Investment Rating - The report maintains a "Recommend" rating for China Eastern Airlines (600115) [1] Core Views - In 2023, the company reported a net loss attributable to shareholders of 8.17 billion yuan, with a loss of 5.56 billion yuan in Q4 2023. Despite the losses, revenue increased significantly by 146.7% year-on-year to 113.74 billion yuan [1][6] - The report highlights a strong recovery in passenger traffic, with a 44.4% year-on-year increase in passenger transport volume in January and February 2024, indicating a positive outlook for the upcoming peak season [1] - The profit forecast for 2024 and 2025 has been adjusted to 5.3 billion yuan and 8.5 billion yuan respectively, with an introduction of a 2026 profit forecast of 12.3 billion yuan [1] Financial Data Summary - **2023 Financial Performance**: - Total revenue: 113.74 billion yuan, up 146.7% year-on-year - Net loss: 8.17 billion yuan, compared to a loss of 37.39 billion yuan in 2022 - Q4 revenue: 28.2 billion yuan, up 169.8% year-on-year, with a net loss of 5.56 billion yuan [1][6] - **Operational Metrics**: - ASK (Available Seat Kilometers) increased by 154.6% year-on-year in 2023 - RPK (Revenue Passenger Kilometers) increased by 197.5% year-on-year in 2023 - Passenger load factor improved to 74.4%, up 10.7 percentage points year-on-year [1][6] - **Cost Structure**: - Operating costs for 2023 were 112.5 billion yuan, up 50.8% year-on-year - Fuel costs were 41.1 billion yuan, a significant increase of 84.9% year-on-year [1][6] - **Profitability Forecast**: - EPS (Earnings Per Share) for 2024 is projected at 0.24 yuan, with a PE (Price-to-Earnings) ratio of 15 times - The target price is set at 4.59 yuan, representing a potential upside of 26% from the current price of 3.64 yuan [1][2]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Eastern Airlines, with a current price of 3.64 CNY for A-shares and 1.95 HKD for H-shares [2]. Core Views - The company reported a significant reduction in losses for 2023, with a revenue of 113.74 billion CNY, a 147% increase year-on-year, and a net loss of 8.168 billion CNY, down from a loss of 37.4 billion CNY in the previous year [2]. - The recovery in operational performance is noted, although international routes are still lagging behind. The available seat kilometers (ASK) increased by 155% year-on-year, but still down 9% compared to 2019 levels [2]. - Passenger kilometer revenue remains high, with a 0.574 CNY per passenger kilometer, a 15.4% increase compared to 2019, but total passenger revenue is still 5.2% lower than 2019 levels [2]. - The gross margin for 2023 was 1.13%, showing improvement from negative margins in the previous year, but still down 10.17 percentage points from 2019 [2]. - The forecast for net profit is 5.024 billion CNY for 2024, 7.038 billion CNY for 2025, and 9.020 billion CNY for 2026, indicating a positive outlook for profitability as the airline industry continues to recover [2]. Summary by Sections Financial Performance - 2023 Revenue: 113.74 billion CNY, up 147% YoY - 2023 Net Loss: 8.168 billion CNY, improved from 37.4 billion CNY in 2022 - 2023 Passenger Revenue: 1,046 billion CNY, up 199% YoY, but down 5.2% from 2019 [2][5] Operational Metrics - ASK growth: 155% YoY, but down 9% from 2019 - Domestic ASK up 16% from 2019, while international ASK at 44% of 2019 levels [2] - 2023 Comprehensive Load Factor: 74.41%, up 10.71 percentage points YoY, but down 7.6 percentage points from 2019 [2] Cost and Margin Analysis - Main business costs increased by 50.5% YoY due to market recovery - 2023 Gross Margin: 1.13%, improved from negative margins in 2022, but down from 11.3% in 2019 [2] - Significant increases in variable costs such as landing fees and fuel costs [2] Future Outlook - Expected net profit for 2024: 5.024 billion CNY, with continued recovery anticipated in 2025 and 2026 [2] - The report suggests that the airline's profitability will be positively impacted as international routes recover and demand increases [2]

证券研究报告：交通运输 | 公司点评报告 2024年3月31日 股票投资评级 中国东航(600115) 买入|维持 民航需求复苏，公司营收回升，全年明显减亏 个股表现 ⚫ 中国东航披露 2023 年年报 中国东航披露2023年年报，全年营业收入1137.4亿元，同比增 中国东航 交通运输 6% 长145.6%，实现归母净利润-81.7亿元，同比减亏291.9亿元。 2% ⚫ 运量及客座率均显著恢复，营收同比明显增长 -2% -6% 2023年民航业逐步走出低谷，回归常态运营，主要航空公司营业 -10% 收入均实现大幅增长。2023年公司业务量显著恢复，叠加2022年上 -14% -18% 海市场的低基数，公司业务数据同比实现大幅增长，全年ASK2450亿， -22% 同比增长154.6%，RPK1823亿，同比增长197.4%，客座率恢复至74.4%， -26% -30% 同比提升10.72pct。 2023-03 2023-06 2023-08 2023-11 2024-01 2024-03 运价方面，国内市场需求恢复，公司运价同比明显提高，而国际 资料来源：聚源，中邮证券研究所 及地区市场因运力投入恢复叠 ...

