Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][8]. Core Views - The airline demand continues to recover, with RPK (Revenue Passenger Kilometers) exceeding 2019 levels, showing a 40% year-on-year growth in the first three quarters of 2024 [2]. - The company faces challenges with a 28% year-on-year decline in net profit for Q3, primarily due to falling ticket prices [4][5]. - The report emphasizes the importance of cost control and the potential for improved profitability as oil prices are expected to decline in 2025 [3][4]. Summary by Sections Market Data - Total shares outstanding: 22.291 billion - Total market capitalization: 90.057 billion - One-year price range: 3.38 to 4.49 CNY - Three-month turnover rate: 23.64% [1]. Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 102.6 billion CNY, a 20% increase year-on-year, but reported a net profit of -1.38 billion CNY [5]. - In Q3 2024, the company generated revenue of 38.4 billion CNY, a 6.23% year-on-year increase, but net profit decreased by 28.18% compared to the previous year [5]. Operational Metrics - RPK for the first three quarters increased by 40% year-on-year, with domestic RPK up 16% and international RPK up 198% [2]. - The company’s seat kilometer revenue decreased by 4.5% year-on-year to 0.46 CNY/ASK, while seat kilometer costs fell by 5.5% to 0.43 CNY/ASK [3]. Profitability Forecast - The report projects net profits for 2024-2026 to be -2.224 billion CNY, 5.096 billion CNY, and 7.616 billion CNY respectively, with significant downward adjustments made to previous forecasts [4][6]. - The company is expected to see a gradual recovery in profitability driven by demand recovery and effective cost management [4].

一、本次限售股上市类型 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 非公开发行 A 股股票限售股上市流通的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 中国东方航空股份有限公司（以下简称"东航股份"或"公司"）聘请的持续督 导保荐机构，根据《中华人民共和国公司法》《中华人民共和国证券法》《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》以及《上海证券交 易所上市公司自律监管指引第 11 号——持续督导》等相关法律法规的要求，对 东航股份 2021 年度非公开发行 A 股股票限售股上市流通事项进行了审慎核查， 具体核查意见如下： 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[2021]3298 号）核准，东航股份向中国东方航空集团 有限公司（以下简称"中国东航集团"）发行境内上市人民币普通股 A 股 2,494,930,875 股（以下简称"本次发行"），发行价格为人民币 4.34 元/股。 本次发行新增股份于 2021 年 11 月 9 日在中国证券登记结算有限责任公司 上海分公司办理完毕登记手续。本次发 ...

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 2024-063 中国东方航空股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况的公告 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。 中国东方航空股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开 董事会 2024 年第 4 次例会审议通过了《关于回购并注销公司股份的议案》，具 体内容详见公司于2024年8月30日刊登在上海证券交易所网站（www.sse.com.cn） 以及公司指定披露媒体上的《关于以集中竞价交易方式回购股份方案的公告》（公 告编号：临 2024-044）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现公司 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 股类别股东大会将于 2024 年 11 月 8 日召开 ...

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 2024-062 中国东方航空股份有限公司 关于非公开发行限售股上市流通的公告 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、准确性和完整性依法承 担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 2,494,930,875 股。 本次股票上市流通总数为 2,494,930,875 股。 本次股票上市流通日期为 2024 年 11 月 11 日。 一、本次限售股上市类型 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[2021]3298 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"）向中国东方航空集团有限公司（以下简称"中国东 航集团"）发行境内上市人民币普通股 A 股 2,494,930,875 股（以下简称"本次发 行"），发行价格为人民币 4.34 元/股。 本次发行新增股份于 2021 ...

Investment Rating - The report maintains a "Recommendation" rating for China Eastern Airlines, with a target price of 4.49 CNY, representing a 17% upside from the current price of 3.84 CNY [3][5]. Core Insights - The report highlights that the airline industry is a classic cyclical sector, and once demand starts to recover, the supply constraints will drive strong price elasticity. The expected turning point is anticipated to have significant elasticity, similar to the market performance seen in 2009-2010 [3]. - The report adjusts the profit forecast for 2024-2026, expecting net profits of -2 billion, 5.5 billion, and 7.9 billion CNY respectively, with corresponding EPS of -0.09, 0.25, and 0.35 CNY [3][12]. - The report notes that the airline's core assets, including fleet, route network, and crew value, have not changed significantly despite the losses incurred since 2020 [3]. Financial Performance Summary - Total revenue for 2024 is projected at 132.94 billion CNY, reflecting a year-on-year growth of 16.9% [2][12]. - The net profit for 2024 is expected to be -2 billion CNY, a significant improvement from -8.17 billion CNY in 2023, with a year-on-year growth rate of 75.4% [2][12]. - The report indicates that the operating cost for 2024 is estimated at 125.36 billion CNY, with a year-on-year increase of 11.3% [12]. - The report provides a detailed breakdown of key financial metrics, including a projected PE ratio of 16 for 2025 and 11 for 2026, and a PB ratio of 2.1 for 2023, decreasing to 1.6 by 2026 [2][12]. Operational Metrics - The report states that the ASK (Available Seat Kilometers) for 2024 is expected to increase by 25.6% year-on-year, while RPK (Revenue Passenger Kilometers) is projected to grow by 40.5% [3][12]. - The passenger load factor is anticipated to reach 82.4% for the first three quarters of 2024, an increase of 8.7 percentage points year-on-year [3][12]. - The report highlights that the average passenger revenue per kilometer is expected to decline by 14.2% year-on-year for the first three quarters of 2024 [3][12].

