Investment Rating - The investment rating for the company is maintained at "Buy" [5] Core Views - The report indicates that the supply and demand in the industry are expected to continue recovering in the first half of 2024, with the company’s main business continuing to reduce losses, excluding the impact of capital increase. The profitability center is anticipated to rise with the recovery of supply and demand, alongside the construction of the Beijing Daxing hub. The report highlights that the airline has an option for benefits from falling oil prices [3][4]. Summary by Sections Financial Performance - The company is projected to have a net profit of -12.3 billion yuan in the first half of 2024, considering a nearly 14 billion yuan investment loss from the capital increase in China Southern Airlines. The main business is expected to continue reducing losses year-on-year [4]. - The company’s fleet size is expected to grow by 6.7% compared to the same period in 2019, with an ASK (Available Seat Kilometers) growth of 6% in the first half of 2024 [4]. - The company achieved a year-on-year increase of 6 percentage points in passenger load factor during the off-peak season, which is higher than in 2019 [4]. Profitability and Cost Management - The company is leveraging opportunities in cross-border e-commerce, with a more than 30% increase in international routes, leading to a year-on-year profit increase of 450 million yuan in Southern Airlines logistics, totaling 1.7 billion yuan [4]. - The report suggests that if the average fuel purchase price decreases by 10%, the estimated annual net profit increases for China Southern Airlines and other airlines would be 4.2 billion yuan, 4.1 billion yuan, 3.5 billion yuan, 530 million yuan, and 470 million yuan respectively [4]. Strategic Developments - The construction of the Beijing Daxing hub is a significant strategic initiative for the company, which is the largest base airline at the Beijing Daxing Airport. The company is expected to benefit from new slot allocation policies [4]. - The report anticipates that as the industry supply and demand recover, the profitability center for domestic routes will rise, and the long-term profitability of international routes is also expected to improve [4].

证券代码：600029 证券简称：南方航空 公告编号：临 2024-052 中国南方航空股份有限公司 2024 年 8 月主要运营数据公告 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。 2024年8月，中国南方航空股份有限公司及所属子公司（以 下简称"本集团"）客运运力投入（按可利用座公里计）同比上 升12.00%，其中国内、地区、国际分别同比上升2.37%、33.47%、 60.86%；旅客周转量（按收入客公里计）同比上升20.74%，其中 国内、地区、国际分别同比上升11.80%、30.53%、63.66%；客座 率为87.19%，同比上升6.31个百分点，其中国内和国际分别同比 上升7.37和1.49个百分点，地区同比下降1.85个百分点。 货运方面，2024年8月货运运力投入（按可利用吨公里—货 邮运计）同比上升11.69%；货邮周转量（按收入吨公里—货邮运 计）同比上升16.81%；货邮载运率为48.75%，同比上升2.14个百 分点。 2024年8月，本集团无新增主要航线。 1 2024年8月，本集团引进6架飞 ...

H 股證券代碼 : 1055 • A 股證券代碼 : 600029 讓 更 多 人 樂 享 美 好 飛 行 2 0 2 4 中 期 報 告 中國南方航空股份有限公司 關於我們 經營業績 企業管治 財務報告 目錄 關於我們 經營業績 8 主要會計資料和財務指標 12 管理層討論與分析 企業管治 財務報告 2 釋義 4 公司資料 39 公司治理 42 環境與社會責任 49 重要事項 62 股份變動、股東情況及權益披露 68 債券相關情況 74 獨立核數師報告 75 中期財務報告 釋義 在本報告書中，除非文義另有所指，下列詞語具有如下含義： | 本公司、公司、南航、南方航空 | 中國南方航空股份有限公司 | | --- | --- | | 本集團 | 中國南方航空股份有限公司及控股子公司 | | 南航集團 | 中國南方航空集團有限公司 | | 廈門航空、廈航 | 廈門航空有限公司 | | 貴州航空 | 貴州航空有限公司 | | 珠海航空 | 珠海航空有限公司 | | 汕頭航空 | 汕頭航空有限公司 | | 重慶航空、重航 | 重慶航空有限責任公司 | | 河南航空 | 中國南方航空河南航空有限公司 | | 河北航空 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a loss in H1 2024 but is expected to achieve profitability for the full year [1] - Passenger transport volume for domestic, international, and regional routes in H1 2024 reached 70.44 million, 8.02 million, and 0.9716 million respectively, representing 114.39%, 81.65%, and 71.20% of the 2019 levels [1] - Revenue for H1 2024 was 84.79 billion yuan, a year-on-year increase of 18.04%, and 116.25% of the 2019 level [1] - The company faced increased operating costs due to production recovery, with operating costs rising by 17.42% year-on-year [1] Financial Performance Summary - In H1 2024, the company achieved an operating revenue of 84.79 billion yuan, with a net profit attributable to shareholders of -1.228 billion yuan [1] - The operating costs for H1 2024 were 78.551 billion yuan, leading to a gross margin of 6.81% [1] - The company operated 907 aircraft as of the report date, maintaining its position as the largest airline in Asia [2] - The forecast for earnings per share (EPS) for 2024, 2025, and 2026 is 0.03 yuan, 0.22 yuan, and 0.37 yuan respectively, with corresponding price-to-earnings (PE) ratios of 167.89X, 24.72X, and 15.08X [2][8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance in the aviation industry [8][9][11]. Core Views - The civil aviation demand is gradually recovering, with the company showing a significant reduction in losses in the first half of 2024, achieving a revenue of 84.79 billion yuan, a year-on-year increase of 18.0%, and a net profit attributable to shareholders of -1.23 billion yuan, a reduction in losses by 57.3% [4][8]. - Passenger traffic continues to grow, with a 21.7% increase in capacity input year-on-year, and international routes seeing a remarkable growth of 161.1% [5][8]. - The company’s operating costs have risen in line with business volume, with fuel costs increasing by 22.3% to 27.89 billion yuan, but non-fuel costs per unit have decreased by 5.6% due to improved operational efficiency [6][8]. Financial Summary - The company’s revenue is projected to grow from 159.93 billion yuan in 2023 to 203.57 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 4.84% [9][10]. - The net profit attributable to shareholders is expected to turn positive by 2024, reaching 0.21 billion yuan, and further increasing to 10.30 billion yuan by 2026 [9][10]. - The company’s earnings per share (EPS) is forecasted to improve from -0.23 yuan in 2023 to 0.57 yuan in 2026, reflecting a significant turnaround in profitability [9][10].