大公司： 小林制药问题保健品生产时间集中在2023年4月至10月 据日本媒体3月29日报道，小林制药公司生产的可能混有未知有害成分的保健品生产时间集中于2023年4 月至10月，上市时间在2023年7月至12月之间。（央视新闻） 中国东航于上海成立数字科技公司，注册资本2亿元 36氪获悉，爱企查App显示，近日，上海东航数字科技有限公司成立，法定代表人为高志东，注册资本 2亿元人民币，经营范围包括软件开发、货物进出口、技术进出口、计算机软硬件及辅助设备零售、智 能控制系统集成、物联网技术研发、数据处理服务、网络设备销售等。股东信息显示，该公司由中国东 方航空股份有限公司全资持股。 消息称三星电子劳资双方达成协议，今年涨薪5.1% 据知情人士称，三星电子劳资双方就今年平均加薪5.1%达成了协议。消息人士透露，这家全球最大的 存储芯片和智能手机制造商与员工代表就工资和延长产假达成了协议。今年的工资涨幅为5.1%，高于 去年的4.1%。三星电子表示，尽管全球经济仍存在不确定性，但该公司已决定将工资上调约5%，以鼓 舞员工士气。（新浪财经） 皖能电力等16.8亿元成立抽水蓄能公司 36氪获悉，爱企查App显示，近日， ...

Financial Performance - The net profit attributable to shareholders for 2023 is a loss of RMB 8.168 billion, resulting in no cash dividends or capital reserve transfers for the year [18]. - The company's operating revenue for 2023 reached RMB 113,741 million, a significant increase of 145.63% compared to RMB 46,305 million in 2022 [60]. - The net profit attributable to shareholders for 2023 was a loss of RMB 8,168 million, compared to a loss of RMB 37,356 million in 2022 [60]. - The cash flow from operating activities for 2023 was RMB 26,573 million, a recovery from a negative cash flow of RMB -64,335 million in 2022 [60]. - The total operating cost was RMB 112,461 million, an increase of 50.46% year-on-year [100]. - The company reported a net cash inflow from operating activities of RMB 26,573 million in 2023, compared to a net outflow of RMB 6.43 billion in 2022, driven by increased passenger travel and revenue [119]. - The company recorded an operating profit of RMB -8.54 billion in 2023, an improvement from RMB -40.10 billion in 2022, reflecting efforts to capitalize on the recovery of the air passenger market [118]. - Other income increased by 53.77% year-on-year to RMB 5.00 billion, primarily due to a rise in passenger travel volume and increased revenue from cooperative routes [116]. - The company reported a financial gain of RMB 60 million from interest rate swap contracts during the reporting period, aimed at reducing financial costs from long-term dollar debt [144]. Operational Highlights - The company operates a modern fleet of nearly 800 aircraft, making it one of the largest airlines in China [52]. - The airline's route network covers 1,050 destinations across 166 countries and regions globally [52]. - The fleet size reached 782 aircraft as of December 31, 2023, with an average age of 8.7 years [75]. - The company introduced 22 new aircraft and retired 15 aircraft in 2023, maintaining a young fleet structure [75]. - The overall passenger load factor improved by 10.72 percentage points to 74.42% in 2023 from 63.70% in 2022 [71]. - The company completed 2.282 million hours of safe flight and 954,000 takeoffs and landings, maintaining overall safety stability during rapid flight recovery [79]. - The company opened over 20 new international routes along the "Belt and Road" initiative, with domestic and international passenger transportation volumes recovering to 97.5% and 38.8% of 2019 levels respectively [81]. - The company commenced commercial operations of the domestically produced C919 aircraft on May 28, 2023 [75]. Market and Customer Engagement - The company has committed to building a world-class integrated aviation service provider focused on employee satisfaction, customer preference, shareholder satisfaction, and social trust [52]. - The number of frequent flyer members exceeded 57 