Investment Rating - The investment rating for China Eastern Airlines is "Outperform the Market" [1][19][20] Core Views - The report indicates that China Eastern Airlines experienced a decline in net profit due to a drop in passenger kilometer revenue, despite a recovery in domestic demand and an increase in passenger load factor [1][5] - The company’s revenue for the first three quarters of 2024 reached 102.585 billion yuan, a year-on-year increase of 19.78%, with a net profit attributable to shareholders of -0.138 billion yuan, an improvement from -2.596 billion yuan in the same period last year [1][4] - The report highlights that while passenger transport volume and available seat kilometers (ASK) have recovered to above 2019 levels, the revenue per passenger kilometer (RPK) has significantly declined due to industry oversupply [1][5] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 38.386 billion yuan, a year-on-year increase of 6.23%, but a net profit of 2.63 billion yuan, down 28.2% year-on-year [1][4] - The passenger transport volume, RPK, and ASK grew by 15.66%, 26.12%, and 14.3% respectively compared to the previous year, recovering to 112.72%, 116.62%, and 113.69% of 2019 levels [1][5] Cost and Efficiency - The operating cost for Q3 2024 was 33.643 billion yuan, up 11.32% year-on-year, while the unit cost per ASK decreased by 2.61% to 0.42 yuan [1][7] - The average price of aviation kerosene fell by 3.6% year-on-year, contributing to the reduction in unit costs [1][7] Profitability Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 0.158 billion yuan, 4.577 billion yuan, and 7.685 billion yuan respectively, reflecting downward adjustments of -97%, -55%, and -43% [1][19][21] - The report emphasizes the importance of monitoring changes in domestic air travel demand as economic policies are implemented [1][19] Market Comparison - The report notes that the airline industry is expected to reach a balance between supply and demand by 2025-2026, which will likely restore performance to normal levels [17]

Investment Rating - The report maintains an "Outperform" rating for China Eastern Airlines (600115) [5] Core Views - The third quarter of 2024 saw a net profit of 2.63 billion yuan, a year-on-year decline of 28.18%, while operating revenue increased by 6.23% to 38.386 billion yuan, aligning with expectations [5] - The airline's operational data showed significant growth in passenger demand during the peak travel season, with overall ASK (Available Seat Kilometers) up 13.69% compared to 2019, and RPK (Revenue Passenger Kilometers) up 16.62% compared to 2019 [5] - Domestic operations showed a slower recovery in passenger load factors, while international operations have expanded significantly, with international ASK recovering to 100.69% of 2019 levels, a 179.85% increase year-on-year [5] - The fleet size reached 790 aircraft, a 12% increase compared to 2019 [5] - The report adjusts the 2024 domestic ticket price growth forecast to -13% due to lower-than-expected international recovery and weak ticket pricing [5] Summary by Sections Market Data - Closing price: 3.84 yuan - Market capitalization: 56.139 billion yuan - Price-to-book ratio: 4.3 [2][3] Financial Data - Q3 2024 operating revenue: 38.386 billion yuan, up 6.23% year-on-year - Q3 2024 net profit: 2.63 billion yuan, down 28.18% year-on-year - Total revenue for the first three quarters: 102.585 billion yuan, up 20% year-on-year [6][8] Earnings Forecast - 2024E net profit forecast: -1.675 billion yuan - 2025E net profit forecast: 4.654 billion yuan - 2026E net profit forecast: 8.143 billion yuan [6][8]

FF301 本月底法定/註冊股本總額： RMB 22,291,296,570 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10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: 2024年11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 | ...

