春秋航空 2024 年三季报业绩说明会交流纪要 一、公司业绩阐述 1）运力方面 2024 年前三季度共引进 8 架飞机，其中 3 架为 A321neo，5 架为 A320neo， 均为自购引进，退租一架 A320ceo。截止三季度末，公司拥有空客 A320 系列机队共 128 架，其中自购飞机 88 架，经营性租赁飞机 40 架。Q4 还会有 3 架 320neo 引进，2 架飞机退 租，到年底机队规模是 129 架。 2024Q3 整体 ASK 较去年同期，增长 9.6%，其中国内增长 3.8%，国际增长 48.9%，区域 下降 28.3%。较 2019 年同期，增长 30.4%，其中国内增长 60.9%，国际恢复到 2019 年的近 8 成，其中，日本、韩国 ASK 已经超过 2019 年同期，泰国恢复比例在 7 成左右。地区恢复 到 2019 年的 30%+。 2）利用率方面 2024 年前三季度利用率 9.4 小时，较去年同期上升 10%，较 2019 年同期 下滑 16%。2024Q3 利用率平均 9.7 小时，去年 Q3 为 9.4 小时，同比上升 0.3 小时，相较于 2019Q3 有 14%的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a year-on-year decline in performance due to increased volume but decreased prices, while maintaining cost control advantages [1] - The company’s net profit for the first three quarters of 2024 was 2.604 billion yuan, a decrease of 2.73% compared to the same period last year [1] - The company’s cost control advantages remain strong, with a leading passenger load factor of 91.79% [2] - The average ticket price has declined, with unit ASK revenue at 0.3991 yuan, down 8.41% year-on-year [3] - The profit forecast for 2024-2026 has been adjusted downwards due to a more relaxed industry supply and overall price decline, with expected net profits of 2.511 billion yuan, 3.078 billion yuan, and 3.925 billion yuan respectively [3] Financial Performance Summary - For 2024E, the company is projected to achieve operating revenue of 20.436 billion yuan, with a growth rate of 14% year-on-year [1] - The projected net profit for 2024E is 2.511 billion yuan, reflecting an 11% growth rate year-on-year [1] - The earnings per share (EPS) for 2024E is expected to be 2.57 yuan [1] - The company’s return on equity (ROE) is projected to be 14% for 2024E [1] - The price-to-earnings (P/E) ratio is expected to be 21.4 for 2024E [1] Operational Highlights - The company added 7 aircraft in the first three quarters of 2024, bringing the total fleet size to 128 [2] - The overall and domestic available seat kilometers (ASK) increased by 17% and 10% respectively compared to the same period last year [2] - The company’s passenger turnover (RPK) grew by 20% overall and 12% domestically compared to the previous year [2]

Investment Rating - The report maintains an "Outperform" rating for the company, Spring Airlines [4]. Core Views - The third quarter of 2024 saw Spring Airlines report a net profit of 1.244 billion yuan, a year-on-year decline of 32.37%, with operating revenue remaining stable at 6.102 billion yuan, reflecting a slight increase of 0.48% year-on-year [4]. - The airline's operational data showed significant growth in passenger demand, with overall ASK (Available Seat Kilometers) up 30% compared to 2019, and RPK (Revenue Passenger Kilometers) up 31% compared to 2019 [4]. - The company’s fleet size reached 128 aircraft by the end of Q3 2024, marking a 45.5% increase compared to 2019 [4]. - The report indicates that the international recovery is slower than expected, leading to adjustments in profit forecasts for 2024-2026 [4]. Summary by Sections Market Data - Closing price: 56.27 yuan - One-year high/low: 67.62/47.72 yuan - Market capitalization: 55,063 million yuan [2]. Financial Data - Q3 2024 net profit: 1.244 billion yuan, down 32.37% year-on-year - Q3 2024 operating revenue: 6.102 billion yuan, up 0.48% year-on-year - Q3 2024 operating cost: 4.535 billion yuan, with a unit cost of 0.3 yuan [4][5]. Earnings Forecast - 2024E total revenue: 20,992 million yuan, with a year-on-year growth rate of 17.0% - 2024E net profit: 2,446 million yuan, with a year-on-year growth rate of 8.4% [5][6]. Operational Metrics - Domestic ASK recovery: 161% of 2019 levels, up 4% year-on-year - International ASK recovery: 78% of 2019 levels, up 49% year-on-year [4]. Profitability Metrics - Q3 2024 passenger kilometer yield: 0.51 yuan, up 5.2% compared to 2019, down 9.2% compared to 2023 [4]. - Forecasted PE ratios for 2024-2026: 23x, 17x, and 13x respectively [4].

