中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2025-028 截至 2025 年 3 月 31 日，H 股回购进展如下： 本公司累计回购 3,686.40 万股 H 股（约占本公司总股本的 0.1654%），回购成 交的最高价为 2.73 港元/股，最低价为 2.37 港元/股，成交总金额为 9,178.04 万港 元（不含交易费用）。 一、 回购股份的基本情况 中国东方航空股份有限公司（以下简称"公司"）分别于 2024 年 8 月 30 日、 2024 年 11 月 8 日召开董事会 2024 年第 4 次例会、2024 年第一次临时股东大会、 2024 年第一次 A 股类别股东大会及 2024 年第一次 H 股类别股东大会，审议通过 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 中国东方航空股份有限公司 关于股份回购进展公告 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 ...

Investment Rating - The report initiates coverage with a "Buy" rating for China Eastern Airlines (600115.SH) [4][6]. Core Views - The company reported a revenue of 132.1 billion yuan in 2024, a year-on-year increase of 16.2%, and a reduced net loss of 4.23 billion yuan compared to a loss of 8.17 billion yuan in 2023 [1][4]. - The report highlights effective cost control, particularly in unit fuel costs, which decreased by 6.7% year-on-year, contributing to the reduction in losses despite a 4.2% decline in overall seat revenue [2][4]. - Future aircraft fleet growth is projected at a net increase of 4.5% annually over the next three years, with specific delivery numbers outlined for 2025-2027 [3][4]. - The company is optimizing its debt structure, which has led to a decrease in financial expenses, and is expected to benefit from a recovering demand and lower oil prices [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 132.12 billion yuan, with a growth rate of 16.1% [5][10]. - The net profit attributable to shareholders is forecasted to improve significantly, reaching 1.94 billion yuan in 2025, 3.47 billion yuan in 2026, and 5.18 billion yuan in 2027, reflecting growth rates of 48.4%, 146.0%, and 78.4% respectively [5][10]. Cost Management - The unit fuel cost has been effectively controlled, with a year-on-year decrease of 8.7% in fuel prices, and the unit cost remaining stable compared to 2019 levels [2][4]. - The company has issued 5 billion yuan in perpetual bonds, reducing the asset-liability ratio to 85.03% and decreasing interest expenses by approximately 1 billion yuan [4][5]. Future Outlook - The company anticipates a net increase of 34, 51, and 28 aircraft in 2025, 2026, and 2027 respectively, with the main aircraft type being the A320 [3][4]. - The report projects a positive outlook for profitability driven by macroeconomic recovery and the resumption of intercontinental routes [4][5].

事件：公司发布2024 年业绩：2024 年公司营收1321 亿元，同比+16.2%，归母净亏42.3 亿元（2023 年 归母净亏81.7 亿元），扣非归母净亏49.8 亿元（2023 年扣非归母净亏89.4 亿元）。4Q24 公司营收295 亿元，同比+4.7%，归母净亏40.9 亿元（4Q23 归母净亏55.6 亿元），扣非归母净亏44.5 亿（4Q23扣非 归母净亏57.4 亿元）。 油价同比回落但座收同比降幅有限、单位扣油成本控制出色推动全年减亏，汇率贬值拖累盈利。2024 年公司整体座收同比-4.2%，拆分看：国际座收同比-13.9%，客公里收益同比-23%，客座率同比 +8.8pcts；国内座收同比-0.5%，客公里收益同比-11.2%，客座率同比+9.0pcts、同比2019 年下降 1.2pcts，全年油价同比回落下公司单位燃油成本同比-8.7%、成本控制能力出色公司单位扣油成本同 比-6.7%，与2019 年基本持平，座收降幅低于成本推动扭亏。全年公司确认汇兑损失7.6 亿元，对归母 净利有一定拖累。 公司未来三年机队年净增速4.5%，引进数量变化或是交付节奏调整。公司年报指引2025-2 ...

