证券时报网讯，美银下调中国民航信息网络目标价至10.3港元，维持"中性"评级，并下调2024—2026年 盈利预测6%。 主要原因是外国航空公司回归缓慢，对航空信息科技服务平均售价造成压力；疫情后成本结构上升。 校对：刘星莹 ...

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 11.92 based on DCF valuation [4] Core Views - The company is a leading provider of aviation information technology services in China, with a significant recovery in business and performance post-pandemic [1][2] - The Global Distribution System (GDS) operated by the company is among the top three globally, with a strong market position supported by regulatory barriers against foreign competitors [2][51] - Revenue and profit are expected to continue growing, driven by increasing passenger volumes and improvements in pricing for international services [2][4] Summary by Sections Company Overview - Established in 2000, the company provides computer information services for airlines, airports, and agents, with its core systems recognized as key by the State Council [1] - Business volume and revenue declined from 2020 to 2023 due to public health events, but have shown recovery with a 19% increase in system processing volume in the first 11 months of 2024 compared to the previous year [1] Investment Logic - The company's GDS system is the primary service for domestic airlines, with a processing volume that correlates closely with passenger traffic [2] - Short-term policies and long-term economic growth are expected to drive passenger volume growth, supporting revenue increases [2] Other Main Businesses - System integration services saw a significant revenue increase of 112% in 2024H1, with the company holding a dominant position in the domestic airport market [3] - Clearing and settlement services also experienced a 50% revenue growth in 2024H1, linked to rising passenger volumes [3] Financial Forecasts and Valuation - Projected net profits for 2024-2026 are estimated at RMB 17 billion, RMB 21 billion, and RMB 25 billion respectively, indicating strong growth potential [4] - The company has maintained a stable dividend payout ratio of 40% from 2019 to 2023, reflecting a commitment to returning value to shareholders [1][4]

中 国 航 信 TravelSky 中國民航信息網絡股份有限公司 TravelSky Technology Limited (在中華人民共和國註冊成立的股份有限公司) (股份代號：00696) 0 0 0 bla O EBT x 目錄 | --- | --- | |----------------------------------------|-------| | 二零二四年上半年業務回顧 | 2 | | 管理層對財務狀況和經營業績的討論及分析 | 6 | | 二零二四年下半年展望 | 15 | | 其他資料 | 16 | | 合併資產負債表 | 25 | | 母公司資產負債表 | 29 | | 合併利潤表 | 33 | | 母公司利潤表 | 36 | | 合併現金流量表 | 38 | | 母公司現金流量表 | 41 | | 合併所有者權益變動表 | 43 | | 母公司所有者權益變動表 | 45 | | 二零二四年半年度財務報表附註 | 47 | | 公司資料 | 217 | 中國民航信息網絡股份有限公司 中國民航信息網絡股份有限公司（「本公司」）之董事會（「董事會」）謹此公佈本公司及其附屬公司（「本集團 ...

计算机 证 券 研 究 报 告 上 市 公 司 公 司 研 究/ 公 司 点 评 2024 年 09 月 10 日 中国民航信息网络(00696) ——利润超预期，人力杠杆预示成长信心恢复 报告原因：有业绩公布需要点评 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 10 日 | | 收盘价（港币） | 9.37 | | 恒生中国企业指数 | 6002.91 | | 52 周最高/最低（港币） | 15.18/7.35 | | H 股市值（亿港币） | 274.19 | | 流通 H 股（百万股） | 932.56 | | 汇率（人民币/港币） | 1.0982 | 一年内股价与基准指数对比走势： -48% 2% 52% 09/1110/1111/1112/1101/1102/1103/1104/1105/1106/1107/1108/11 HSCEI 中国民航信息网络 资料来源：Bloomberg 证券分析师 胡雪飞 A0230522120002 huxf@sws ...

