中信证券股份有限公司 关于 中国国际航空股份有限公司 2023 年度向特定对象发行 A 股股票 之 上市保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二四年九月 声 明 保荐人及其保荐代表人根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司证券发行注册管理办法》《证券发行上市保荐业务管理办法》等有关法律、 法规的规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和自 律规范出具本上市保荐书，并保证所出具文件的真实性、准确性和完整性。 本上市保荐书中如无特别说明，相关用语与《中国国际航空股份有限公司 2023 年 度向特定对象发行 A 股股票募集说明书》中的含义相同。 3-2-1 一、发行人基本情况 | （一）发行人基本情况 | | --- | | 公司中文名称 | 中国国际航空股份有限公司 | | | --- | --- | --- | | 注册地址/实际经营地 | 北京市顺义区天柱路 30 号院 1 1 至 9 层 101 | 号楼 | | 股本 | 16,593,720,146 股 | | | 法定代表人 | 马崇贤 | | | ...

证券代码：601111 证券简称：中国国航 中国国际航空股份有限公司 2023年度向特定对象发行A股股票 募集说明书 （申报稿） 保荐人（主承销商） 二〇二四年九月 中国国际航空股份有限公司 2023 年度向特定对象发行 A 股股票募集说明书 声 明 1、本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资料 不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担相 应的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务会 计资料真实、完整。 3、中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意见， 均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 4、根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行 人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承担证券依 法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 本次向特定对象发行的股票种类为境 ...

公司本次向特定对象发行 A 股股票事项尚需上交所审核通过并报中国证券 监督管理委员会（以下简称"中国证监会"）注册等手续，在中国证监会同意注 册后方可实施。前述批准、注册能否取得以及取得时间存在不确定性。公司将根 据进展情况，严格按照上市公司向特定对象发行 A 股股票相关法律法规的规定 和要求及时履行信息披露义务，敬请投资者注意投资风险。 特此公告。 中国国际航空股份有限公司董事会 证券代码：601111 股票简称：中国国航 公告编号：2024-039 中国国际航空股份有限公司 关于向特定对象发行 A 股股票申请文件更新 的提示性公告 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。 中国国际航空股份有限公司（以下简称"公司"）申请向特定对象发行 A 股股票事项处于上海证券交易所（以下简称"上交所"）审核环节。 鉴于公司于 2024 年 8 月 30 日披露了《2024 年半年度报告》，公司按照审核 要求会同相关中介机构对募集说明书等申请文件中涉及的财务数据及其他变动事 项进行了更新，具体内容详见公司于同日在上交所网站（www. ...

德勤华永会计师事务所(特殊普通合伙)关于 《中国国际航空股份有限公司向特定对象发行股票 申请文件的审核问询函》的回复 德师报(函)字(24)第 Q01502 号 中国国际航空股份有限公司： 德勤华永会计师事务所(特殊普通合伙)(以下简称"我们")接受委托，审计了中国国际航空 股份有限公司(以下简称"公司"、"中国国航"或"发行人")2023 年度、2022 年度及 2021 年度的财务报表，并分别于 2024 年 3 月 28 日、2023 年 3 月 30 日及 2022 年 3 月 30 日出具 了德师报(审)字(24)第 P02372 号、德师报(审)字(23)第 P01765 号及德师报(审)字(22)第 P01343 号无保留意见的审计报告。这些财务报表的编制及公允列报是公司管理层的责任，我们的责 任是在实施审计工作的基础上对上述财务报表整体发表意见。我们的审计是根据中国注册会 计师审计准则进行的。 我们于 2024 年 6 月 7 日收到了公司转来的上海证券交易所(以下简称"上交所")出具的《中 国国际航空股份有限公司向特定对象发行股票申请文件的审核问询函》(上证上审(再融资) 〔2024〕144 ...

Boarding1Now/iStock Editorial via Getty Images UF 200 Service Major Financial Indicators 10 The Chinese air travel market will see significant growth in the years and decades ahead. That might capture the interest of invested in those airlines. In this report I will discuss the risks and opportunities and provide a stock price target and rating. Since there are various ways to own Air China (OTCPK.AIRYY) stock, I will also discuss what options there are to buy Air China stock. Air China Is Loss Making But W ...

