低成本航空

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欲加码国际业务,春秋航空难掩后者毛利率下滑尴尬
凤凰网财经· 2025-05-23 12:51
Core Viewpoint - Spring Airlines is aggressively expanding its international routes in response to significant challenges in its domestic business, where revenue growth has sharply declined [1][3]. Group 1: Revenue Growth Trends - The revenue growth rate for Spring Airlines has been continuously declining, with a reported revenue of 20 billion yuan in 2024, reflecting an 11.5% year-on-year increase, compared to 114.34% in 2023 [3]. - In Q1 2024, the company's revenue growth further slowed to 2.88%, while net profit decreased by 16.39% year-on-year [4]. - The main business revenue growth for 2024 was only 11.1%, significantly lower than the previous year's 114.52% [5]. Group 2: Business Performance Analysis - Despite a recovery in the civil aviation market, Spring Airlines faces intense competition, leading to a decline in domestic business revenue growth to just 2.89% in 2024, down from 89.56% in 2023 [7]. - The company reported a total passenger turnover of 50.4 billion person-kilometers in domestic routes, a growth of 18.79%, but domestic revenue only reached 15.32 billion yuan [7]. - International business revenue grew by 66.89% to 4.017 billion yuan in 2024, increasing its share of total revenue from 13.42% to 20.08% [8]. Group 3: Cost and Profitability Challenges - The gross margin for the main business decreased by 0.63% to 12.04% due to rising operational costs [6]. - The average revenue per passenger-kilometer for domestic and international routes fell by 6.35% and 14.77%, respectively, indicating pressure on pricing [9]. Group 4: Shareholder Actions - Major shareholders of Spring Airlines are continuously reducing their holdings, with a recent announcement of a potential sale of up to 781,470 shares, representing 0.8% of the total share capital [10]. - Since 2018, these shareholders have repeatedly sold shares, with the latest reduction in March 2023, amounting to 1.05% of total shares [11]. - Institutional investors are also reducing their stakes, with one major shareholder decreasing its holdings by 54.7% from Q1 2023 to Q1 2024 [12].
春秋航空(601021):低成本航空韧性凸显 扣税盾业绩保持坚挺
Xin Lang Cai Jing· 2025-05-08 12:29
Core Viewpoint - Spring Airlines reported its 2024 annual report and 2025 Q1 report, showing a steady growth in revenue but a decline in net profit for Q1 2025 [1][3]. Group 1: Financial Performance - In 2024, the company's operating revenue reached 20 billion yuan, a year-on-year increase of 11.5%, with a net profit of 2.27 billion yuan, up 0.7% [1]. - The fourth quarter of 2024 saw operating revenue of 4.02 billion yuan, a 4.9% increase, but a net loss of 330 million yuan [1]. - For Q1 2025, the company reported operating revenue of 5.32 billion yuan, a 2.9% increase, but a net profit decline of 16.4% to 680 million yuan [1]. Group 2: Market and Operational Insights - The civil aviation market experienced steady growth in passenger volume, with a 16.1% increase in capacity and an 18.8% rise in passenger turnover for 2024 [2]. - The passenger load factor reached 91.49%, up 2.1 percentage points year-on-year, although the international market grew faster than regional markets [2]. - Due to market competition and pricing pressures, the average passenger kilometer revenue decreased by 6.5% to 0.385 yuan [2]. Group 3: Cost Management and Future Outlook - The company's cost and expense performance remained stable in 2024, with oil costs rising due to increased consumption despite lower oil prices [3]. - Non-oil costs were well-controlled, with a slight decrease in unit non-oil costs year-on-year [3]. - The company plans to focus more on expanding international routes in 2025, with a tax shield effect contributing to the Q1 profit decline, while pre-tax profit increased by 0.5% year-on-year [3]. Group 4: Investment Recommendations - The civil aviation market in China has significant growth potential, and low-cost airlines continue to show operational resilience [4]. - The current decline in oil prices is expected to benefit airline cost reductions significantly [4]. - Projected net profits for the company are 2.71 billion yuan, 3.25 billion yuan, and 3.74 billion yuan for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [4].
春秋航空:低成本航空韧性凸显,扣税盾业绩保持坚挺-20250508
China Post Securities· 2025-05-08 12:23
发布时间:2025-05-08 股票投资评级 资料来源:聚源,中邮证券研究所 证券研究报告:交通运输 | 公司点评报告 公司基本情况 | 最新收盘价(元) | 55.45 | | --- | --- | | 总股本/流通股本(亿股)9.78 | / 9.78 | | 总市值/流通市值(亿元)542 | / 542 | | 52 周内最高/最低价 | 62.18 / 48.22 | | 资产负债率(%) | 60.3% | | 市盈率 | 23.80 | | 第一大股东 | 上海春秋国际旅行社 | | | (集团)有限公司 | 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 春秋航空(601021) 低成本航空韧性凸显,扣税盾业绩保持坚挺 l 春秋航空披露 2024 年年报及 2025 年一季报 春秋航空披露 2024 年年报及 2025 年一季报。2024 年公司营业 收入 200.0 亿元,同比增长 11.5%,实现归母净利润 22.7 亿元,同比 增长 0.7%,其中第四季度营业收入 40.2 亿元,同比增长 4.9%,归母 ...
