Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Views - The company has shown resilient ticket prices and stable pre-tax profit performance despite a challenging macroeconomic environment. The revenue for 2024 is projected to be 20.0 billion yuan, an increase of 11.5% year-on-year, with a net profit of 2.27 billion yuan, reflecting a slight increase of 0.7% [1][8]. - The company is expected to continue its operational recovery in 2025, supported by fleet expansion, international route recovery, and improved cost management, which will drive performance upward [3][17]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 20.0 billion yuan, with a net profit of 2.27 billion yuan. The fourth quarter of 2024 saw a revenue of 4.02 billion yuan, with a net profit loss of 0.33 billion yuan, indicating a reduction in losses year-on-year. For the first quarter of 2025, revenue was 5.32 billion yuan, down 16.4% in net profit to 0.68 billion yuan [1][8]. - The company maintained steady growth in operational metrics, with ASK (Available Seat Kilometers) increasing by 16.1% in 2024 and 6.9% in Q1 2025, while RPK (Revenue Passenger Kilometers) rose by 18.8% and 6.2% respectively [10][16]. Cost Management - The company has optimized cost management, with total operating costs for 2024 reaching 17.41 billion yuan, a year-on-year increase of 12.2%. Fuel costs accounted for 6.14 billion yuan, up 8.9%, while non-fuel costs were 11.27 billion yuan, up 14.1% [2][16]. - The daily aircraft utilization rate improved to 9.30 hours, recovering to 82.7% of the 2019 level, and the unit non-fuel cost per ASK decreased to 0.205 yuan, down 1.71% compared to 2019 [2][16]. Future Outlook - The company plans to introduce 8 new aircraft in 2024 and 5 in 2025, which is expected to support continued growth in performance. The forecasted net profits for 2025-2027 are 2.58 billion, 3.14 billion, and 3.76 billion yuan respectively, with adjustments reflecting a decrease of 30.8% and 28.3% for 2025 and 2026 [3][18].

Core Viewpoint - The China Securities Tourism Index has shown mixed performance, with a recent increase but a decline over the past month and year-to-date [2]. Group 1: Index Performance - The China Securities Tourism Index rose by 0.9% to 2783.81 points, with a trading volume of 6.719 billion yuan [1]. - Over the past month, the index has decreased by 4.42%, while it has increased by 1.01% over the last three months. Year-to-date, it has declined by 5.28% [2]. Group 2: Index Composition - The index includes up to 50 listed companies involved in various sectors of the tourism industry, such as accommodation, sightseeing, shopping, entertainment, and transportation [2]. - The top ten weighted companies in the index are: China Duty Free Group (14.99%), Songcheng Performance (7.39%), Shanghai Airport (6.38%), Jinjiang Hotels (5.53%), Shougang Hotel (5.15%), China Eastern Airlines (5.13%), Southern Airlines (5.05%), Air China (4.48%), Spring Airlines (4.38%), and Hainan Airport (3.87%) [2]. - The industry composition of the index shows that consumer services account for 48.04%, transportation for 31.30%, retail for 14.99%, and real estate for 5.67% [2]. Group 3: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]. Group 4: Related Funds - Public funds tracking the China Securities Tourism Index include the Fortune China Securities Tourism Theme ETF and the Huaxia China Securities Tourism Theme ETF [4].

丨证券研究报告丨 公司研究丨点评报告丨春秋航空（601021.SH） [Table_Title] 收益韧性凸显，Q1 经营利润逆势增加 报告要点 [Table_Summary] 春秋航空披露 2024 年年报与 2025 年一季报，2024 年全年公司实现营业收入 200 亿元，同比 增加 11.5%，实现归属净利润 22.7 亿元，同比增加 0.7%，其中 2024Q4 公司实现营业收入 40.23 亿元，同比增加 4.9%，实现归属净利润-3.3 亿元，同比减亏 0.9 亿元。2025Q1 公司实 现营业收入 53.2 亿元，同比增加 2.9%，实现利润总额 8.9 亿元，同比增加 0.5%，实现归属净 利润 6.8 亿元，同比下滑 16.4%，主要由于 2024Q1 公司有税盾影响未全额确认所得税，导致 税后利润波动较大。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 research.95579.com 1 春秋航空（601021.SH） cjz ...