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 公司名稱: 中國南方航空股份有限公司 呈交日期: 2024年9月3日 I. 法定/註冊股本變動 | 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) | 01055 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 4,643,997,308 | RMB | | | 1 RMB | | 4,643,997,308 | | 2. 股份分類 | 普通股 | 股份類別 A | | | 於香 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A-shares and H-shares [5][6]. Core Views - The company experienced a significant decline in revenue levels in 2Q24, with a year-on-year revenue increase of 6.4% to RMB 40.189 billion, which is 13.8% higher than the same period in 2019. However, the unit revenue per passenger kilometer decreased by approximately 12% [5][6]. - The overall supply and demand for the company in 1H24 increased by 21.7% and 33.5%, respectively, recovering to 106% of the levels seen in 1H19. The passenger load factor was 83.1%, up 7.3 percentage points year-on-year [5][6]. - The company recorded a net loss attributable to shareholders of RMB 12.28 billion in 1H24, which is an improvement from a net loss of RMB 28.75 billion in 1H23. The net loss in 2Q24 expanded to RMB 19.84 billion, influenced by weak demand and investment losses from a subsidiary [5][6][7]. - The target price for A-shares is set at RMB 6.60 and for H-shares at HKD 4.05, reflecting a valuation premium based on expected improvements in profitability indicators [5][6]. Summary by Sections Financial Performance - In 2Q24, the company's operating revenue was RMB 40.189 billion, with a year-on-year increase of 6.4%. The passenger load factor was 83.2%, up 6.3 percentage points year-on-year, exceeding the same period in 2019 by 0.8 percentage points [5][6]. - The company reported a net loss of RMB 19.84 billion in 2Q24, which is an increase of RMB 10.07 billion compared to the previous year. The total operating cost for 2Q24 was RMB 38.826 billion, up 15.5% year-on-year [6][7]. Profitability Forecast - The net profit estimates for 2024-2026 have been adjusted to RMB 5.19 billion, RMB 38.45 billion, and RMB 79.15 billion, respectively, reflecting a downward revision from previous estimates [5][6][7]. - The expected book value per share (BVPS) for 2024 is RMB 2.06, with price-to-book (PB) ratios of 3.2x for A-shares and 1.8x for H-shares [5][6]. Market Conditions - The company is expected to benefit from increased capacity and strong private demand in the upcoming peak season (3Q24), which may help maintain high profitability levels [6][7]. - The report indicates that the recovery in supply and demand dynamics has not yet fully manifested in the off-peak season, leading to cautious adjustments in profit forecasts [6][7].

Investment Rating - The report maintains a "Buy" rating for China Southern Airlines (600029) with a target price of 6.42 CNY, representing a 13% upside from the current price of 5.70 CNY [2][4]. Core Views - The airline reported a loss of 1.23 billion CNY in H1 2024, with Q2 losses amounting to 1.98 billion CNY. However, improvements in supply and demand during the peak season are expected to lead to profitability for the airline [2]. - Revenue for H1 2024 reached 84.79 billion CNY, up 18.0% year-on-year, and 40.19 billion CNY for Q2, up 6.4% year-on-year. The losses in both periods were lower than in the same periods of the previous year [2]. - The report highlights significant growth in passenger traffic during the summer peak season, with a notable increase in average passenger volume and load factor [2]. Financial Summary - **Revenue and Profitability**: - H1 2024 revenue was 84.79 billion CNY, up 18.0% YoY, with a loss of 1.23 billion CNY. Q2 revenue was 40.19 billion CNY, up 6.4% YoY, with a loss of 1.98 billion CNY [2]. - The airline's net profit forecast for 2024-2026 has been adjusted to 0.5 billion, 7.8 billion, and 10.0 billion CNY respectively [2]. - **Operational Metrics**: - In H1 2024, Available Seat Kilometers (ASK) increased by 21.7% YoY, while Revenue Passenger Kilometers (RPK) rose by 33.5% YoY, with a load factor of 83.1%, up 7.3 percentage points YoY [2]. - For Q2 2024, ASK grew by 11.2% YoY, RPK by 20.3% YoY, and the load factor was 83.2%, up 6.3 percentage points YoY [2]. - **Cost Structure**: - H1 2024 operating costs were 78.6 billion CNY, up 17.4% YoY, with fuel costs at 29.7 billion CNY, an increase of 18.2% YoY [2]. - Q2 2024 operating costs were 38.8 billion CNY, up 15.5% YoY, with fuel costs at 13.4 billion CNY, up 16.0% YoY [2]. - **Earnings Per Share (EPS)**: - EPS for 2024 is projected at 0.03 CNY, increasing to 0.43 CNY in 2025 and 0.55 CNY in 2026 [2]. Market Conditions - The report notes a significant recovery in domestic air travel, with a 23% increase in passenger volume compared to 2019 levels during the summer peak season [2]. - The average domestic ticket price has decreased by 12% YoY, indicating competitive pricing in the market [2].