million, indicating a strong customer base [96]. - The company is actively expanding partnerships with global brands, enhancing its service offerings and customer experience [97]. - The company plans to continue optimizing service processes and innovating service products to enhance customer experience [95]. - The company is focused on enhancing service quality and customer satisfaction to strengthen its brand and competitive position in the market [165]. Sustainability and Innovation - The company has implemented a carbon peak action plan and is actively promoting the use of sustainable aviation fuel (SAF) in its operations [86]. - The company’s research center received an "excellent rating" as a "demonstration enterprise for scientific reform" [85]. - The company’s digital twin aircraft maintenance innovations received multiple awards, showcasing its commitment to technological advancement [85]. - The company is committed to sustainable development and is implementing measures to comply with environmental policies, including the introduction of advanced fuel-efficient and noise-reducing aircraft [181]. Governance and Compliance - The company has not disclosed any non-operational fund occupation by controlling shareholders or related parties [21]. - The company has ensured the independence of its operations despite some senior management holding positions in the controlling shareholder, with measures in place to protect the interests of minority shareholders [192]. - The company strictly adheres to regulations regarding related party transactions, ensuring fairness and compliance without harming the interests of non-related shareholders [189]. - The board of directors consists of 9 members, including 4 independent directors, and has established 4 specialized committees to oversee various aspects of governance [185]. - The company has a dedicated team for information disclosure, ensuring that all shareholders receive accurate and timely information [188]. Future Outlook - The company plans to invest approximately RMB 63.215 billion in aircraft and related equipment over the next three years, with expected capital expenditures of RMB 21.202 billion, RMB 22.347 billion, and RMB 19.666 billion for 2024 to 2026 respectively [137]. - The company anticipates that the overall transportation turnover and passenger transport volume in 2024 will exceed pre-2019 levels [158]. - The company aims to enhance operational efficiency and safety, focusing on risk management and improving service quality [159]. - The company plans to improve hub competitiveness and expand its route network to better serve international transit needs [162]. - The company is actively pursuing digital transformation to improve operational efficiency and market responsiveness through advanced technologies like big data [164].

上 市 公 司 交通运输 2024年03月29日 中国东航 (600115) 公 司 研 究 ——23 年归母净亏损收窄，静待 24 年业绩盈利改善 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持） ⚫ 事件：中国东航公告2023年年度业绩，录得归母净亏损81.68亿元，接近业绩预告下限， 符合预期。2023年国内航空需求正式步入后疫情恢复阶段，公司营收同比增长145.6%至 证 市场数据： 2024年03月28日 1137亿元，受制于国际航线恢复较慢、油汇均处高位、23Q1仍未正常运行等因素影响公 券 收盘价（元） 3.65 司23年录得归母净亏损81.68亿元，亏损同比大幅收窄。 研 一年内最高/最低（元） 5.62/3.48 究 市净率 2.0 ⚫ 从运营数据来看，中国东航运送旅客运输量11564万人次，恢复至19年的88%。中国东 报 息率（分红/股价） - 航整体ASK恢复至19年的91%，RPK恢复至19年同期的105%，整体客座率达到74%， 告 流通A股市值（百万元） 49204 上证指数/深证成指 3010.66/9342.92 同比19年-8pcts。国内：根据 ...