Investment Rating - The report gives a "Buy" rating for China Eastern Airlines (600115.SH) with a target price of 3.70 CNY, indicating a positive outlook for the stock [6]. Core Views - The company reported a revenue of 132.1 billion CNY in 2024, a year-on-year increase of 16.2%, and a reduced net loss of 4.23 billion CNY compared to a loss of 8.17 billion CNY in 2023 [1][2]. - The report highlights effective cost control, particularly in fuel costs, with a decrease of 8.7% in unit fuel costs year-on-year, contributing to the reduction in losses [2][4]. - The company is expected to see a net increase in its fleet by 4.5% annually over the next three years, with a focus on the A320 model [3]. - The financial structure has improved, with a reduction in the debt-to-asset ratio to 85.03% and a decrease in interest expenses by approximately 1 billion CNY [4]. Summary by Sections Financial Performance - In 2024, the total revenue was 132.12 billion CNY, with a growth rate of 16.1% expected to continue into 2025 at 10.1% [5][10]. - The net profit attributable to shareholders is projected to improve significantly from a loss of 4.23 billion CNY in 2024 to a profit of 1.94 billion CNY in 2025, reflecting a growth rate of 48.4% [5][10]. Cost Management - The report emphasizes the company's strong cost management capabilities, with unit fuel costs remaining stable compared to 2019 levels despite fluctuations in oil prices [2][4]. - The company has effectively managed its operational costs, leading to a better financial outlook as demand recovers and oil prices stabilize [4]. Fleet Expansion - The company plans to increase its fleet size with net additions of 34, 51, and 28 aircraft in 2025, 2026, and 2027 respectively, primarily focusing on the A320 model [3]. Debt Management - The issuance of 5 billion CNY in perpetual bonds has helped optimize the debt structure, reducing financial pressure and interest expenses [4].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][10]. Core Insights - The company achieved a significant reduction in losses year-on-year, with a reported net profit of -4.23 billion yuan for 2024, compared to -8.17 billion yuan in 2023, indicating a substantial improvement in performance [4][10]. - The company is expected to see revenue growth from 132.12 billion yuan in 2024 to 154.55 billion yuan by 2027, with corresponding net profits projected to turn positive by 2025 [9][10]. - The report highlights the recovery of overseas capacity and a notable increase in passenger load factor, which rose to 82.8% in 2024, an increase of 8.4 percentage points year-on-year [5][10]. Financial Performance - In 2024, the company reported operating revenue of 132.12 billion yuan, a year-on-year increase of 16.1% [4]. - The operating cost for 2024 was 126.5 billion yuan, reflecting a 12.48% increase, but the seat kilometer cost decreased by 7.2% [6]. - The financial expenses decreased to 5.84 billion yuan in 2024, down by 6.9 billion yuan from the previous year, with interest expenses significantly reduced [6][10]. Future Projections - The company plans to increase its fleet size at a compound annual growth rate of 4.5% from 2024 to 2027, with a total of 804 aircraft by the end of 2024 [7][8]. - Forecasts for 2025-2027 indicate a net profit of 2.26 billion yuan in 2025, 4.11 billion yuan in 2026, and 7.87 billion yuan in 2027, with corresponding P/E ratios decreasing from 35.79 to 10.28 [9][10].

中国国际金融股份有限公司 关于中国东方航空股份有限公司 2022年度非公开发行A股股票持续督导保荐总结报告书 经中国证券监督管理委员会《关于核准中国东方航空股份有限公司非公开发行 股票的批复》（证监许可[2022]2995号）核准，中国东方航空股份有限公司（以下简 称"东航股份"、"公司"、"发行人"）非公开发行A股股票3,416,856,492股，发行价 格4.39元/股，募集资金总额为人民币14,999,999,999.88元，扣除发行费用人民币 32,759,244.31元（不含增值税），实际募集资金净额为人民币14,967,240,755.57元。 中国国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）作为东航股 份2022年度非公开发行A股股票并持续督导的保荐机构，负责东航股份的持续督导 工作。 截至2024年12月31日，东航股份2022年度非公开发行A股股票并上市项目的持 续督导期已届满，中金公司根据《证券发行上市保荐业务管理办法》《上海证券交 易所股票上市规则》《上海证券交易所上市公司自律监管指引第11号——持续督导》 等相关法规和规范性文件的要求，出具本保荐总结报告书。 一、保荐机构 ...

中国国际金融股份有限公司 关于中国东方航空股份有限公司 2024 年度持续督导年度报告书 二、上市公司信息披露审阅情况 根据中国证监会《证券发行上市保荐业务管理办法》和《上海证券交易所上 3 市公司自律监管指引第 11 号——持续督导》等相关规定，保荐机构对东航股份 2024 年持续督导期间的信息披露文件进行了事前审阅或事后及时审阅，对信息 披露文件的内容及格式、履行的相关程序进行了检查，并将相关文件内容与对外 披露信息进行了对比。保荐机构认为，东航股份按照证券监管部门的相关规定进 行信息披露活动，依法公开对外发布各类信息披露文件，确保各项重大信息的披 露真实、准确、完整、及时、有效，不存在虚假记载、误导性陈述或者重大遗漏。 三、上市公司是否存在《证券发行上市保荐业务管理办法》及上海 证券交易所相关规则规定应向中国证监会和上海证券交易所报告的 事项 经中国证券监督管理委员会《关于核准中国东方航空股份有限公司非公开发 行股票的批复》（证监许可[2022]2995 号）核准，中国东方航空股份有限公司（以 下简称"东航股份"、"公司"、"发行人"）向包括中国东方航空集团有限公 司在内的 20 名发行对象发行境内上市 ...