Investment Rating - The report assigns a "Buy" rating to China Southern Airlines (600029) [1] Core Views - China Southern Airlines' operations are improving, with profitability expected to rebound [1] - The company's domestic passenger load factor has exceeded 2019 levels, while international and regional capacity has recovered to 80% of 2019 levels [2] - Despite revenue growth, the company faced increased losses in Q2 2024 due to seasonal factors and adverse weather conditions [2] Financial Performance - In H1 2024, the company achieved revenue of RMB 84.79 billion, up 18.0% YoY and 16.2% compared to 2019 [2] - Net profit attributable to shareholders was RMB 1.228 billion, significantly reducing losses by RMB 1.647 billion YoY [2] - Q2 2024 revenue reached RMB 40.2 billion, up 6.4% YoY and 13.8% compared to 2019, but net loss widened to RMB 1.984 billion [2] Operational Metrics - H1 2024 gross margin was 7.36%, up 0.49 percentage points YoY, but still below 2019 levels [2] - Q2 2024 passenger load factor reached 83.1%, exceeding 2019 levels by 0.72 percentage points [2] - Domestic passenger load factor was 83.6%, while international and regional routes reached 81.7% [2] Cost Structure - Unit RPK revenue declined by 11.6% YoY in Q2 2024 to RMB 0.564 [3] - Unit ASK cost increased by 3.8% YoY in Q2 2024 to RMB 0.453, mainly due to high fuel prices [3] - Financial expenses decreased due to reduced foreign exchange losses of RMB 891 million [2] Fleet and Utilization - The company's fleet size reached 907 aircraft (including 18 freighters) by H1 2024 [3] - Total flight hours in H1 2024 reached 1,536.6 hours, up 15.82% YoY and 4.29% compared to 2019 [3] - The company plans to add 40, 17, and 10 aircraft in 2024-2026 respectively [3] Financial Projections - The report forecasts net profit of RMB 1.28 billion, RMB 4.288 billion, and RMB 5.694 billion for 2024-2026 [4] - EPS is projected to be RMB 0.07, RMB 0.24, and RMB 0.31 for 2024-2026 respectively [4] - Revenue is expected to grow to RMB 203.931 billion by 2026 [4] Valuation - The stock's PE ratio is projected at 80.71x, 24.09x, and 18.14x for 2024-2026 [4] - PB ratio is expected to decline from 2.72x in 2024 to 2.15x in 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Views - The company reported a significant reduction in losses for H1 2024, with a net profit of -1.23 billion RMB, an improvement of 1.65 billion RMB year-on-year [1]. - The recovery of international routes is expected to benefit the company, with passenger volume on international routes recovering to 87.5% of 2019 levels by July 2024 [1]. - The company has adjusted its net profit forecasts for 2024-2026 to 0.4 billion RMB, 6.9 billion RMB, and 11.3 billion RMB respectively [1]. Financial Performance - In H1 2024, the company's operating revenue reached 84.79 billion RMB, a year-on-year increase of 18.0% [1]. - Passenger transport revenue was 73.4 billion RMB, up 18% year-on-year, driven by increased capacity and load factors [1]. - Cargo revenue increased by 21.6% year-on-year to 8.7 billion RMB, with a 24.18% increase in cargo traffic [1]. - The company's unit cost per seat kilometer decreased by 3.9% year-on-year to 0.44 RMB [1]. Profitability Metrics - The gross profit margin for H1 2024 was 7.4%, an increase of 0.5 percentage points year-on-year [1]. - The company reported a significant decrease in financial expense ratio, primarily due to reduced foreign exchange losses [1]. - The forecasted earnings per share for 2024E is 0.022 RMB, with a projected return on equity (ROE) of 1.06% [4]. Future Outlook - The company is expected to benefit from favorable policies promoting international travel, which may further enhance the recovery of its international routes [1]. - The adjusted profit forecasts reflect a cautious but optimistic outlook for the company's recovery trajectory in the coming years [1].