春秋航空(601021):低成本航空韧性凸显,扣税盾业绩保持坚挺
China Post Securities· 2025-05-08 11:53
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][11]. Core Views - The low-cost airline model demonstrates resilience, with the company expected to benefit from a significant reduction in oil prices, positively impacting cost management [7]. - The civil aviation market in China continues to show growth potential, with the company focusing on expanding international routes despite slight declines in domestic market performance [6][7]. - The company's financial performance for 2024 aligns with expectations, with stable cost management and a slight increase in net profit forecasted for the coming years [5][9]. Company Overview - The latest closing price of the company's stock is 55.45 yuan, with a total market capitalization of 542 billion yuan [2]. - The company reported a revenue of 20 billion yuan for 2024, reflecting an 11.5% year-on-year growth, and a net profit of 2.27 billion yuan, which is a 0.7% increase [3][9]. - The company’s operating capacity increased by 16.1% year-on-year, with passenger turnover rising by 18.8% [4]. Financial Projections - Forecasted revenues for 2025, 2026, and 2027 are 21.59 billion yuan, 23.06 billion yuan, and 24.62 billion yuan, respectively, with growth rates of 7.96%, 6.82%, and 6.76% [9]. - The projected net profits for the same years are 2.71 billion yuan, 3.25 billion yuan, and 3.74 billion yuan, with growth rates of 19.08%, 19.96%, and 15.12% [9][10]. - The earnings per share (EPS) are expected to increase from 2.32 yuan in 2024 to 3.82 yuan in 2027 [9][10].
年赚近23亿元,空中“拼多多”春秋航空成国内“最赚钱”航司
Xin Jing Bao· 2025-05-02 05:17
2024年,春秋航空又一次交出了一份亮眼成绩单:春秋航空营业收入同比增长11.5%至200亿元,净利润同比增长0.69%至22.73亿元。另外,在最新披露的 2025年一季度业绩成绩单里,春秋航空以6.77亿元的净利润依然稳住了国内"最赚钱"航司的地位。 在当前的市场环境下,对成本的控制能力影响着公司盈利能力。2024年,春秋航空的单位成本为0.316元,较上年同期下降 3.3%;单位非油成本为0.205元, 较上年同期下降1.7%,较2019年同期下降0.1%。2024年第二大盈利上市航司吉祥航空的单位成本同比下降5.56%至0.34元,单位非油成本则同比下降8.7%至 0.21元。 中国航协此前发布的通报曾指出,2024年航空客运市场"旺丁不旺财"现象较为突出,经济舱平均票价同比2023年下降超过10%,全年客公里平均收益水平同 比下降12.5%。在行业普遍的票价水平同比下降的情况下,票价水平原本就更低的低成本航空,受到的影响也更小。 2024年,因供需变化和票价波动,大部分航空公司客公里收益出现大幅下跌。相较于三大航司客公里收益两位数的下跌幅度,春秋航空的下跌幅度仅为 6.5%,且相较于2019年同比仍 ...