Core Viewpoint - Spring Airlines has been recognized for its outstanding performance in carbon finance and green aviation practices, receiving the "Low Carbon Practice Award" at the Shanghai Carbon Market 2024 Annual Evaluation Event, highlighting its role in promoting sustainable development in the civil aviation industry [1] Group 1: Carbon Market Participation - In May 2024, Spring Airlines completed a "carbon quota pledge loan" transaction in collaboration with China Construction Bank and Guotai Junan, aiming to activate corporate carbon assets and broaden financing channels [1] - By September 2024, Spring Airlines actively participated in the first batch of "carbon inclusive" demonstration trading, purchasing carbon inclusives for quota compliance, establishing itself as a pioneer in carbon finance practices within the civil aviation sector [1] - Spring Airlines has successfully fulfilled its obligations in the Shanghai carbon market for 11 consecutive years, demonstrating the company's sense of responsibility and execution capability [1] Group 2: Green Development Initiatives - Spring Airlines adheres to a "green aviation" development philosophy, implementing systematic measures such as fleet iteration, operational optimization, and sustainable aviation fuel (SAF) application to achieve a continuous reduction in carbon emission intensity [2] - In 2024, the company introduced 11 Airbus A320neo aircraft, increasing their proportion in the fleet to 42%, significantly improving fuel efficiency compared to traditional models [2] - The company has implemented detailed management measures, including optimized cruising altitude and single-engine taxiing, resulting in a cumulative reduction of 33,000 tons of carbon dioxide emissions in 2024 [2] - Spring Airlines has begun using a specific proportion of SAF on international scheduled flights, significantly reducing carbon emissions from long-haul flights, in response to global aviation emission reduction calls [2] - The electrification of ground vehicles at airports has accelerated, with the introduction of 31 new energy vehicles in 2024, raising the proportion of new energy vehicles in the fleet to 22% [2] - The company emphasizes that green development is essential for high-quality growth in the civil aviation industry and will continue to deepen its green development strategy [2]

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 Views - The company reported a revenue of 20 billion yuan for 2024, reflecting an 11.5% year-on-year 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 2.88%, but the net profit decreased by 16.39% to 677 million yuan [2][4]. - The report highlights that the company's average passenger kilometer revenue decreased by 6.5% year-on-year, while the overall passenger load factor improved by 2.1 percentage points to 91.49% in 2024 [4]. - The company is expected to see a revenue adjustment for 2025 from 27.074 billion yuan to 22.437 billion yuan, with an estimated EPS reduction from 4.59 yuan to 2.75 yuan. Projections for 2026 and 2027 are set at 26.740 billion yuan and 30.248 billion yuan in revenue, with EPS of 3.47 yuan and 4.12 yuan respectively [4]. Financial Summary - For 2025, the estimated revenue is 22.437 billion yuan, with a year-on-year growth of 12.2%. The net profit is projected at 2.692 billion yuan, reflecting an 18.4% increase. The gross margin is expected to be 15.6% [7][18]. - The report provides a detailed financial outlook, including a projected PE ratio of 19.78 for 2025, decreasing to 13.22 by 2027 [7][18]. - The company’s fleet size is expected to grow to 134 aircraft in 2025 and 146 in 2026, with a corresponding increase in available pilots [4][18].

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].

Core Viewpoint - Spring Airlines reported its 2024 annual report and 2025 Q1 report, showing a steady growth in revenue but a decline in net profit for Q1 2025 [1][3]. Group 1: Financial Performance - In 2024, the company's operating revenue reached 20 billion yuan, a year-on-year increase of 11.5%, with a net profit of 2.27 billion yuan, up 0.7% [1]. - The fourth quarter of 2024 saw operating revenue of 4.02 billion yuan, a 4.9% increase, but a net loss of 330 million yuan [1]. - For Q1 2025, the company reported operating revenue of 5.32 billion yuan, a 2.9% increase, but a net profit decline of 16.4% to 680 million yuan [1]. Group 2: Market and Operational Insights - The civil aviation market experienced steady growth in passenger volume, with a 16.1% increase in capacity and an 18.8% rise in passenger turnover for 2024 [2]. - The passenger load factor reached 91.49%, up 2.1 percentage points year-on-year, although the international market grew faster than regional markets [2]. - Due to market competition and pricing pressures, the average passenger kilometer revenue decreased by 6.5% to 0.385 yuan [2]. Group 3: Cost Management and Future Outlook - The company's cost and expense performance remained stable in 2024, with oil costs rising due to increased consumption despite lower oil prices [3]. - Non-oil costs were well-controlled, with a slight decrease in unit non-oil costs year-on-year [3]. - The company plans to focus more on expanding international routes in 2025, with a tax shield effect contributing to the Q1 profit decline, while pre-tax profit increased by 0.5% year-on-year [3]. Group 4: Investment Recommendations - The civil aviation market in China has significant growth potential, and low-cost airlines continue to show operational resilience [4]. - The current decline in oil prices is expected to benefit airline cost reductions significantly [4]. - Projected net profits for the company are 2.71 billion yuan, 3.25 billion yuan, and 3.74 billion yuan for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [4].

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 ...