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11月30日 狀態: 新提交 | |1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 01055 | 説明 | | | | | | | | | 法定/註冊股份數目 | | 面値 | | 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 (-) | | | | | RMB | | O | | 本月底結存 | | | 4,643,997,308|RMB | | 1 RMB | | 4,643,997,308 | 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12月2日 l. 法定/註冊股本變動 | . 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 ...

電話號碼: (852) 2862 8555 傳真號碼: (852) 2865 0990 自2024年12月1日起，本公司的H股股份過戶及登記手續申請應遞交至香港中央證券登記有 限公司辦理。 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：1055） 更換香港H股股份過戶登記處 中國南方航空股份有限公司（「本公司」）董事会（「董事会」）謹此宣佈，自2024年12 月1日起，本公司之香港H股股份過戶登記處更換為: 香港中央證券登記有限公司 香 港 灣 仔 皇后大道東183號 合和中心17樓 1712-1716號舖 承董事會命 中國南方航空股份有限公司 聯席公司秘書 陳威華及劉巍 中華人民共和國，廣州 2024年11月25日 於本公告日期，董事包括執行董事馬須倫、韓文勝及羅來君 ; 及獨立非執行董事何超瓊、郭 為及張俊生。 1 ...

Summary of Conference Call on China Southern Airlines' Sale of Boeing 787-8 Aircraft Company and Industry Involved - **Company**: China Southern Airlines (南航) - **Industry**: Aviation Key Points and Arguments 1. **Announcement of Aircraft Sale**: China Southern Airlines announced the sale of ten Boeing 787-8 aircraft and two spare engines, which was unexpected as it was not included in the previously disclosed fleet plan for 2024-2026 [1][2] 2. **Strategic Decision**: The decision to sell the 787-8 aircraft indicates a strategic move to streamline operations and reduce the variety of aircraft types in its fleet, which has been a trend for the airline [2][4] 3. **Fleet Optimization**: The sale is part of a broader effort to optimize the fleet by reducing the number of wide-body aircraft types, which can lead to lower operational costs and training requirements for pilots [3][4] 4. **Market Trends**: The 787-8 model is becoming less popular compared to the 787-9, which has better range and capacity, making it more suitable for long-haul routes [5][6] 5. **Aircraft Age and Maintenance**: The average age of the 787-8 aircraft in China Southern's fleet is around 11 years, approaching a point where significant maintenance is required, making it a strategic time to sell [6][7] 6. **Industry Supply Dynamics**: The overall supply of aircraft is tight, with a lack of new deliveries expected in the coming years, which could lead to higher prices for used aircraft [8][9] 7. **International Recovery**: The international aviation market is gradually recovering, with China Southern Airlines showing strong recovery rates compared to competitors, particularly in European routes [11][12] 8. **Future Outlook**: The airline industry is expected to face a tight supply of aircraft in the next few years, with a potential increase in demand as international travel resumes [9][10] 9. **Operational Efficiency**: By selling the 787-8, China Southern Airlines aims to improve operational efficiency and reduce costs associated with maintaining a diverse fleet [4][10] 10. **Market Positioning**: The sale may position China Southern Airlines favorably against international competitors, especially as they face higher operational costs due to geopolitical factors [11][12] Other Important but Overlooked Content - **Seasonal Demand**: The upcoming Spring Festival is expected to drive high travel demand, which could impact pricing and capacity in the airline industry [10][13] - **Long-term Strategy**: The decision to sell older aircraft aligns with a long-term strategy to modernize the fleet and focus on more efficient aircraft types [6][7] - **Supply Chain Challenges**: Ongoing supply chain issues are affecting aircraft production, which may limit the availability of new aircraft in the market [14]

证券代码：600029 证券简称：南方航空 公告编号：临 2024-060 | 机型 | 自行保有 | 融资租赁 | 经营租赁 | 小计 | | --- | --- | --- | --- | --- | | 空客 350 系列 | 6 | 14 | 0 | 20 | | 空客 330 系列 | 7 | 18 | 4 | 29 | | 空客 320 系列 | 158 | 67 | 143 | 368 | | 波音 787 系列 | 10 | 20 | 10 | 40 | | 波音 777 系列 | 14 | 18 | 0 | 32 | | 波音 737 系列 | 145 | 66 | 178 | 389 | | EMB190 系列 | 3 | 0 | 0 | 3 | | ARJ21 | 7 | 30 | 0 | 37 | | C919 | 0 | 2 | 0 | 2 | | 合计 | 350 | 235 | 335 | 920 | 2024年10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8.73%，其中国内、地区、国际分别同比上升0.18%、9. ...

Investment Rating - The report maintains an "Overweight" rating for both A-shares and H-shares of the company [4][7]. Core Views - The company reported a total revenue of 134.7 billion yuan for the first three quarters of 2024, a year-on-year increase of 12.7%, and a net profit attributable to shareholders of 1.965 billion yuan, up 49% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 49.9 billion yuan, a year-on-year increase of 4.64% and a quarter-on-quarter increase of 24.09%, but the net profit decreased by 19.79% year-on-year [1][4]. - The report highlights a significant recovery in air travel demand, with RPK (Revenue Passenger Kilometers) increasing by 28% year-on-year for the first three quarters and 19% year-on-year in Q3 [2]. - The report notes a decline in passenger kilometer revenue, which fell by 11.7% year-on-year to 0.58 yuan/RPK for the first three quarters, primarily due to falling ticket prices [3]. - The report expresses optimism about the ongoing recovery in air travel demand and the potential for cost improvements, particularly with expected declines in oil prices [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 134.7 billion yuan, with a net profit of 1.965 billion yuan [1]. - In Q3 2024, the company reported a revenue of 49.9 billion yuan and a net profit of 4.21 billion yuan [1][4]. - The company’s RPK increased by 28% year-on-year for the first three quarters, with a 52% increase in international routes [2]. Cost Management - The company’s passenger kilometer cost decreased by 11.0% year-on-year to 0.52 yuan/RPK for the first three quarters, aided by lower oil prices and effective cost control [3]. - The report emphasizes the importance of ongoing cost management as the airline industry faces increased competition [3]. Market Outlook - The report anticipates continued recovery in air travel demand, supported by both domestic and international factors, with a focus on the gradual improvement of supply constraints [3]. - The report suggests that the airline's fleet expansion is slower than historical cycles, indicating a degree of supply rigidity in the medium term [3].

