证券研究报告 固收定期报告 / 2025.08.13 核心观点 两地上市转债会有条款上的问题吗 分析师 孙彬彬 SAC 证书编号：S0160525020001 sunbb@ctsec.com 分析师 隋修平 SAC 证书编号：S0160525020003 suixp@ctsec.com 分析师 李浩时 SAC 证书编号：S0160525080002 lihs@ctsec.com 相关报告 1. 《 近 期 境 外 债 有 什 么 新 关 注 ？ 》 2025-08-12 2. 《信用 | 加税落地，开始压利差？》 2025-08-10 3. 《期货｜关 注短线 反弹 的持续性》 2025-08-10 请阅读最后一页的重要声明！ ❖ 我们发现历史上境外有股票上市的转债，极少有下修并成功的情况。 2016 年至今，有境外股票上市的共 36 只转债。其中仅 2 家有过下修历史。 其中华友转债是瑞士 GDR 上市，电气转债是港股上市。 ❖ 目前整个转债市场中有 9 只转债在 A 股外有股份流通。其中港股上市 的公司包括南方航空、长城汽车、绿色动力、福莱特玻璃、重庆银行 5 家， 其中长城汽车在美国 OTC 市场也有股 ...

Core Viewpoint - China Southern Airlines has issued A-share convertible bonds totaling 16 billion yuan, approved by the board and shareholders, to support its operational and financial needs [2][3][4]. Section 1: Bond Details - The bond issuance was approved on May 14, 2020, and the total amount authorized is up to 16 billion yuan [2]. - The company issued 160 million A-share convertible bonds at a face value of 100 yuan each, raising a total of 16 billion yuan [3]. - The bonds have a term of 6 years, from October 15, 2020, to October 14, 2026, with a tiered interest rate starting at 0.2% in the first year and reaching 2.0% in the sixth year [4][5]. Section 2: Financial Performance - For the fiscal year 2024, the company reported a total operating revenue of 174.224 billion yuan, an increase of 8.94% from the previous year [19]. - The passenger transport volume reached 164.73 million, up 15.84% year-on-year [19]. - Despite revenue growth, the company faced a net loss attributable to shareholders of 1.696 billion yuan, a significant improvement from a loss of 4.209 billion yuan in the previous year [19]. Section 3: Use of Proceeds - The net proceeds from the bond issuance, after deducting underwriting fees, amounted to approximately 15.98 billion yuan, which is allocated for aircraft purchases, spare engine acquisition, and working capital [17][19]. - The company has committed to investing 1.06 billion yuan in aircraft and maintenance projects, 60 million yuan in spare engines, and 480 million yuan in working capital, with actual investments meeting or exceeding these commitments [19][20]. Section 4: Credit Rating - The bonds have been rated AAA by the credit rating agency, indicating a strong credit quality and stable outlook for the issuer [16][18].

Credit Ratings Overview - The report updates the credit ratings for convertible bonds as of Q1 2025, covering a total of 448 non-financial convertible bonds[2] - Infrastructure, retail, and light asset service sectors saw an increase in credit ratings compared to the previous quarter, while consumer healthcare, manufacturing, and cyclical sectors experienced a decline[2] Sector Breakdown - Infrastructure sector includes 37 bonds, retail sector has 12, public utilities 21, light asset services 22, consumer healthcare 90, manufacturing 162, and cyclical 104[2] - The credit ratings for public utilities remained relatively stable compared to the previous quarter[2] Risk Factors - The credit analysis framework for convertible bonds is noted to be incomplete, and the assessment of issuers' creditworthiness lacks detail[3] - Potential unexpected adjustments to convertible bond regulations pose a risk to the market[3] Future Updates - The company plans to continue updating the credit ratings for convertible bonds on a quarterly basis, encouraging investors to stay informed[2]

Core Viewpoint - China Southern Airlines maintains a strong market position and has achieved a turnaround in profitability, although it still faces challenges from high fuel costs and debt levels [3][4][5]. Company Overview - China Southern Airlines is a key player in the domestic aviation industry, operating under the China Southern Airlines Group, with a fleet of 917 aircraft as of the end of 2024 [10][11]. - The company reported total assets of 3297.38 billion yuan and equity of 525.95 billion yuan in 2024, with operating revenue reaching 1742.24 billion yuan and a profit of 15.81 billion yuan [10][11]. Financial Performance - The company experienced a significant recovery in 2024, with total profit turning from a loss of 16.45 billion yuan in 2023 to a profit of 15.81 billion yuan [10][11]. - Operating revenue increased by 8.52% year-on-year, driven by a rise in passenger and cargo transport volumes [16][20]. - The gross profit margin for the main business slightly improved, with the main business cost rising by 8.52% [16][20]. Market Position - China Southern Airlines holds the largest market share in passenger transport, accounting for 22.56% of the total market, and 20.42% in cargo transport [11][12]. - The company has a well-developed route network, focusing on key hubs in Guangzhou, Beijing, and Urumqi, and has expanded its international routes significantly [10][11][12]. Operational Efficiency - The company achieved a passenger load factor of 71.21% in 2024, reflecting improved operational efficiency [22]. - The average age of the fleet is 9.2 years, with a focus on maintaining a modern and efficient aircraft lineup [22]. Industry Environment - The aviation industry is recovering from the impacts of the pandemic, with demand for air travel increasing as economic conditions improve [10][11]. - The industry remains sensitive to fluctuations in fuel prices and exchange rates, which can significantly impact operational costs [5][10].

Core Viewpoint - The credit rating for China Southern Airlines' convertible bonds remains unchanged at AAA, with a stable outlook, indicating strong financial health and creditworthiness [1][2]. Group 1: Rating Information - Previous bond rating was AAA; issuer rating was AAA; outlook was stable [1]. - Current bond rating is AAA; issuer rating is AAA; outlook remains stable [2]. - The rating results have not changed compared to the previous assessment [1][2]. Group 2: Rating Agency and Report - The rating was conducted by United Ratings Co., Ltd. [1]. - The comprehensive analysis and evaluation were based on the company's financial status [2]. - The full report titled "China Southern Airlines Co., Ltd. Convertible Bond 2025 Tracking Rating Report" is available on the Shanghai Stock Exchange website [2].