证券代码：601021 证券简称：春秋航空 公告编号：2024-062 春秋航空股份有限公司 一、本月机队情况 本月退出 1 架 A320ceo 型飞机，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 | 26 | 76 | | A320neo | 27 | 12 | 39 | | A321neo | 11 | 1 | 12 | | 合计 | 88 | 39 | 127 | 二、本月主要新增航线情况 本月新增航线：浦东=釜山（周 246）、深圳=南阳=兰州（天天班）、深圳= 济南=大连（天天班）、沈阳=宁波=三亚（天天班）、兰州=重庆（天天班）、兰 州=呼和浩特=哈尔滨（周 246）、兰州=呼和浩特=长春（周 1357）、揭阳=石家庄 =哈尔滨（周 246）。 | 指标 | 当月数据 | 环比 | 同比 | 当年累计 | 同比 | | --- | --- | --- | --- | --- | --- | | 运力 | | | | | | | 可用吨公里 ...

关于回购股份事项前十名股东和前十名无限售条件股东 持股情况的公告 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。 春秋航空股份有限公司（以下简称"公司"）于 2024 年 11 月 4 日召开第五届 董事会第八次会议，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》， 并于 2024 年 11 月 6 日在上海证券交易所网站（www.sse.com.cn）披露了《春秋航 空关于以集中竞价方式回购股份的预案》（公告编号：2024-059）。 证券代码：601021 证券简称：春秋航空 公告编号：2024-061 春秋航空股份有限公司 特此公告。 春秋航空股份有限公司董事会 2024 年 11 月 13 日 | 序号 | 股东名称 | 持股数量（股） | 占总股本比例(%） | | --- | --- | --- | --- | | 7 | 上海春翼投资有限公司 | 11,715,638 | 1.20 | | 8 | 全国社保基金一一四组合 | 10,696,871 | 1.09 | | 9 | 中国工商银行股份有限公司－华 ...

证券代码：601021 证券简称：春秋航空 公告编号：2024-060 ● 投资者可于 2024 年 11 月 11 日（星期一）至 11 月 15 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 ir@ch.com（邮件请注明"601021 业绩说明会"）进行提问，公司将在说明会上对 投资者普遍关注的问题进行回答。 春秋航空股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： ● 会议开始时间：2024 年 11 月 18 日（星期一）上午 11:00—12:00 ● 会议召开方式：上证路演中心网络互动 ● 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ● 会议主题：2024 年第三季度业绩说明会 一、说明会类型 春秋航空股份有限公司（以下简称"公司"）已经于 2024 年 10 月 31 日披露 了公司 2024 年第三季度报告。为便于 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [4][6]. Core Views - The company reported a total revenue of 16 billion yuan for the first three quarters of 2024, a year-on-year increase of 13.3%, while the net profit attributable to shareholders was 2.6 billion yuan, a decrease of 2.73% year-on-year [1]. - The recovery in air travel demand continues, with Revenue Passenger Kilometers (RPK) exceeding 2019 levels, showing a 20% year-on-year increase for the first three quarters of 2024 [2]. - The decline in seat kilometer revenue has impacted performance, with a 3.1% year-on-year decrease in seat kilometer revenue for the first three quarters of 2024 [3]. - The company is expected to benefit from ongoing improvements in air travel demand and cost management, with a focus on maintaining a low-cost structure [4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a total revenue of 6.1 billion yuan, a year-on-year increase of 0.48% and a quarter-on-quarter increase of 29.63%, with a net profit of 1.244 billion yuan, down 32.37% year-on-year [1]. - The company’s RPK for the first three quarters of 2024 grew by 20% year-on-year, with domestic routes increasing by 12% and international routes by 87% [2]. - The average seat kilometer revenue for the first three quarters was 0.38 yuan, down 3.1% year-on-year, while the cost per passenger kilometer decreased by 0.7% year-on-year to 0.31 yuan [3]. Market Outlook - The aviation market is expected to continue its recovery, supported by both domestic and international demand, with a relatively stable fleet size indicating supply constraints [3]. - The report anticipates a decline in oil prices due to weak demand, which could alleviate cost pressures for airlines [3]. - The company is projected to see net profits of 2.446 billion yuan, 3.272 billion yuan, and 4.196 billion yuan for 2024, 2025, and 2026 respectively, reflecting a positive long-term outlook [4].

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]