Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [6][21]. Core Views - The report highlights the performance of Spring Airlines, noting a Q1 2025 profit of 680 million, a year-on-year decrease of 16%. However, excluding tax shield effects, total profit increased by 0.5% year-on-year, reflecting confidence in the low-cost airline leader's ability to deliver results [1][6]. Financial Performance Summary - **2024 Financials**: Total revenue is projected at 20 billion, with a year-on-year growth of 11.5%. Net profit attributable to shareholders is expected to be 2.273 billion, reflecting a modest growth of 0.7% [2][6]. - **2025 Q1 Financials**: Revenue reached 5.32 billion, a year-on-year increase of 2.9%, while net profit was 680 million, down 16.4% year-on-year. Excluding tax shield effects, net profit decreased by 16.8% [6][7]. - **Profit Distribution**: The company plans to distribute a cash dividend of 0.82 per share, totaling 798 million, with a payout ratio of 35.09% [6]. Operational Metrics - **Capacity and Load Factor**: In 2024, Available Seat Kilometers (ASK) increased by 16.1% and Revenue Passenger Kilometers (RPK) rose by 18.8%, with a load factor of 91.5%, up 2.1 percentage points year-on-year. For Q1 2025, ASK grew by 6.9% and RPK by 6.2%, with a load factor of 90.6%, down 0.6 percentage points [6][7]. - **Cost Structure**: In 2024, operating costs were 17.412 billion, up 12.2% year-on-year. Fuel costs were 6.14 billion, reflecting an 8.8% increase. For Q1 2025, operating costs were 4.45 billion, up 4.5% year-on-year, with estimated fuel costs of 1.5 billion, down 5.4% [6][7]. Valuation and Price Target - The report adjusts profit forecasts for 2025 and 2026, estimating net profits of 2.79 billion and 3.37 billion, respectively. The target price is set at 65.6, representing a 23% upside from the current price of 53.68 [2][6].

近日，中国各大航司相继公布2024年年报，被戏称为"空中绿皮车"的春秋航空再度凭借"抠门经济学"一 骑绝尘。 春秋航空年报显示，2024年，该公司实现营收200.0亿元，同比增长11.5%；归母净利润22.7亿元，同比 小幅增长0.7%；扣非归母净利润22.5亿元，同比增长1.1%。 相比之下，三大航方面，中国国航、东方航空和南方航空2024年虽营收有进，但均面临不同程度亏损， 净亏损分别为2.37亿元、42.26亿元和16.96亿元；民营航空方面，吉祥航空和华夏航空2024年均实现盈 利，净利润分别为9.14亿元和2.68亿元。 但值得注意的是，作为"最赚钱的航司"，春秋航空也面临"增收不增利"的问题，而这也是行业当前所面 临的共性难题。 "量增价低"致客运收益下降 春秋航空年报显示，2024年，该公司完成运输总周转量456,786.5万吨公里、旅客周转量5,040,445.0万人 公里、运输旅客2,868.0万人次、客座率为91.5%，同比分别上升 18.7%、18.8%、18.8%和2.1个百分点。 前三项达到2019年同期的126.9%、127.0%和 128.1%，客座率较2019年同期上升0.7个 ...

Group 1 - The core viewpoint is that while cargo logistics airlines are performing better than passenger airlines, they are beginning to face challenges from uncertainties in international trade [1][5] - All listed airlines in A-shares have disclosed their 2024 financial reports and Q1 2025 reports, with private airlines achieving profitability while state-owned airlines continue to incur losses [1][2] - Spring Airlines reported the highest net profit of 677 million yuan in Q1, marking it as the most profitable listed airline in mainland China for the quarter [2][3] Group 2 - The performance disparity among airlines is primarily related to the recovery pace of international routes, with international flights still not fully recovering to pre-pandemic levels [2][3] - The three major state-owned airlines have the highest proportion of international routes and wide-body aircraft, making them more susceptible to the slow recovery of international markets [3] - In Q1, average ticket prices declined significantly due to increased competition and the impact of high-speed rail, leading to a downward trend in net profits for most listed airlines [3][4] Group 3 - Cargo logistics airlines, such as China National Aviation and Eastern Air Logistics, reported strong profits in Q1, with net profits of 579 million yuan and 545 million yuan respectively [4] - The strong performance of cargo logistics airlines is attributed to the booming demand for international air freight driven by cross-border e-commerce [4] - Despite the positive performance, the cargo air freight market is expected to face challenges in Q2 due to geopolitical factors and changes in customs policies [5]

