二〇二四年四月二十九日 中国东方航空股份有限公司 China Eastern Airlines Corporation Limited 2023 年度股东大会 会议资料 Document of the 2023 Annual General Meeting April 29, 2024 中国东方航空股份有限公司 二〇二三年度股东大会 China Eastern Airlines Corporation Limited The 2023 Annual General Meeting 文件目录 | 1.会议须知 | | 3 | | --- | --- | --- | | 2.会议议程 | | 5 | | 3.会议议案 | | 8 | 2 中国东方航空股份有限公司 二〇二三年度股东大会 China Eastern Airlines Corporation Limited The 2023 Annual General Meeting 会议须知 为确保中国东方航空股份有限公司（以下简称"公司"） 股东在公司 2023 年度股东大会（以下简称"本次会议"）期 间依法行使股东权利，保证股东大会的会议秩序和议事效 率，现将 ...

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。 一、运营情况 2024 年 3 月，中国东方航空股份有限公司（以下简称"本公司"）客运运力 投入（按可用座公里计）同比上升 35.12%；旅客周转量（按客运人公里计）同 比上升 55.88%；客座率为 81.23%，同比上升 10.82 个百分点。2024 年 3 月货邮 周转量（按货邮载运吨公里计）同比上升 110.30%。 2024 年 3 月，公司在国内市场新开上海浦东-库尔勒、广州-大理、天津-温 州等航线，复航广州-成都双流、广州-沈阳等航线，加密南京-厦门、西安-敦煌 等航线；在国际市场加密了上海浦东-洛杉矶、上海浦东-莫斯科、上海浦东-东 京成田、上海浦东-大阪、昆明-吉隆坡、南京-曼谷等航线；在地区市场复航了 太原-香港等航线。 二、飞机机队 2024 年 3 月，本公司合计引进 4 架客机，包括 1 架 B737 系列客机，1 架 C919 系列客机和 2 架 ARJ 系列客机，未退出客机。截至 2024 年 3 月末，本公 司合计运营 786 架飞机，其中自 ...

Investment Rating - The report maintains an "Add" rating for China Eastern Airlines (600115) [1][2] Core Views - The company reported a narrowing loss with an annual revenue of 113.7 billion yuan, a year-on-year increase of 145.6%, and a net loss attributable to shareholders of 8.168 billion yuan, down from 37.356 billion yuan in the same period last year [1][2] - The operational metrics show a steady recovery in business volume, with available seat kilometers (ASK) recovering to 90.64% of the 2019 level, and passenger turnover (RPK) recovering to 82.20% of the 2019 level [1][2] - The report highlights that the increase in ticket prices has led to a rise in revenue per passenger kilometer, which is up 13.6% compared to 2019 [1][2] Financial Summary - For 2023, the company achieved an operating income of 113.741 billion yuan, with a year-on-year growth of 145.6% [3] - The forecast for net profit attributable to shareholders for 2024-2026 is 5.767 billion, 8.130 billion, and 10.055 billion yuan respectively, indicating a return to profitability [2][3] - The gross margin is projected to improve from 1.1% in 2023 to 14.2% by 2026, reflecting enhanced operational efficiency [3]

FF301 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 截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國東方航空股份有限公司 FF301 II. 已發行股份變動 | 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 | 00670 | 說明 | 中國東方航空股份有限公司H股 | | | | 上月底結存 | | 5,176,777,777 | | | | | 增加 / 減少 (-) | | | | | | | 本月底結存 | | 5,176,777,777 | | | | 呈交日期: 2024年4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 | 00670 | 說明 | | 中 ...