Investment Rating - The report maintains a "Buy" rating for China TravelSky Technology (00696 HK) with a target price of HKD 14 52 per share based on a 20x PE valuation for 2024 [4][11] Core Views - The company reported strong revenue and profit growth in H1 2024 with revenue reaching RMB 4 042 billion (YoY +22 2%) and net profit attributable to shareholders of RMB 1 367 billion (YoY +13 9%) [2][6] - Domestic air travel recovery remains robust with domestic passenger volume in H1 2024 exceeding 2019 levels by 12 1% while international passenger volume recovered to 76 0% of 2019 levels [2][6] - The AIT (Airline Information Technology) business saw revenue growth of 19 8% YoY to RMB 2 265 billion in H1 2024 driven by strong domestic recovery [2][6] - Settlement and clearing business revenue surged 50 0% YoY to RMB 278 million in H1 2024 due to the recovery of international business volume [2][6] - System integration services revenue increased significantly by 111 9% YoY to RMB 680 million in H1 2024 driven by increased project completions [2][6] - Data network services revenue grew steadily by 7 3% YoY to RMB 216 million in H1 2024 supported by increased distribution information service volume [2][6] Financial Forecasts - Revenue is expected to grow by 22 4% in 2024 and 9 0% in 2025 with net profit attributable to shareholders forecasted at RMB 1 932 billion and RMB 2 297 billion respectively [2][11] - The company's gross margin is expected to improve steadily reaching 53 0% in 2024 and 54 1% in 2025 [11][12] - EPS is projected to be RMB 0 66 in 2024 and RMB 0 79 in 2025 [11][12] Business Performance - The company's AIT business continues to recover with domestic air travel showing strong growth while international travel is gradually recovering [2][6] - The settlement and clearing business is benefiting from the recovery of international air travel and the expansion of system and product services [6][8] - System integration services are experiencing significant growth due to increased project completions and the company's involvement in smart airport construction [6][8] - Data network services are maintaining steady growth with the company expanding its overseas market presence and enhancing its distribution capabilities [6][9] Industry Outlook - The domestic air travel market is expected to continue its natural growth while the international market is projected to further recover in H2 2024 [7] - The company is well-positioned to benefit from the ongoing recovery in the aviation and tourism industry as a key player in civil aviation information technology [11]

中国民航信息网络（696） 更新报告 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|---------------------------------| | 买入 \n受益于民航业需求回暖，业绩恢复增长 | 李宜格 | 2024 年 9 月 3 日 | | 业 绩 符合预期 ： 2024 年 上 半 年 公司收入 40.4 亿元人民币 | 852-25321962 | | | （ YoY+22.2% ）,归属于母公司股东净利润 13.7 亿元（ YoY+13.9% ），主要 | | Vicky.li@firstshanghai.com.hk | | 是受益于民航运输业需求回暖，系统处理旅客量恢复增长所致。公司每股 | 罗凡环 | | | 盈利为人民币 0.47 ...

Investment Rating - The report maintains a "Buy" rating for China TravelSky Holding Company (0696 HK) [2] Core Views - Domestic civil aviation passenger market continues steady recovery, benefiting from intelligent transformation of aviation industry [1] - Company revenue reached RMB 13 67 billion in H1 2024, up 13 9% YoY [2] - Net profit attributable to parent company reached RMB 9 69 billion, with current stock price at HK$9 69 [2] - All business segments achieved YoY revenue growth in H1 2024 [2] Business Performance - Airline IT services revenue increased 24 0% YoY to RMB 22 65 billion due to higher system processing volume [2] - Settlement and clearing revenue grew 19 8% YoY to RMB 6 80 billion [2] - System integration service revenue surged 111 9% YoY to RMB 2 16 billion [2] - Data network revenue rose 7 3% YoY, while other business revenue declined 15 1% [2] Market Trends - Domestic passenger scale showed steady growth, exceeding 2019 levels [2] - International civil aviation market showed stable recovery [2] - ETD system processed 3 52 billion passenger trips in H1 2024, up 24 0% YoY [2] - Domestic segment processing volume increased 15 8% YoY, while international segment surged 193 4% [2] Financial Projections - 2024E revenue forecast at RMB 8 325 billion, with 19 2% YoY growth [3] - 2024E net profit forecast at RMB 1 954 billion, with EPS of RMB 0 67 [3] - 2025E revenue expected to reach RMB 10 509 billion, with 12 1% YoY growth [3] - 2025E net profit projected at RMB 2 491 billion, with EPS of RMB 0 85 [3] Balance Sheet - Total assets expected to grow from RMB 25 236 billion in 2022 to RMB 32 970 billion in 2026E [4] - Cash and short-term investments projected to increase from RMB 7 577 billion in 2022 to RMB 14 660 billion in 2026E [4] - Shareholders' equity forecast to rise from RMB 19 741 billion in 2022 to RMB 27 017 billion in 2026E [4] Cash Flow - Operating cash flow projected to increase from RMB 1 336 billion in 2022 to RMB 3 513 billion in 2026E [5] - Free cash flow expected to grow from RMB 1 678 billion in 2022 to RMB 1 746 billion in 2026E [5] - Net cash flow forecast to rise from RMB 1 136 billion in 2022 to RMB 2 221 billion in 2026E [5]