Investment Rating - The report maintains an "Outperform" rating for Spring Airlines [2] Core Views - Spring Airlines reported a total operating revenue of 20 billion yuan for 2024, representing a year-on-year growth of 11.5%, and a net profit attributable to shareholders of 2.273 billion yuan, up 0.69% year-on-year [9] - In Q1 2025, the company achieved total operating revenue of 5.317 billion yuan, a year-on-year increase of 2.88%, but the net profit attributable to shareholders decreased by 16.39% to 677 million yuan, which was in line with expectations [9] - The company’s operational data shows significant growth in capacity and volume, with overall ASK (Available Seat Kilometers) increasing by 16.1% year-on-year in 2024 and RPK (Revenue Passenger Kilometers) up by 18.8% year-on-year [9] - The fleet size is projected to grow, with plans to add 5, 12, and 14 aircraft in 2025, 2026, and 2027 respectively, leading to a fleet growth rate of 3.9%, 9%, and 9.6% [9] - The report highlights a commitment to shareholder returns, with a cash dividend of 8.20 yuan per 10 shares, totaling 798 million yuan, which is 38.03% of the net profit [9] Financial Data and Profit Forecast - The total operating revenue forecast for 2025 is 21.297 billion yuan, with a year-on-year growth rate of 6.5% [8] - The net profit forecast for 2025 is 2.688 billion yuan, reflecting an 18.3% increase year-on-year [8] - The report adjusts the domestic passenger kilometer yield growth assumption to -1% for 2025, leading to revised profit forecasts of 2.688 billion yuan for 2025 and 3.419 billion yuan for 2026 [9] - The projected PE ratios for 2025, 2026, and 2027 are 19x, 15x, and 13x respectively, indicating that the valuation remains below historical averages [9]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 69.10 [6][7]. Core Views - The company's revenue for Q1 2025 was RMB 5.317 billion, a year-on-year increase of 2.9%, while net profit attributable to shareholders was RMB 677 million, a decrease of 16.4%. The revenue exceeded expectations due to a smaller decline in earnings than anticipated [1][2]. - For 2024, the company is expected to achieve revenue of RMB 20 billion, an increase of 11.5%, and a net profit of RMB 2.273 billion, a slight increase of 0.7%. Although ticket prices have not shown significant recovery, improvements in supply-demand dynamics are expected to enhance revenue during peak seasons [1][3]. - The low-cost airline model has significant growth potential in China, and the company is positioned for growth with high operational efficiency and leading profitability metrics in the industry [1][4]. Summary by Sections Q1 2025 Performance - Revenue for Q1 2025 was RMB 5.317 billion, up 2.9% year-on-year, while net profit was RMB 677 million, down 16.4%. The performance was better than the expected RMB 600 million due to a smaller-than-expected decline in earnings [1][2]. - The unit revenue per passenger kilometer decreased by approximately 3.5% year-on-year, with overall capacity (ASK) increasing by 6.9% [2]. 2024 Outlook - The company is projected to have a rapid recovery in capacity, with ASK and RPK increasing by 16.1% and 18.8% respectively, while the load factor is expected to be 91.5%, up 2.1 percentage points. However, unit revenue per passenger kilometer is forecasted to decline by 6.5% [3]. - The operating cost for 2024 is expected to be RMB 17.412 billion, an increase of 12.2%, with a slight decrease in gross margin to 12.9% [3]. Profit Forecast and Valuation - The net profit forecast for 2025 has been revised down by 18% to RMB 2.726 billion, with a target price based on a price-to-book ratio of 3.5x, maintaining the target price at RMB 69.10 [4][6]. - The company’s growth potential remains strong due to the low penetration of low-cost airlines in China, and the operational efficiency is expected to improve as aircraft utilization rates recover [4][6].