Financial Performance - The net loss for the year 2023 was RMB 8.614 billion, a significant improvement from the net loss of RMB 39.870 billion in 2022[3] - Operating loss decreased to RMB 1.919 billion in 2023 from RMB 31.588 billion in 2022, indicating a recovery in operational performance[3] - Total comprehensive loss for the year was RMB 8.719 billion, compared to RMB 39.750 billion in the previous year[4] - The company reported a pre-tax loss of RMB 8.278 billion, down from RMB 40.114 billion in 2022, reflecting improved financial health[3] - The company reported a net loss attributable to equity holders of RMB 81.68 billion for 2023, compared to a loss of RMB 37.36 billion in 2022[28] - The net loss attributable to equity holders for 2023 was RMB 8.168 billion, significantly reduced from a net loss of RMB 37.356 billion in 2022[52] Assets and Liabilities - The total assets decreased slightly to RMB 259.070 billion in 2023 from RMB 260.390 billion in 2022[5] - Current liabilities were RMB 106.264 billion, showing a marginal decrease from RMB 106.544 billion in the previous year[6] - The company’s net current liabilities increased to RMB 80.601 billion from RMB 78.503 billion in 2022, indicating ongoing liquidity challenges[5] - Non-current liabilities decreased to RMB 135.006 billion in 2023 from RMB 149.209 billion in 2022, suggesting a reduction in long-term debt obligations[6] - The total liabilities decreased to RMB 241,270 million in 2023 from RMB 255,753 million in 2022, reflecting a reduction of approximately 5.6%[16] - The debt-to-asset ratio was 84.74%, down by 3.93 percentage points from December 31, 2022[53] - Total liabilities reached RMB 241.270 billion, with current liabilities accounting for 44.04% of total liabilities[53] Revenue and Growth - For the year ended December 31, 2023, the airline business segment reported revenue of RMB 113,348 million, while the other business segment contributed RMB 1,168 million, totaling RMB 113,741 million[13] - Domestic revenue for 2023 reached RMB 90,143 million, significantly up from RMB 34,643 million in 2022, indicating a growth of approximately 160%[18] - Customer contract revenue surged to RMB 113,505 million in 2023, compared to RMB 46,068 million in 2022, marking an increase of approximately 146%[20] - In 2023, the group's passenger revenue reached RMB 104.576 billion, a year-on-year increase of 198.75%, accounting for 96.64% of total transportation revenue[48] - Domestic passenger revenue was RMB 83.986 billion, up 174.72% year-on-year, representing 80.31% of passenger revenue[48] - International passenger revenue surged to RMB 17.825 billion, a remarkable increase of 325.93% year-on-year, making up 17.05% of passenger revenue[48] Operational Metrics - The overall fleet size reached 782 aircraft, with an average age of 8.7 years, following the introduction of 22 new aircraft and the retirement of 15[38] - The passenger load factor improved to 74.42%, up 10.72 percentage points from the previous year[34] - The total flight hours completed were 2.282 million hours, with 954,000 takeoffs and landings, maintaining overall safety stability during the rapid recovery of flights[41] - The company opened over 20 new international routes along the "Belt and Road" initiative, including routes from Shanghai Pudong to Istanbul and Cairo, with domestic, international, and regional seat kilometers recovering to 116.4%, 43.8%, and 75.0% of 2019 levels respectively[42] Costs and Expenses - The total operating cost for 2023 was RMB 121.089 billion, reflecting a year-on-year increase of 48.56%[49] - Fuel costs, a major component of operating expenses, rose to RMB 41.102 billion, an increase of 84.89% year-on-year, primarily due to a 104.23% increase in fuel consumption[49] - The group achieved a 50.26% year-on-year increase in other operating income and gains, totaling RMB 5.429 billion, driven by increased