Investment Rating - The report maintains a "Buy" rating for Spring Airlines [2] Core Views - In the first three quarters of 2024, Spring Airlines achieved operating revenue of 15.98 billion RMB, a year-on-year increase of 13%, while net profit attributable to shareholders decreased by 2.7% to 2.6 billion RMB [2] - The third quarter saw operating revenue of 6.1 billion RMB, a slight increase of 0.5% year-on-year, but net profit dropped by 32% to 1.24 billion RMB [2] - The decline in profitability is attributed to a decrease in ticket prices, with unit revenue per RPK down by 9% in Q3 2024 [2] - The company is expected to benefit from new international routes launched in the winter-spring season of 2024, which may lead to an increase in passenger volume [2] Summary by Sections Operating Analysis - Q3 2024 saw an increase in capacity and passenger load factor, with ASK up by 9.6% and a load factor of 92.7%, leading to a 10.7% increase in RPK [2] - The unit operating cost decreased by 1% to 0.30 RMB, but the gross margin fell to 25.7%, down 5.4 percentage points year-on-year due to lower ticket prices [2] Profit Forecast and Valuation - The net profit forecasts for 2024-2026 have been revised down to 2.8 billion RMB, 3.3 billion RMB, and 4.4 billion RMB respectively [2] - The report maintains the "Buy" rating based on the expected recovery in demand [2]

Financial Performance - Operating revenue for Q3 2024 was CNY 6,101,642,741, an increase of 0.48% year-on-year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 1,243,675,065, a decrease of 32.37% year-on-year[2] - Basic earnings per share for Q3 2024 was CNY 1.27, down 32.45% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2024 reached ¥15,976,745,748, an increase of 13.3% compared to ¥14,102,715,040 in the same period of 2023[14] - Net profit for the first three quarters of 2024 was ¥2,604,247,333, a decrease of 2.7% from ¥2,677,359,925 in 2023[16] - Basic earnings per share for the first three quarters of 2024 were ¥2.67, down from ¥2.74 in the same period of 2023[17] Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 42,865,503,090, a decrease of 3.10% from the end of the previous year[3] - As of September 30, 2024, the total assets of Spring Airlines amounted to CNY 42.87 billion, a decrease from CNY 44.24 billion as of December 31, 2023, reflecting a decline of approximately 3.1%[12] - The total liabilities decreased to CNY 25.15 billion from CNY 28.49 billion, representing a reduction of about 11.8%[12] - The company's cash and cash equivalents stood at CNY 9.61 billion, down from CNY 11.58 billion, indicating a decrease of approximately 17.4%[11] - The total non-current assets increased to CNY 31.72 billion from CNY 31.26 billion, showing a growth of about 1.5%[12] Shareholder Equity - Shareholder equity attributable to shareholders increased to CNY 17,715,764,039, up 12.48% from the previous year[3] - The total equity attributable to shareholders increased to CNY 17.72 billion from CNY 15.75 billion, marking an increase of about 12.4%[13] - The company's retained earnings rose to CNY 8.51 billion from CNY 6.59 billion, an increase of approximately 29.1%[13] Cash Flow and Operating Activities - The net cash flow from operating activities for the year-to-date was CNY 5,513,278,655, down 9.59% year-on-year[2] - Cash flow from operating activities generated ¥5,513,278,655, down from ¥6,097,766,594 in the same period last year[18] - Cash and cash equivalents at the end of Q3 2024 totaled ¥9,233,341,644, a decrease from ¥12,773,690,155 at the end of Q3 2023[19] Costs and Expenses - Total operating costs increased to ¥13,653,064,156, up 15.6% from ¥11,813,308,205 in the previous year[14] - Research and development expenses for the first three quarters of 2024 were ¥117,944,255, compared to ¥107,110,895 in 2023, reflecting a growth of 10.5%[14] - The company's financial expenses decreased to ¥189,054,481 in 2024 from ¥205,959,162 in 2023, a reduction of 8.2%[14] Other Financial Metrics - The weighted average return on equity for Q3 2024 was 7.29%, a decrease of 4.72 percentage points year-on-year[3] - Non-recurring gains and losses for Q3 2024 totaled CNY 2,710,288, with government subsidies contributing CNY 3,853,692[4] - The company reported a decline in gross margin as a primary reason for the decrease in net profit[5] - The company experienced a foreign exchange impact of -¥25,878,574 on cash and cash equivalents in 2024, compared to a positive impact of ¥98,779,299 in 2023[19] Inventory and Payables - The company's inventory rose to CNY 264.60 million from CNY 202.06 million, reflecting an increase of approximately 30.9%[12] - The company's accounts payable increased to CNY 1.02 billion from CNY 902.39 million, representing an increase of approximately 13.1%[12] - Short-term borrowings significantly decreased to CNY 376.80 million from CNY 3.78 billion, a reduction of about 90%[12] - The company reported a significant increase in prepayments to CNY 617.36 million from CNY 384.99 million, reflecting an increase of about 60.5%[11]

