SA(601021) 国联证券·2024-09-03 06:01Investment Rating - The report maintains a "Buy" rating for Spring Airlines (601021) [4] Core Views - Spring Airlines' low-cost advantage is expanding, with significant performance potential [1][4] - The company achieved revenue of 9.875 billion yuan in H1 2024, a YoY increase of 22.97%, and net profit attributable to shareholders of 1.361 billion yuan, a YoY increase of 62.28% [2][5] - In Q2 2024, the company achieved revenue of 4.707 billion yuan, a YoY increase of 12.94%, and net profit attributable to shareholders of 551 million yuan, a YoY increase of 14.05% [2][5] Financial Performance - The company's gross profit margin reached 14.96% in H1 2024, the best level since 2017 [5] - The period expense ratio was 4.43%, reaching the historical low range of the same period in 2019 [5] - The company's aircraft daily utilization rate was 9.28 hours, with a 20.58% capacity improvement potential compared to the same period in 2019 [5] Market Position - The company added 6 A320neo series aircraft in H1 2024, with a fleet size of 127 aircraft [5] - The company's passenger load factor reached 91.31%, 9.11 percentage points higher than the industry average [5] - The company's market share in passenger traffic increased from 3.35% in the same period of 2019 to 3.96% [5] Future Projections - The company is expected to achieve net profit attributable to shareholders of 2.960 billion yuan, 3.694 billion yuan, and 4.470 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 31.10%, 24.82%, and 21.02% [5] - The company's EPS is projected to be 3.02 yuan, 3.77 yuan, and 4.57 yuan in 2024, 2025, and 2026, respectively [6] - The company's P/E ratio is expected to be 16.7, 13.4, and 11.0 in 2024, 2025, and 2026, respectively [6]