Investment Rating - The report maintains a "Buy" rating for China Southern Airlines (600029) [1] Core Views - Revenue growth was offset by declining ticket prices, impacting overall profitability [1] - International routes showed significant recovery, with load factors exceeding 2019 levels [1] - Unit revenue declined sharply, but unit costs were well controlled [1] - The company is expected to achieve net profits of 3.41, 40.23, and 57.08 billion yuan in 2024-2026, representing year-on-year growth of 108.1%, 1081.3%, and 41.9% respectively [1] Financial Performance Revenue and Profit - Q3 2024 revenue reached 49.87 billion yuan, up 4.64% YoY [1] - Net profit attributable to parent company was 3.193 billion yuan in Q3 2024, down 23.89% YoY [1] - For the first three quarters of 2024, net profit was 1.965 billion yuan, up 48.9% YoY [1] Operational Metrics - Total ASK increased 11.4% YoY in Q3 2024 [1] - International and regional ASK recovered to 84.9% of 2019 levels [1] - Overall load factor reached 85.49%, exceeding 2019 levels by 1.8 percentage points [1] Unit Economics - Unit RPK revenue was 0.587 yuan, down 11.8% YoY [1] - Unit ASK cost was 0.425 yuan, down 4.0% YoY [1] Financial Projections - Revenue is expected to grow at 13.7%, 7.8%, and 4.4% in 2024-2026 [2] - Gross margin is projected to improve from 7.7% in 2023 to 11.2% in 2026 [2] - ROE is forecasted to increase from -11.4% in 2023 to 12.2% in 2026 [2] Valuation - Current PE ratios are 324.61x, 27.48x, and 19.37x for 2024-2026 [1] - PB ratios are projected at 2.69x, 2.98x, and 2.36x for 2024-2026 [2]

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 | 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 | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Recommended" rating for the company, with projected earnings per share (EPS) of 0.03, 0.22, and 0.37 for the years 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 180.87X, 26.63X, and 16.24X [2]. Core Insights - The company reported its Q3 2024 results, showing that passenger transport volumes for domestic, international, and regional routes reached 110.02 million, 12.90 million, and 1.48 million respectively, which are 114.27%, 84.11%, and 74.31% of the levels seen in the same period of 2019 [1]. - For the first three quarters of 2024, the company achieved a total operating revenue of 134.66 billion yuan, a year-on-year increase of 12.7%, exceeding the 2019 level of 116.67 billion yuan [1]. - The company recorded a net profit attributable to shareholders of 1.97 billion yuan, a year-on-year increase of 48.86%, which is 48.19% of the 4.08 billion yuan net profit in the same period of 2019 [1]. - The report highlights that Q3 2024 saw a strong release of business volume during the summer travel peak, leading to a significant revenue increase, despite a decline in ticket prices due to changes in consumer spending patterns [1]. - The company operated 913 aircraft as of the end of the reporting period, maintaining its position as the largest airline in Asia [1]. Financial Summary - The projected operating revenue for the company is expected to be 159.93 billion yuan in 2023, increasing to 180.25 billion yuan in 2024, 199.44 billion yuan in 2025, and 211.06 billion yuan in 2026, with growth rates of 83.70%, 12.70%, 10.65%, and 5.83% respectively [6]. - The net profit attributable to shareholders is forecasted to improve from a loss of 4.21 billion yuan in 2023 to a profit of 6.00 billion yuan in 2024, 40.75 billion yuan in 2025, and 66.82 billion yuan in 2026 [6]. - The gross margin is projected to increase from 7.72% in 2023 to 10.50% by 2026, indicating a recovery in profitability [6].

证券研究报告 | 2024年10月30日 南方航空（600029.SH） 优于大市 三季度业绩表现承压，静待盈利修复 南方航空 2024 年三季度业绩同比下滑。2024 年前三季度公司营业收入 1346.6 亿元，同比增长 12.7%，实现归母净利润 19.65 亿元，同比增长 48.9%， 其中单三季度公司营业收入 498.7 亿元，同比增长 4.6%，实现归母净利润 31.9 亿元，同比下降 23.9%。 国内需求修复，客座率同比提升明显，但收益水平承压显著。2024 年三季度， 公司旅客运输量、旅客周转量（RPK）、可用座公里（ASK）分别同比增长 11.8%、 18.7%以及 11.4%，且分别恢复至 2019 年同期的 110.1%、110.7%以及 108.4%； 客座率恢复至 85.5%，同比提升了 5.3 pct，相较 2019 年提升了 1.8 pct。 其中，国内航线的 RPK 和 ASK 分别恢复至 2019 年的 121.9%和 119.2%，国内 客座率恢复至 85.7%，相较 2019 年提升了 1.9 pct；国际航线的 RPK 和 ASK 分别恢复至 2019 年的 86.5% ...

南方航空（600029.SH） 航空机场 证券研究报告/公司点评报告 2024 年 10 月 29 日 三季度量增价减，盈利符合预期 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|----------------------------------------------------------------------------------------------------------------------------- ...