4][5].

2024 年民航客运量稳步增长，公司运力投放不断增长，全年客运运力投放同比增长16.1%，旅客周转量 同比增长18.8%，客座率91.49%，同比上升2.1pct，其中国际市场增速较快，地区市场有所下滑。因行 业市场下沉及价格竞争影响，公司全年客运运价有所下降，客公里收益0.385 元，同比下降6.5%。 成本费用稳定，全年业绩符合预期 2024 年公司成本费用表现基本稳定，尽管油价有所降低，但公司航油成本因用油量上升仍有所增长； 非油成本管控依旧较好，单位非油成本同比略有下降。费用端，公司各项费用稳中略降，其中销售、管 理、研发、财务费用率分别为1.25%、1.36%、0.80%、1.33%，同比分别下降0.08pct、上升0.07pct、持 平、下降0.12pct。整体来看，公司2024 年业绩基本符合预期。 春秋航空披露2024 年年报及2025 年一季报 税盾因素导致一季度业绩下滑，不含税业绩保持坚挺2025 年一季度公司运量保持增长，业务重心更偏 向于扩张国际航线，运价同比略有下降。值得一提的是，公司2025 年一季度有所波动的原因主要是税 盾用尽，税前利润同比依然坚挺，同比提高0.5%。 春秋航空 ...

发布时间：2025-05-08 股票投资评级 资料来源：聚源，中邮证券研究所 证券研究报告：交通运输 | 公司点评报告 公司基本情况 | 最新收盘价（元） | 55.45 | | --- | --- | | 总股本/流通股本（亿股）9.78 | / 9.78 | | 总市值/流通市值（亿元）542 | / 542 | | 52 周内最高/最低价 | 62.18 / 48.22 | | 资产负债率(%) | 60.3% | | 市盈率 | 23.80 | | 第一大股东 | 上海春秋国际旅行社 | | | (集团)有限公司 | 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 春秋航空(601021) 低成本航空韧性凸显，扣税盾业绩保持坚挺 l 春秋航空披露 2024 年年报及 2025 年一季报 春秋航空披露 2024 年年报及 2025 年一季报。2024 年公司营业 收入 200.0 亿元，同比增长 11.5%，实现归母净利润 22.7 亿元，同比 增长 0.7%，其中第四季度营业收入 40.2 亿元，同比增长 4.9%，归母 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][11]. Core Views - The low-cost airline model demonstrates resilience, with the company expected to benefit from a significant reduction in oil prices, positively impacting cost management [7]. - The civil aviation market in China continues to show growth potential, with the company focusing on expanding international routes despite slight declines in domestic market performance [6][7]. - The company's financial performance for 2024 aligns with expectations, with stable cost management and a slight increase in net profit forecasted for the coming years [5][9]. Company Overview - The latest closing price of the company's stock is 55.45 yuan, with a total market capitalization of 542 billion yuan [2]. - The company reported a revenue of 20 billion yuan for 2024, reflecting an 11.5% year-on-year growth, and a net profit of 2.27 billion yuan, which is a 0.7% increase [3][9]. - The company’s operating capacity increased by 16.1% year-on-year, with passenger turnover rising by 18.8% [4]. Financial Projections - Forecasted revenues for 2025, 2026, and 2027 are 21.59 billion yuan, 23.06 billion yuan, and 24.62 billion yuan, respectively, with growth rates of 7.96%, 6.82%, and 6.76% [9]. - The projected net profits for the same years are 2.71 billion yuan, 3.25 billion yuan, and 3.74 billion yuan, with growth rates of 19.08%, 19.96%, and 15.12% [9][10]. - The earnings per share (EPS) are expected to increase from 2.32 yuan in 2024 to 3.82 yuan in 2027 [9][10].