股票代码：601021 股票简称：春秋航空 公告编号：2024-055 春秋航空股份有限公司 第五届董事会第七次会议决议公告 本议案提交董事会审议前已经公司第五届董事会审计委员会 2024 年第五次会 议审议通过。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 详见公司同日披露的《春秋航空股份有限公司 2024 年第三季度报告》。 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"）第五届董事会第七次会议于 2024 年 10 月 29 日以通讯方式召开。会议通知及材料于 2024 年 10 月 24 日以电子方式发 出，并以电话进行了确认。 会议应出席董事 8 名，实际出席董事 8 名，出席董事占应出席人数的 100%。 部分高级管理人员和监事列席了会议。 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 ...

第二章 会计师事务所执业质量要求 春秋航空股份有限公司 会计师事务所选聘制度 春秋航空股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为规范春秋航空股份有限公司（以下简称"公司"）选聘（含续聘、 改聘，下同）会计师事务所执行财务报表审计业务相关行为，切实维护股东利益， 提高审计工作和财务信息的质量，依据《中华人民共和国公司法》《国有企业、 上市公司选聘会计师事务所管理办法》《上海证券交易所股票上市规则》《上海证 券交易所上市公司自律监管指引第1号——规范运作》等法律、法规、规范性文 件和《春秋航空股份有限公司章程》（以下简称"《公司章程》"）等有关规定， 结合公司实际情况，制定《春秋航空股份有限公司会计师事务所选聘制度》（以 下简称"本制度"）。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对财务会计报告发表审计意见、出具审计报告的行为。聘任会 计师事务所从事除财务会计报告审计之外的其他法定审计业务的，可以比照本制 度执行。 第三条 公司选聘会计师事务所应当经董事会审计委员会（以下简称"审 计委员会"）审议同意后，提交董事会审议，并由股东大会审议决定。 第四条 ...

股票代码：601021 股票简称：春秋航空 公告编号：2024-057 春秋航空股份有限公司 关于为上海春秋航空器材科技有限公司 提供担保预计金额的公告 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： 一、担保情况概述 春秋器材扩建项目于 2023 年 12 月 14 日开工，预计 2026 年 11 月完成二期扩 建施工及一期外墙施工，并于 2027 年 5 月完成竣工结算。为配合上海市住房和城乡 建设管理委员会对工程建设项目拖欠工程款和农民工工资问题的检查，公司对春秋 器材本次项目所需支付的工程款及农民工工资提供连带责任保证担保，预计担保总 额不超过 1,360 万元。 被担保方：上海春秋航空器材科技有限公司（以下简称"春秋器材"）。春秋航 空股份有限公司（以下简称"公司"）的全资子公司上海春秋飞行培训有限公 司（以下简称"春秋飞培"）持有春秋器材 100%的股权，即春秋器材为公司的 间接全资子公司。 担保额度：公司预计为春秋器材提供担保累计不超过 1,360 万元，担保授权期限 自第五届董事会第七次会议审 ...

春秋航空：前三季度净利润26.04亿元 同比下降2.73% 财联社10月30日电，春秋航空发布2024年第三季 度报告，前三季度实现营业收入159.77亿元，同比增长13.29%；净利润26.04亿元，同比下降2.73%。 第三季度实现营业收入61.02亿元，同比增长0.48%；净利润12.44亿元，同比下降32.37%。 查看公告原文 ...

股票代码：601021 股票简称：春秋航空 公告编号：2024-054 春秋航空股份有限公司 关于控股股东部分股份解除质押的公告 | 股东名称 | 本次解质 | 占公司 | | | | 截至本公 | 剩余被质 | 剩余被质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 总股本 | 解除质 | 持股数 | 持股比 | 告披露日 | 押股份数 | 押股份数 | | | 股份 | | | 量 | | 剩余被质 | 量占其所 | 量占公司 | | | （股） | 比例 (%) | 押时间 | （股） | 例(%) | 押股份数 | 持股份比 | 总股本比 | | | | | | | | 量（股） | 例(%) | 例(%) | | 春秋集团 | 22,300,00 | 2.28 | 2024/10 | 504,000, | 51.50 | 33,600,000 | 6.67 | 3.43 | | | 0 | | /28 | 000 | | | | | 春秋集团本次解除质押的股份暂无后续质押计划，未来将基于相关融资需求而 定。 | 截至本 ...