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 ...

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 ...

| 股东名称 | 本次解质 股份 | 占公司 总股本 | 解除质 | 持股数 量 | 持股比 | 截至本公 告披露日 剩余被质 | 剩余被质 押股份数 量占其所 | 剩余被质 押股份数 量占公司 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 比例 | 押时间 | | 例(%) | | | | | | （股） | (%) | | （股） | | 押股份数 | 持股份比 | 总股本比 | | | | | | | | 量（股） | 例(%) | 例(%) | | 春秋集团 | 25,000,00 | 2.55 | 2024/10 | 504,000, | 51.50 | 55,900,000 | 11.09 | 5.71 | | | 0 | | /24 | 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。 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 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 ...

重要内容提示： 春秋航空股份有限公司（以下简称"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"春秋集团"）持有公司股份数量为 504,000,000 股， 占公司总股本的比例为 51.50%；春秋集团累计质押公司股份数量（含本次）为 80,900,000 股，占其所持公司股份数量的 16.05%，占公司总股本的比例为 8.27%。 公司于 2024 年 10 月 24 日收到公司控股股东春秋集团的通知，获悉春秋集团 已于 2024 年 10 月 23 日将其所持公司部分无限售条件流通股股份质押给中信证券 股份有限公司，相关手续已办理完成。具体事项如下： 一、股份质押的基本情况 股票代码：601021 股票简称：春秋航空 公告编号：2024-052 春秋航空股份有限公司 关于控股股东部分股份质押的公告 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。 三、其他 1、资金偿还能力及相关安排 春秋集团资信状况良好，具备相应的资金偿还能力，其质押融资借款的还款来 源包括自有资金、投资收益和营业收入等。 2、可能引发的风 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 69.19 RMB [6][55] Core Views - The company is a leading low-cost carrier in China with strong growth potential and high ROE [1][2] - The company has demonstrated significant resilience and growth during the pandemic, with a 62% YoY increase in net profit attributable to the parent company in 2024H1 [1][14] - The company's profitability is expected to improve further due to market, leverage, and governance factors [2][27] - The company is expected to benefit from cyclical recovery and supply-demand reversal, with potential for significant profit growth from 2024 to 2026 [3][4][55] Company Overview - The company is a pioneer and leader in the low-cost carrier segment in China, focusing on domestic and international passenger and cargo transportation [1][14][15] - The company has expanded rapidly during the pandemic, with a 37% cumulative increase in the number of aircraft from 2019 to 2024H1, significantly higher than most airlines [1][14][20] - The company's revenue, net profit, and number of aircraft have shown an upward trend from 2014 to 2019, indicating continuous improvement in overall strength [1][14] Financial Performance - The company's revenue increased from 8,368.97 million RMB in 2022 to 17,937.86 million RMB in 2023, with a growth rate of 114.34% [5] - The company's net profit attributable to the parent company increased from -3,035.82 million RMB in 2022 to 2,257.43 million RMB in 2023, with a growth rate of -174.36% [5] - The company's ROE, net profit margin, and gross profit margin are higher than those of the three major airlines, indicating strong profitability [2][27][29] Growth Drivers - The company's revenue growth is driven by rapid aircraft introduction, with a 9% CAGR in the number of aircraft from 2016 to 2023, significantly higher than the industry average [31][32] - The company's cost control is strict, with a significant advantage in unit costs, further strengthening its profitability [2][33][34] - The company's market share is expected to increase due to higher growth in aircraft numbers compared to other airlines [32][33] Industry Outlook - The aviation industry is expected to benefit from cyclical recovery and supply-demand reversal, with potential for significant profit growth from 2024 to 2026 [3][4][55] - The company's revenue and profit growth are expected to be driven by economic recovery, ticket price reform, and supply-demand dynamics [3][4][55] - The company's profitability is expected to improve further due to market, leverage, and governance factors [2][27] Valuation - The report uses a comparable company PE valuation method, giving a 20x2025E PE, with a target price of 69.19 RMB [55] - The company's 2025E EPS is expected to be 3.46 RMB, with a target price of 69.19 RMB, representing a significant upside potential [55] Risks - The report does not include risk factors as per the instructions [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][59][60][61][62]

股票代码：601021 股票简称：春秋航空 公告编号：2024-051 春秋航空股份有限公司 关于控股股东部分股份质押的公告 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： 春秋航空股份有限公司（以下简称"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"春秋集团"）持有公司股份数量为 504,000,000 股， 占公司总股本的比例为 51.50%；春秋集团累计质押公司股份数量（含本次）为 66,900,000 股，占其所持公司股份数量的 13.27%，占公司总股本的比例为 6.84%。 公司于 2024 年 10 月 21 日收到公司控股股东春秋集团的通知，获悉春秋集团 已于 2024 年 10 月 18 日将其所持公司部分无限售条件流通股股份质押给云南国际 信托有限公司，相关手续已办理完成。具体事项如下： | 股东 | 是否为 | 本次质 | 是否 | 是否 | 质押起 | | 质押到 | | | 占其所持 | 占公司总 | 质押融 | | --- | --- | --- | --- | - ...

股票代码：601021 股票简称：春秋航空 公告编号：2024-050 春秋航空股份有限公司 2024 年 9 月份主要运营数据公告 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"）2024 年 9 月份主要运营数据情 况如下： 一、本月机队情况 本月新增 1 架 A320neo 型飞机，引进方式为自购；退出 1 架 A320ceo 型飞 机。 截止本月末，公司共运营 128 架空客 A320 系列飞机。 | 指标 | 当月数据 | 环比 | 同比 | 当年累计 | 同比 | | --- | --- | --- | --- | --- | --- | | 运力 | | | | | | | 可用吨公里数(万吨公里) | 41,796.24 | -17.50% | 11.28% | 400,282.31 | 17.28% | | 国内 | 33,180.25 | -18.98% | 1.78% | 325,772.15 | 10.06% | | 国际 | 8,353.56 | -9.87% ...