春秋航空于2015年1月21日在上海证券交易所上市，发行价格为18.16元/股，发行数量为100,000,000 股，本次发行募集资金总额为1,816,000,000元，扣除发行费用后募集资金净额为1,754,630,200元。发行 总费用为61,369,800元，承销及保荐费用为45,375,000元。保荐人(主承销商)为瑞银证券有限责任公司， 保荐代表人为汤双定、司宏鹏。 三个股东合计拟减持其持有的公司无限售条件流通股不超过7,814,700股(占公司总股本不超过0.80%)。 本次减持自减持计划公告披露日起15个交易日后3个月内进行，且在任意连续90个自然日内，三个股东 及一致行动人合计采取集中竞价交易方式减持股份的总数不超过公司总股本的1%。 中国经济网北京5月8日讯春秋航空（601021）(601021.SH)昨晚发布股东减持股份计划公告。截至公告 披露日，春秋航空股东：(1)上海春秋包机旅行社有限公司(以下简称"春秋包机")持有公司股份 22,720,600股，占公司总股本比例为2.32%；(2)上海春翔投资有限公司(以下简称"春翔投资")持有公司股 份15,785,507股，占公司总股本比例为1 ...

Summary of Conference Call Records Industry and Company Involved - **Industry**: Civil Aviation - **Company**: Spring Airlines (春秋航空) Key Points and Arguments 1. **Profit Recovery**: The company has shown a recovery in single aircraft profit margins, with figures reaching 19.05 million in 2023 and 18.18 million in 2024, approaching the pre-pandemic level of approximately 20 million in 2019, which was significantly higher than comparable companies in the industry [1][2][3] 2. **Revenue and Profit Performance**: In Q1 2025, the company reported revenue of 5.317 billion, a year-on-year increase of 2.88%, while net profit was 677 million, reflecting a year-on-year decrease of 16.39% [2][3] 3. **Future Profit Potential**: The company anticipates that with the upward trend in the industry and continuous efficiency improvements from its low-cost model, single aircraft profit margins are expected to surpass the 2019 levels in the future [2][3] 4. **Shareholder Returns**: The company has committed to a dividend policy for 2024-2026, ensuring that at least 30% of profits will be distributed to shareholders. For 2024, the total cash dividend is projected to be 798 million (including tax), with a share buyback amounting to 66.86 million, totaling 864 million, which represents 38.03% of the net profit attributable to the parent company for 2024 [2][3] Other Important but Possibly Overlooked Content 1. **Comparison with Peers**: The company’s single aircraft profit levels are highlighted as being superior to those of its peers, indicating a competitive advantage in the market [1][2] 2. **Market Outlook**: The overall industry outlook is positive, suggesting a recovery trajectory that could benefit the company significantly [1][2] 3. **Investment in Efficiency**: The focus on low-cost operational efficiency is a critical factor in the company's strategy to enhance profitability moving forward [2][3]

春秋航空（SH 601021，收盘价：55.45元）5月7日晚间发布公告称，上海春秋包机旅行社有限公司持有 公司股份约2272万股，占公司总股本比例为2.32%；。上海春翔投资有限公司持有公司股份约1579万 股，占公司总股本比例为1.61%；。上海春翼投资有限公司持有公司股份约1172万股，占公司总股本比 例为1.2%。三个股东与公司控股股东上海春秋国际旅行社（集团）有限公司构成一致行动关系，合计 持有公司股份约5.54亿股，占公司总股本比例为56.65%；其中三个股东合计持有公司股份约5022万股， 占公司总股本比例为5.13%。春秋包机本次拟减持其持有的公司无限售条件流通股不超过约394万股 （占公司总股本不超过0.4%，占其持有公司股份总额不超过17.32%）；。春翔投资本次拟减持其持有 的公司无限售条件流通股不超过约287万股（占公司总股本不超过0.29%，占其持有公司股份总额不超 过18.19%）；。春翼投资本次拟减持其持有的公司无限售条件流通股不超过约101万股（占公司总股本 不超过0.1%，占其持有公司股份总额不超过8.6%）。三个股东合计拟减持其持有的公司无限售条件流 通股不超过约781万股 ...