[Table_Page] 年报点评|航空机场 证券研究报告 [中Table_T国itle] 东航(600115.SH)/中国东方航 公[Ta司ble评_Inv级est ] 增持-A/增持-H 当前价格 3.64元/1.95港元 空股份(00670.HK) 合理价值 4.62元/3.01港元 报告日期 2024-04-01 23 年同比减亏明显，静待盈利继续改善 [相Tab对le_P市icQ场uote表] 现 [Table_Summary] 核心观点： 10% 2% ⚫ 事件：中国东航发布 2023 年年报。全年实现收入 1137.4 亿元/yoy+ -6%03/23 05/23 07/23 09/23 11/23 01/24 03/24 145.63%，相当于2019年的94.15%；归母净利润-81.7亿元，同比减 -14% 亏291.9亿元；扣非归母净利润-89.44亿元，同比减亏290.09亿元。 -22% ⚫ 业务恢复步伐稳健，23年营收与19年基本相当：公司23年全年旅客 -30% 中国东航 沪深300 运输量达到1.16 亿人次，相当于 19 年同期约 9 成，其中4Q 公司运 输旅客超过3000 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 3.65 CNY [2]. Core Views - The company has significantly reduced its losses in 2023, achieving an operating revenue of 113.7 billion CNY and a net loss of 8.2 billion CNY, which is a substantial improvement compared to 2022 [5]. - The airline market continues to recover, but challenges remain due to slow recovery of international routes, increased domestic supply, and weak business travel demand [5]. - The company is expected to benefit from improved aircraft utilization and the recovery of international routes, leading to a forecasted profit of 6.7 billion CNY in 2024 and 12.7 billion CNY in 2025 [5]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022 Revenue: 46.1 billion CNY - 2023 Revenue: 113.7 billion CNY (YoY growth of 147%) - 2024 Revenue: 155.9 billion CNY (YoY growth of 37%) - 2025 Revenue: 175.3 billion CNY (YoY growth of 12%) - 2026 Revenue: 185.8 billion CNY (YoY growth of 6%) [2][5]. - **Net Profit**: - 2022 Net Profit: -37.4 billion CNY - 2023 Net Profit: -8.2 billion CNY - 2024 Net Profit: 6.7 billion CNY - 2025 Net Profit: 12.7 billion CNY - 2026 Net Profit: 13.6 billion CNY [2][5]. - **Earnings Per Share (EPS)**: - 2023 EPS: -0.37 CNY - 2024 EPS: 0.30 CNY - 2025 EPS: 0.57 CNY - 2026 EPS: 0.61 CNY [2][5]. - **Valuation Ratios**: - P/E Ratio: 2024 - 12.1, 2025 - 6.4, 2026 - 6.0 - P/B Ratio: 2024 - 1.6, 2025 - 1.3, 2026 - 1.1 [2][5]. Operational Insights - The company added 7 aircraft in 2023, with a total of 782 operational aircraft by the end of the year, which is still below pre-pandemic levels [5]. - Passenger revenue has significantly recovered, with a 199% increase in 2023 compared to 2022, while cargo revenue has returned to pre-pandemic levels [5]. - The average passenger load factor in 2023 was 74%, which is 7.6 percentage points lower than in 2019 [5].

Investment Rating - The report maintains a "Buy" rating for China Eastern Airlines (600115.SH) [1][21] Core Insights - In 2023, China Eastern Airlines reported a narrowing loss with total revenue of 113.74 billion yuan, a year-on-year increase of 145.6%, and a net profit attributable to shareholders of -8.17 billion yuan [1][5] - The recovery in domestic passenger traffic and strong ticket prices significantly boosted revenue, with passenger transport volume and available seat kilometers (ASK) recovering to 88.7% and 90.6% of 2019 levels, respectively [1][5] - The company expects profitability to improve in 2024, despite a downward adjustment in revenue forecasts due to macroeconomic pressures and slow recovery in international routes [1][7] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022: Revenue of 46.11 billion yuan, net profit of -37.39 billion yuan - 2023: Revenue of 113.74 billion yuan, net profit of -8.17 billion yuan - 2024E: Revenue expected to be 137.66 billion yuan, net profit of 5.91 billion yuan [19] - **Key Financial Ratios**: - Earnings per share (EPS) for 2023 was -0.37 yuan, expected to turn positive in 2024 with 0.26 yuan [19] - Return on equity (ROE) improved from -128.6% in 2022 to -20.1% in 2023, with a forecast of 12.9% in 2024 [19] Operational Metrics - The passenger load factor for 2023 was 74.4%, down 7.6 percentage points from 2019, while domestic routes showed a recovery with a load factor of 78.0% [1][5] - The company achieved a significant increase in passenger revenue, reaching 104.58 billion yuan in 2023, a 199% increase year-on-year [1][5] Cost and Margin Analysis - Operating costs for 2023 were 112.46 billion yuan, up 50.8% year-on-year, with fuel costs rising by 84.9% [1][5] - The gross margin turned positive in 2023 due to improved operational efficiency, with unit fuel costs per ASK decreasing by 27.4% [1][5] Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 5.91 billion yuan, 9.63 billion yuan, and 12.91 billion yuan, respectively, reflecting a cautious outlook due to anticipated economic challenges [1][7][19]

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 ...