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: 2025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 呈交日期: 2025年4月1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 (如上市) | 00670 | 說明 | | 中國東方航空股份有限公司H股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | | 2. 股份 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is expected to narrow its losses significantly in 2024, with a forecasted revenue of RMB 132.12 billion, representing a 16.1% year-on-year increase, and a net loss of RMB 4.226 billion, which is an improvement from a net loss of RMB 8.168 billion in 2023. The company is projected to turn profitable by 2025 [1][4] - The airline industry is experiencing a recovery, with a notable increase in passenger load factor and a potential rebound in unit revenue per passenger kilometer in 2025 due to tightening domestic supply and stabilizing international ticket prices [2][4] Summary by Sections Financial Performance - In Q4 2024, the company reported a net loss of RMB 4.088 billion, an improvement from RMB 5.561 billion in Q4 2023, primarily due to a 24% decrease in aviation fuel prices. The full-year net loss for 2024 is expected to be RMB 4.226 billion, a reduction of RMB 39.64 billion compared to the previous year [3][4] - The company's operating revenue for 2024 is projected at RMB 132.12 billion, with a year-on-year growth of 16.1%. The operating cost is expected to be RMB 126.5 billion, leading to a gross profit of RMB 5.62 billion [6][28] Profitability Forecast - The company has slightly raised its profit forecasts for 2025 and 2026, expecting a net profit of RMB 3.138 billion in 2025 and RMB 6.508 billion in 2026, reflecting a significant turnaround from previous losses [4][28] - The estimated earnings per share (EPS) for 2025 is projected to be RMB 0.14, with a return on equity (ROE) of 7.41% [6][28] Valuation Metrics - The target price for the company's A/H shares has been set at RMB 5.10 and HKD 3.20, reflecting a price-to-book (PB) ratio of 2.6x for A shares and 1.5x for H shares based on the expected recovery in profitability [4][8] - The company’s historical 10-year average PB is 2.2x for A shares and 1.2x for H shares, indicating a premium valuation due to anticipated improvements in return on equity [4][6]

Core Viewpoint - China Eastern Airlines reported a net loss of 4.226 billion yuan for 2024, a year-on-year reduction in losses by 48.4%, aligning with the lower end of its earnings forecast [1] Financial Performance - Total operating revenue for 2024 reached 132.12 billion yuan, representing a year-on-year growth of 16.11%, with passenger revenue increasing by 16.2% and cargo revenue by 46.7% [3] - The company recorded a net loss attributable to shareholders of 4.798 billion yuan, a year-on-year reduction in losses by 44.44% [1] - The unit cost of ASK (Available Seat Kilometers) was 0.42 yuan, a decrease of 7% year-on-year, while the unit cost excluding fuel decreased by 6% [3] Operational Data - Overall ASK increased by 9.9% compared to 2019 and by 21.2% compared to 2023, while overall RPK (Revenue Passenger Kilometers) rose by 11.0% compared to 2019 and by 34.9% compared to 2023 [1] - Domestic ASK recovered to 117.9% of the 2019 level, with domestic RPK at 119.1% of 2019, and domestic passenger volume at 109.9% of 2019 [1] - International ASK reached 95.3% of the 2019 level, with international RPK at 95.8% of 2019, and international passenger volume at 97.8% of 2019 [1] Fleet and Aircraft Delivery - In 2024, the company delivered 35 aircraft and retired 13, resulting in a fleet size of 804 aircraft, a year-on-year increase of 2.8% [2] - The company plans to net add 34, 51, and 28 aircraft in 2025, 2026, and 2027, respectively, indicating future fleet growth rates of 4.2%, 6.1%, and 3.1% [2] Investment Analysis - Due to stable market demand and declining ticket prices, the 2025 domestic passenger kilometer revenue growth assumption has been adjusted to 1% from the original 3% [4] - The earnings forecast for 2025 and 2026 has been revised down to 2.935 billion yuan and 5.735 billion yuan, respectively, with a new estimate for 2027 at 8.895 billion yuan [4] - The current market valuation corresponds to a 2027 earnings forecast PE of 9X, which remains below the historical valuation average of the three major airlines, maintaining an "overweight" rating [4]