春秋航空股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况：截至本公告披露日，春秋航空股份有限公司（以 下简称"公司"或"春秋航空"）股东：（1）上海春秋包机旅行社有限公司（以 下简称"春秋包机"）持有公司股份 22,720,600 股，占公司总股本比例为 2.32%； （2）上海春翔投资有限公司（以下简称"春翔投资"）持有公司股份 15,785,507 股，占公司总股本比例为 1.61%；（3）上海春翼投资有限公司（以下简称"春翼 投资"）持有公司股份 11,715,638 股，占公司总股本比例为 1.20%（春秋包机、 春翔投资、春翼投资合称"三个股东"）。三个股东与公司控股股东上海春秋国际 旅行社（集团）有限公司（以下简称"春秋国旅"）构成一致行动关系，合计持 有公司股份 554,221,745 股，占公司总股本比例为 56.65%；其中三个股东合计 持有公司股份 50,221,745 股，占公司总股本比例为 5.13%。 证券代码：6010 ...

证券代码：601021 证券简称：春秋航空 公告编号：2025-022 春秋航空股份有限公司 关于股份回购进展公告 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： 二、回购股份的进展情况 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，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司截至上月末回购股份的进展情 况公告如下： 截至 2025 年 4 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易 方式已累计回购公司股份 3,711,800 股，占公司目前总股本的 0.3794%，回购最高 价格为人民币 55.99 元/股，回购最低价格为人民币 48.25 元/股，使用资金总额为 人民币 190,398,675.44 元（不含交易佣金、过户费等交易费用）。 上述回购股份符合法律法规的规定及公司回购股份方案。 三、其他事项 公司将严格按照《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— ...

Core Insights - Spring Airlines reported a revenue of 20 billion yuan for 2024, representing a year-on-year growth of 11.50%, with a net profit of 2.273 billion yuan, up 0.69% [1] - For Q1 2025, the company achieved a revenue of 5.317 billion yuan, a 2.88% increase year-on-year, but the net profit decreased by 16.39% to 677 million yuan [1] Group 1: Operational Performance - In 2024, the overall Available Seat Kilometers (ASK) increased by 16.1% year-on-year, and by 26.1% compared to 2019 [1] - Revenue Passenger Kilometers (RPK) grew by 18.8% year-on-year, and by 27.0% compared to 2019, with a passenger load factor improving by 2.1 percentage points year-on-year and 0.7 percentage points compared to 2019 [1] - For Q1 2025, ASK grew by 6.9%, with domestic, international, and regional segments showing changes of -3.3%, +66.1%, and -58.08% respectively [1] - RPK for Q1 2025 increased by 6.2%, with domestic, international, and regional segments showing changes of -2.9%, +61.6%, and -58.6% respectively [1] Group 2: Profitability and Shareholder Returns - The single aircraft profit margin has been recovering, with figures of 19.05 million and 18.184 million for 2023 and 2024 respectively, approaching pre-pandemic levels [2] - The company has committed to a cash dividend strategy for 2024-2026, ensuring at least 30% of distributable profits are paid out in cash if profits are positive [2] - In 2024, the total cash dividend amounted to 798 million yuan, with a share buyback of 66.86 million yuan, totaling 864 million yuan, which is 38.03% of the net profit [2] Group 3: Earnings Forecast and Investment Recommendation - The company is expected to maintain strong profitability, with projected net profits of 2.71 billion, 3.3 billion, and 4.04 billion yuan for 2025, 2026, and 2027 respectively [3] - Earnings per share (EPS) are forecasted to be 2.77, 3.38, and 4.13 yuan for the same years [3] - A target price of 66.48 yuan is set based on a 24 times price-to-earnings ratio for 2025, with an initial "buy" rating [3]