Investment Rating - The report maintains a rating of "Accumulate" for China Civil Aviation Information Network (0696) [2][5]. Core Views - The company has demonstrated strong earnings growth exceeding expectations, driven by effective cost control and a recovery in international business [4][5]. - The first half of 2024 saw record-high passenger traffic in China's civil aviation market, with the company's revenue and booking volume showing significant growth compared to pre-pandemic levels [5]. - The company is expected to benefit from the ongoing smart civil aviation construction and the recovery of international business, which will enhance its profitability [5]. Summary by Relevant Sections Performance Overview - In the first half of 2024, the company achieved a net profit of 1.37 billion RMB, a 14% year-on-year increase, surpassing market expectations [5]. - Revenue for the first half of 2024 increased by 5% compared to the same period in 2019, despite the international business recovery still lagging [5]. Financial Projections - The report projects net profits for 2024, 2025, and 2026 to be 1.9 billion, 2.3 billion, and 2.5 billion RMB respectively [5]. - The company’s revenue is expected to grow significantly, with estimates of 8.37 billion RMB in 2024, 9.32 billion RMB in 2025, and 10.01 billion RMB in 2026 [8]. Cost Management - The report highlights that cost control, particularly in labor costs, will be crucial for the company's profitability recovery, as labor costs accounted for nearly 40% of total costs in the first half of 2024 [5]. - The company aims to maintain competitive salaries and improve talent incentive mechanisms to manage costs effectively [5]. Market Position - The company holds a dominant position in the civil aviation information service sector in China, benefiting from accelerated airport construction and expansion projects [5]. - The report anticipates a peak in project completion and settlement in the later stages of the 14th Five-Year Plan, which will significantly contribute to profits [5].

证券研究报告 港股公司|公司点评|中国民航信息网络（00696） 航空景气度回升，业绩上行逐步兑现 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月30日 证券研究报告 |报告要点 公司发布 2024 半年报，2024H1 实现收入 40.4 亿元，同比+22.2%；实现归母净利润 13.7 亿 元，同比+13.9%。 |分析师及联系人 李蔚 曾智星 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年08月30日 中国民航信息网络(00696) 航空景气度回升，业绩上行逐步兑现 | --- | --- | |----------------------------|-----------------| | | | | 行 业： | 计算机/软件开发 | | 投资评级： | 买入（维持） | | 当前价格： | 9.19 港元 | | 基本数据 | | | 总股本 / 流通股本(百万股 ) | 2,926.21/932.56 | | 流通市值 ( 百万港元 ) | 8,570.24 | | 每股净资 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00696） 截至二零二四年六月三十日止期間之業績公佈 中國民航信息網絡股份有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其附屬 公司（「本集團」）截至二零二四年六月三十日止六個月期間的按照中國企業會計準則（「中 國企業會計準則」）編製的未經審計之中期業績公告。 – 1 – 合併利潤表 截至二零二四年六月三十日止六個月（除特別註明外，金額單位均為人民幣千元） | 項目 | 附註 | 本期金額 | 上期金額 | | --- | --- | --- | --- | | 一、營業總收入 | | 4,041,791 | 3,307,556 | | 其中：營業收入 | 5.f） | 4,041,791 | 3,307,556 | | 二、營業總成本 | | 2,535,291 | 2,178,181 | | 其中：營業成本 | 5.f) | 1, ...