passenger travel[50] - The group’s financial expenses decreased by 20.96% year-on-year to RMB 6.982 billion, mainly due to reduced foreign exchange losses[51] Strategic Initiatives - The company plans to continue expanding its market presence and enhancing its service offerings in the coming years[17] - The company is focusing on enhancing operational efficiency and market competitiveness by optimizing its route network and improving service quality[82] - The company is committed to sustainable development, investing in energy-saving and noise-reduction technologies to comply with environmental regulations[78] - The company is exploring sustainable aviation fuel applications to reduce carbon emissions and improve environmental governance[78] Risk Management - The company faces significant risks from domestic and international economic policies and regulations, which may introduce uncertainties in future business development and operational performance[65] - Increased competition in the domestic and international aviation markets may affect the company's market share, pricing levels, and operational performance[68] - Fluctuations in jet fuel prices are a major cost factor, with a 5% change in average fuel prices potentially impacting fuel costs by approximately RMB 2.055 billion[69] - The company has significant foreign currency liabilities, primarily in USD, with a 1% change in the USD/CNY exchange rate potentially affecting total profit by RMB 297 million[71] Corporate Governance - The company has strengthened its corporate governance system, implementing various regulations and guidelines to ensure compliance with listing rules[91] - The board of directors includes Wang Zhiqing (Chairman), Li Yangmin (Vice Chairman, General Manager), and several independent non-executive directors[102] - The presence of a worker director indicates a commitment to employee representation in corporate governance[102] Future Outlook - The company plans to introduce 56 aircraft from 2024 to 2026, with 15 aircraft exiting during the same period[86] - The company is likely to discuss future strategies and performance metrics in upcoming earnings calls[102] - The company will announce the details of the 2023 Annual General Meeting, including date, time, and location, in due course[96]

中国东方航空股份有限公司 2023 年度募集资金存放与实际使用情况专项报告及鉴证报告 t and the state = = 普华永道 对募集资金存放与实际使用情况专项报告的鉴证报告 普华永道中天特审字(2024)第 1723 号 (第一页,共三页) 中国东方航空股份有限公司董事会: 我们接受委托,对中国东方航空股份有限公司(以下简称"东航股份")关于 2023 年度的募集资金存放与实际使用情况专项报告(以下简称"募集资金存放与 实际使用情况专项报告")执行了合理保证的鉴证业务。 对募集资金存放与实际使用情况专项报告的鉴证报告(续) 普华永道中天特审字(2024)第 1723号 (第二页,共三页) 我们的责任是在执行鉴证工作的基础上对募集资金存放与实际使用情况的专 项报告发表意见。我们根据《中国注册会计师其他鉴证业务准则第 3101 号 - 历 史财务信息审计或审阅以外的鉴证业务》的规定执行了鉴证工作。该准则要求我 们遵守职业道德规范,计划和实施鉴证工作,以对募集资金存放与实际使用情况 专项报告是否在所有重大方面按照中国证券监督管理委员会公告[2022]15 号 《上市公司监管指引第 2 号 - 上市公司募集 ...

中国东方航空股份有限公司董事会 关于独立董事 2023 年度独立性情况的 专项意见 上市规则》等上市地法律、法规、规章及上市地证券交易所 监管规定中对独立董事独立性的相关要求。 中国东方航空股份有限公司董事会 2024 年 3 月 28 日 根据《上市公司独立董事管理办法》《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》《香港联合交易所有限公司证券上市规则》等上 市地法律、法规、规章及上市地证券交易所的相关规定，中 国东方航空股份有限公司（以下简称"公司"）董事会，就公 司在任独立董事蔡洪平、董学博、孙铮、陆雄文的独立性情 况进行评估并出具如下专项意见： 经核查独立董事蔡洪平、董学博、孙铮、陆雄文在 2023 年期间的履职情况以及签署的相关自查文件等内容，上述人 员未在公司担任除独立董事以外的任何职务，也未在公司主 要股东、实际控制人担任任何职务，与公司以及主要股东、 实际控制人之间不存在直接或间接利害关系或其他可能影 响其进行独立客观判断的关系，不存在其他影响独立董事独 立性的情况，符合《上市公司独立董事管理办法》《上海证券 交易所股票上市规则》《上海证券交易所上 ...

中国东方航空股份有限公司 独立董事提名人声明与承诺 提名人中国东方航空股份有限公司董事会，现提名孙铮、 陆雄文、罗群、冯咏仪、郑洪峰为中国东方航空股份有限公 司第十届董事会独立董事候选人，并已充分了解被提名人职 业、学历、职称、详细的工作经历、全部兼职、有无重大失 信等不良记录等情况。被提名人已同意出任中国东方航空股 份有限公司第十届董事会独立董事候选人（参见该独立董事 候选人声明与承诺）。 提名人认为，被提名人具备独立董事任职资格，与中国 东方航空股份有限公司之间不存在任何影响其独立性的关 系，具体声明如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关 法律、行政法规、规章及其他规范性文件，具有 5 年以上法 律、经济、财务、管理或者其他履行独立董事职责所必需的 工作经验。 二、被提名人任职资格符合下列法律、行政法规和部门 规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规 定； 1 （二）《中华人民共和国公务员法》关于公务员兼任职务 的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海 证券交易所自律监管规则以及公司章程有关独立董事任职 资格和条件的相关规定； （四） ...