Investment Rating - The report maintains a "Recommended" rating for China National Aviation (601111.SH) due to the expected recovery in the aviation industry and the company's significant exposure to international routes, which offers substantial profit elasticity during the industry's recovery phase [3]. Core Views - The company experienced a revenue of 79.52 billion yuan in the first half of 2024, a year-on-year increase of 33.39%, but still reported a net loss attributable to shareholders of 2.782 billion yuan, an improvement from a loss of 3.451 billion yuan in the same period last year [2]. - The increase in passenger traffic was accompanied by a decrease in ticket prices and rising fuel costs, leading to continued losses despite improved operational metrics such as passenger load factor [2]. - The company is facing supply-side pressure due to an increase in fleet size, with a net addition of 10 aircraft in the first half of 2024, and plans to add 34 more aircraft by the end of the year [3]. Financial Performance Summary - Passenger revenue reached 73.137 billion yuan, up 31.85% year-on-year, with capacity growth of 33.38% and a passenger load factor increase of 8.77 percentage points to 79.29% [2]. - The average passenger kilometer yield decreased by 12.08% to 0.537 yuan, indicating a challenging pricing environment [2]. - Operating costs rose to 77.470 billion yuan, a 30.84% increase year-on-year, primarily driven by higher fuel prices [2]. Profit Forecast and Investment Recommendations - The profit forecasts for 2024-2026 have been revised downwards to net losses of 1.39 billion yuan, a profit of 3.284 billion yuan, and a profit of 7.918 billion yuan, respectively, with corresponding EPS of -0.09, 0.20, and 0.49 yuan [3][7]. - The report emphasizes the potential for recovery in the aviation sector and the company's strategic positioning in international routes, which could lead to significant profit recovery as demand improves [3].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company recorded a passenger transport volume of 65.16 million domestic, 7.54 million international, and 2.26 million regional passengers in H1 2024, representing 144.79%, 87.86%, and 77.94% of the same period in 2019 respectively [1] - The company's revenue for H1 2024 reached 79.52 billion yuan, a year-on-year increase of 33.39%, and 103.61% of the revenue in the same period of 2019 [1] - The operating cost for H1 2024 was 77.47 billion yuan, up 30.84% year-on-year, with a gross margin of 2.58%, which is still below the 15.31% gross margin of 2019 [1] Financial Performance - The company is expected to achieve basic earnings per share of 0.04, 0.30, and 0.41 yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 190.25X, 22.95X, and 16.48X [2][8] - The company operated a total of 915 aircraft as of June 30, 2024, with a fleet structure that continues to optimize [2] - The report forecasts total revenue of 165.54 billion yuan for 2024, with a revenue growth rate of 17.32% [8][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of HKD 5.50 and RMB 8.80 [2][3][8] Core Views - The company reported a net loss of RMB 2.782 billion in 1H24, which is an improvement compared to a net loss of RMB 3.451 billion in 1H23. However, the net loss in Q2 2024 expanded by RMB 584 million to RMB 1.108 billion due to weak revenue levels during the industry off-season [3][4][7] - The report anticipates a gradual recovery in supply and demand in the aviation sector, with expectations for improved profitability driven by high-quality routes and resource advantages [8][19] Summary by Sections Financial Performance - 1H24 operating revenue reached RMB 79.52 billion, a year-on-year increase of 33.4%, while the net loss was RMB 2.782 billion, aligning with the performance forecast [3][4] - Q2 2024 saw operating costs of RMB 38.741 billion, up 17.8%, leading to a gross profit of RMB 714 million, a decline of RMB 940 million year-on-year [7] - The company adjusted its 2024-2026 net profit forecasts to RMB 0.520 billion, RMB 5.196 billion, and RMB 8.279 billion respectively, reflecting a slower recovery in supply-demand dynamics [3][19] Operational Metrics - In Q2 2024, the company achieved a capacity increase of 13.1% and demand growth of 26.9%, with a passenger load factor of 79.0%, an increase of 8.6 percentage points year-on-year [4][8] - The unit revenue per passenger kilometer decreased by approximately 19%, indicating pressure on revenue despite a recovery in capacity and demand [4][8] Valuation and Estimates - The report maintains a price-to-book (PB) ratio of 3.5x for A-shares and 2.0x for H-shares, with a projected book value per share (BPS) of RMB 2.52 for 2024 [3][8] - The target prices have been adjusted to RMB 8.80 for A-shares and HKD 5.50 for H-shares, down from previous estimates of RMB 9.90 and HKD 6.20 respectively [8][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a significant recovery in performance, with a 33.4% year-on-year increase in revenue for H1 2024, totaling 79.52 billion yuan, and a net profit attributable to shareholders of -2.78 billion yuan, marking a turnaround of 670 million yuan compared to the previous year [9][10] - In Q2 2024, the company achieved revenue of 39.45 billion yuan, a 14.2% year-on-year increase, but a 1.5% decrease quarter-on-quarter, with a net profit of -1.11 billion yuan, which is a year-on-year loss increase of 580 million yuan but a quarter-on-quarter improvement of 570 million yuan [9][10] - The recovery in air travel demand is accelerating, with international routes recovering to 80% of 2019 levels, driven by a 33.4% increase in ASK (Available Seat Kilometers), a 50.0% increase in RPK (Revenue Passenger Kilometers), and a 35.0% increase in passenger volume [9][10] - The company faces challenges from high fuel prices and a depreciating RMB, which led to a foreign exchange loss of 360 million yuan in H1 2024 [9][10] - The company is expected to see accelerated performance recovery during the peak season, with July showing a year-on-year increase of 13.2% in ASK, 20.4% in RPK, and 13.4% in passenger volume, with international passenger volume exceeding 2019 levels by 6.1% [9][10] Financial Summary - For 2024-2026, the company is projected to achieve net profits of 280 million yuan, 6.52 billion yuan, and 13.44 billion yuan, with year-on-year growth rates of turning profitable, 2255%, and 106% respectively [9][10] - The company’s revenue is expected to grow from 141.1 billion yuan in 2023 to 170.34 billion yuan in 2024, reflecting a growth rate of 20.73% [11] - The EBITDA is projected to increase significantly from 17.62 billion yuan in 2023 to 35.55 billion yuan in 2024, indicating a strong recovery trajectory [11]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 截至月份: 2024年8月31日 狀態: 新提交 公司名稱: 中國國際航空股份有限公司 呈交日期: 2024年9月2日 I. 法定/註冊股本變動 FF301 | 1. 股份分類 | 普通股 | | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00753 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 4,955,610,672 | | 0 | | 4,955,610,672 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 4,955,610,672 | | 0 | | 4,955,610,672 | | 2. 股份分類 | 普通股 | | 股份類別 | ...