证券代码：601021 证券简称：春秋航空 公告编号：2025-012 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"）第五届监事会第八次会议于 2025 年 4 月 28 日以现场方式召开。会议通知及材料于 2025 年 4 月 18 日以电子邮 件形式发出，并以电话进行了确认。 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。 二、监事会会议审议情况 （一）审议并通过《关于公司 2024 年度监事会工作报告的议案》 春秋航空股份有限公司 第五届监事会第八次会议决议公告 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。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议。 （二）审议并通过《关于公司 2024 年度财务报告的议 ...

春秋航空股份有限公司 第五届董事会第十次会议决议公告 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 证券代码：601021 证券简称：春秋航空 公告编号：2025-011 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议。 （三） 审议并通过《关于公司 2024 年度财务报告的议案》 会议应出席董事 8 名，实际出席董事 8 名，董事长王煜、董事王炜、王志杰、 独立董事李若山、郑培敏、金铭出席了现场会议，董事王正华、副董事长张秀智以 网络通讯方式出席了会议。部分高级管理人员和监事列席了会议。 会议由董事长王煜召集并主持，公司全体董事认真审议了会议议案，全部 8 名 董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《中华人民 共和国公司法》（以下简称"《公司法》"）和《春秋航空股份有限公司》（以下 简称"《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《关于公司 2024 年度总裁工作报告的议案》 春秋航空股份有 ...

证券代码：601021 证券简称：春秋航空 公告编号：2025-013 春秋航空股份有限公司 2024 年年度利润分配方案公告 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： 每股派发现金红利 0.82 元（含税），不送红股，不实施公积金转增。 本次利润分配以实施权益分派股权登记日登记的总股本扣除公司回购专用账 户中的股份数为基数（以下简称"可分配股份"），具体日期将在权益分派实施公 告中明确。 在实施权益分派的股权登记日前公司可分配股份发生变动的，拟维持每股分 配比例不变，相应调整分配总金额，并将另行公告具体调整情况。 不触及《上海证券交易所股票上市规则》（以下简称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 公司拟向股东每股派发现金红利 0.82 元（含税）。根据《上市公司股份回购 规则》等有关规定，上市公司回购专用账户中的股份不享有利润分配的权利。截至 2025 年 4 月 28 日，公司总股本为 978,333,423 股，扣除回购专用账 ...

春秋航空股份有限公司 财务报表及审计报告 2024 年 12 月 31 日止年度 春秋航空股份有限公司 财务报表及审计报告 2024 年 12 月 31 日止年度 | 内容 | 页码 | | | --- | --- | --- | | 审计报告 | 1 - | 4 | | 合并及母公司资产负债表 | 5 - | 8 | | 合并及母公司利润表 | 9 - | 10 | | 合并及母公司现金流量表 | 11 - | 12 | | 合并及母公司股东权益变动表 | 13 - | 16 | | 财务报表附注 | 17 - | 97 | | 补充资料 | 98 | | Deloitte. 六十四年会所在线人的信息会 审计报告 德师报(审)字(25)第P05581号 (第1页,共4页) 春秋航空股份有限公司全体股东: 一、审计意见 我们审计了春秋航空股份有限公司(以下简称"春秋航空")的财务报表,包括2024年12月31 日的合并及母公司资产负债表,2024年度的合并及母公司利润表、合并及母公司现金流量表、 合并及母公司股东权益变动表以及相关合并及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规 ...

春秋航空股份有限公司 内部控制审计报告 二零二四年十二月三十一日 e and the first to t the status and 计师事务所(特殊普通合伙) 内部控制审计报告 德师报(审)字(25)第S00416号 (第1页,共2页) 春秋航空股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了春 秋航空股份有限公司(以下简称"春秋航空")2024年12月31日的财务报告内部控制的有效性。 四、财务报告内部控制审计意见 我们认为,春秋航空于2024年12月31日按照《企业内部控制基本规范》和相关规定在所 有重大方面保持了有效的财务报告内部控制。 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是春秋航空董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化 可能 ...