Financial Performance - The operating revenue for Q3 2024 was RMB 38,386 million, representing a 6.23% increase compared to RMB 36,136 million in the same period last year[2]. - The net profit attributable to shareholders was RMB 2,630 million, a decrease of 28.18% from RMB 3,662 million year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 2,430 million, down 30.59% from RMB 3,501 million in the previous year[2]. - The basic earnings per share for Q3 2024 was RMB 0.12, a decrease of 25.00% compared to RMB 0.16 in the same period last year[4]. - The weighted average return on equity was 14.21%, down 0.41 percentage points from 14.62% year-on-year[4]. - Total operating revenue for the first three quarters of 2024 reached RMB 102,585 million, a 19.7% increase from RMB 85,647 million in the same period of 2023[17]. - Total operating costs increased to RMB 107,472 million, up 15.9% from RMB 92,643 million year-over-year[17]. - Net profit for the first three quarters of 2024 was RMB -184 million, an improvement from RMB -2,559 million in the same period of 2023[19]. - The company reported a basic earnings per share of RMB -0.01, improving from RMB -0.12 in the previous year[20]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 276,257 million, a decrease of 2.24% compared to the previous year[4]. - Total assets decreased to RMB 276,257 million from RMB 282,574 million, reflecting a 2.2% decline[16]. - Total liabilities decreased to RMB 235,438 million from RMB 241,251 million, a reduction of 2.4%[16]. - The company’s total non-current assets decreased to RMB 254,006 million from RMB 256,758 million, a decline of 1.1%[16]. Cash Flow - The company reported a net cash flow from operating activities of RMB 26,377 million for the year-to-date period[4]. - Cash flow from operating activities generated RMB 26,377 million, slightly up from RMB 26,281 million year-over-year[21]. - Cash received from operating activities increased to RMB 123,212 million, compared to RMB 103,553 million in the previous year, marking an 18.9% increase[21]. - Cash outflow from investment activities totaled 12,751 million, compared to 13,229 million in the previous year[22]. - Net cash flow from investment activities was -11,829 million, an increase in outflow from -10,761 million year-over-year[22]. - Cash inflow from financing activities amounted to 65,223 million, up from 63,500 million in the previous year[22]. - Cash outflow from financing activities was 85,328 million, compared to 83,628 million in the previous year[22]. - Net cash flow from financing activities was -20,105 million, slightly improved from -20,128 million year-over-year[22]. - The net increase in cash and cash equivalents was -5,565 million, compared to -4,605 million in the previous year[22]. - The ending balance of cash and cash equivalents was 6,293 million, down from 13,565 million year-over-year[22]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 186,678[7]. - The company plans to repurchase shares with a total amount of RMB 5 billion to RMB 10 billion, with A shares and H shares each accounting for RMB 2.5 billion to RMB 5 billion[11]. - The company received a notification from shareholders regarding the merger of its subsidiary Shanghai Jidao Aviation, which holds 589,041,096 shares, representing 2.64% of the total share capital[10]. - The company completed a share buyback plan, accumulating a total investment of approximately RMB 9.78 billion, acquiring 152,157,306 A shares and 152,156,000 H shares[13]. - The company’s major shareholder, China Eastern Airlines Group, has completed a share increase plan, acquiring a total of 0.68% of the total issued shares[13]. Investments and Subsidiaries - The company acquired a 55% stake in Eastern Airlines Media, which is now a subsidiary, affecting the financial data for 2023[4]. - The company plans to increase its investment in Shanghai Airlines by RMB 4.5 billion, raising its registered capital to RMB 10 billion[12]. - The company’s long-term investments rose to RMB 2,720 million, up from RMB 2,513 million year-over-year, indicating an 8.2% increase[16]. - The company’s total current assets include inventories valued at RMB 1,824 million, up from RMB 1,640 million at the end of 2023[13]. - The company’s other receivables rose to RMB 3,521 million from RMB 2,290 million compared to December 31, 2023[13]. - The company’s board approved a plan to liquidate and deregister a subsidiary, aiming to streamline operations[11]. Accounting Standards - The company has implemented new accounting standards starting in 2024, affecting the financial statements[22]. - Non-recurring gains and losses totaled RMB 200 million for the current period, with significant contributions from asset disposals and other income[5].

参加会议的监事确认会前均已收到本次监事会会议通知和材料。本次会议的 召开符合《公司法》和《公司章程》等有关规定，参加本次会议的监事已达法定 人数，会议合法有效。 监事会主席郭俊秀，监事邵祖敏、周华欣审核了有关议案，一致同意并作出 如下决议： 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 2024-061 中国东方航空股份有限公司 第十届监事会第 4 次会议决议公告 本公司监事会及全体监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。 中国东方航空股份有限公司（以下简称"公司"）第十届监事会第 4 次会议， 经监事会主席郭俊秀召集，于 2024 年 10 月 30 日以通讯方式召开。 二、 审核通过《公司2024年第三季度报告》。 监事会审核认为《公司 2024 年第三季度报告》的编制和审核程序符合法律、 法规、公司章程和公司内部管理制度相关规定；报告内容真实、准确、完整，内 容和格式符合中国证监会和证券交易所的各项规定，所包含的信息能够从各方面 ...