春秋航空:2024年报及2025年:一季报点评:票价韧性凸显,成本有望优化助力盈利改善-20250501
Xinda Securities· 2025-05-01 02:23
Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated resilience in ticket pricing and is expected to optimize costs, which will aid in profit improvement [2][7] - The company achieved a revenue of 20 billion yuan in 2024, a year-on-year increase of 11.5%, while the net profit attributable to the parent company was 2.273 billion yuan, up 0.7% year-on-year [3][8] - The company is positioned as a leading low-cost airline in China, with strong growth potential and improving operational performance [9] Revenue and Profitability - In 2024, the company reported a total revenue of 20 billion yuan, with a net profit of 2.273 billion yuan, reflecting a growth rate of 11.5% and 0.7% respectively [3][8] - For Q1 2025, the company achieved a revenue of 5.32 billion yuan, a year-on-year increase of 2.9%, but the net profit decreased by 16.4% to 677 million yuan [2][3] Capacity and Utilization - The total available seat kilometers (ASK) for 2024 increased by 16.1%, with domestic and international routes showing growth of 7.7% and 70.9% respectively [4] - The overall passenger kilometers (RPK) increased by 18.8% in 2024, with domestic and international routes growing by 9.8% and 82.3% respectively [4] - The fleet size reached 129 aircraft by the end of 2024, with a net increase of 8 aircraft, and the fleet utilization improved to 9.3 hours, up 0.8 hours year-on-year [5] Cost Management - The average ticket price in the industry fell by 12.1% in 2024, while the company's unit revenue per RPK decreased by only 6.5%, indicating better price resilience compared to the industry [6] - The average fuel price decreased by 7% in 2024, contributing to a reduction in unit costs for the company [6] - The company expects further cost reductions, with both unit fuel and non-fuel costs declining, which will help offset the impact of falling ticket prices [7] Future Earnings Forecast - The company is projected to achieve net profits of 2.712 billion yuan, 3.027 billion yuan, and 3.330 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 19.3%, 11.6%, and 10.0% [9]
春秋航空(601021):2024年报及2025年一季报点评:25Q1盈利6.8亿,同比-16%,剔除税盾,利润总额同比+0.5%,看好低成本航空龙头业绩兑现
Huachuang Securities· 2025-04-30 15:21
Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [6][21]. Core Views - The report highlights the performance of Spring Airlines, noting a Q1 2025 profit of 680 million, a year-on-year decrease of 16%. However, excluding tax shield effects, total profit increased by 0.5% year-on-year, reflecting confidence in the low-cost airline leader's ability to deliver results [1][6]. Financial Performance Summary - **2024 Financials**: Total revenue is projected at 20 billion, with a year-on-year growth of 11.5%. Net profit attributable to shareholders is expected to be 2.273 billion, reflecting a modest growth of 0.7% [2][6]. - **2025 Q1 Financials**: Revenue reached 5.32 billion, a year-on-year increase of 2.9%, while net profit was 680 million, down 16.4% year-on-year. Excluding tax shield effects, net profit decreased by 16.8% [6][7]. - **Profit Distribution**: The company plans to distribute a cash dividend of 0.82 per share, totaling 798 million, with a payout ratio of 35.09% [6]. Operational Metrics - **Capacity and Load Factor**: In 2024, Available Seat Kilometers (ASK) increased by 16.1% and Revenue Passenger Kilometers (RPK) rose by 18.8%, with a load factor of 91.5%, up 2.1 percentage points year-on-year. For Q1 2025, ASK grew by 6.9% and RPK by 6.2%, with a load factor of 90.6%, down 0.6 percentage points [6][7]. - **Cost Structure**: In 2024, operating costs were 17.412 billion, up 12.2% year-on-year. Fuel costs were 6.14 billion, reflecting an 8.8% increase. For Q1 2025, operating costs were 4.45 billion, up 4.5% year-on-year, with estimated fuel costs of 1.5 billion, down 5.4% [6][7]. Valuation and Price Target - The report adjusts profit forecasts for 2025 and 2026, estimating net profits of 2.79 billion and 3.37 billion, respectively. The target price is set at 65.6, representing a 23% upside from the current price of 53.68 [2][6].
春秋航空(601021):1Q收益水平仍较弱,但有望改善
HTSC· 2025-04-30 08:08
Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 69.10 [6][7]. Core Views - The company's revenue for Q1 2025 was RMB 5.317 billion, a year-on-year increase of 2.9%, while net profit attributable to shareholders was RMB 677 million, a decrease of 16.4%. The revenue exceeded expectations due to a smaller decline in earnings than anticipated [1][2]. - For 2024, the company is expected to achieve revenue of RMB 20 billion, an increase of 11.5%, and a net profit of RMB 2.273 billion, a slight increase of 0.7%. Although ticket prices have not shown significant recovery, improvements in supply-demand dynamics are expected to enhance revenue during peak seasons [1][3]. - The low-cost airline model has significant growth potential in China, and the company is positioned for growth with high operational efficiency and leading profitability metrics in the industry [1][4]. Summary by Sections Q1 2025 Performance - Revenue for Q1 2025 was RMB 5.317 billion, up 2.9% year-on-year, while net profit was RMB 677 million, down 16.4%. The performance was better than the expected RMB 600 million due to a smaller-than-expected decline in earnings [1][2]. - The unit revenue per passenger kilometer decreased by approximately 3.5% year-on-year, with overall capacity (ASK) increasing by 6.9% [2]. 2024 Outlook - The company is projected to have a rapid recovery in capacity, with ASK and RPK increasing by 16.1% and 18.8% respectively, while the load factor is expected to be 91.5%, up 2.1 percentage points. However, unit revenue per passenger kilometer is forecasted to decline by 6.5% [3]. - The operating cost for 2024 is expected to be RMB 17.412 billion, an increase of 12.2%, with a slight decrease in gross margin to 12.9% [3]. Profit Forecast and Valuation - The net profit forecast for 2025 has been revised down by 18% to RMB 2.726 billion, with a target price based on a price-to-book ratio of 3.5x, maintaining the target price at RMB 69.10 [4][6]. - The company’s growth potential remains strong due to the low penetration of low-cost airlines in China, and the operational efficiency is expected to improve as aircraft utilization rates recover [4][6].