重要内容提示： 春秋航空股份有限公司（以下简称"公司"）控股股东上海春秋国际旅行社 （集团）有限公司（以下简称"春秋集团"）持有公司股份数量为 504,000,000 股， 占公司总股本的比例为 51.50%；春秋集团累计质押公司股份数量（含本次）为 80,900,000 股，占其所持公司股份数量的 16.05%，占公司总股本的比例为 8.27%。 公司于 2024 年 10 月 24 日收到公司控股股东春秋集团的通知，获悉春秋集团 已于 2024 年 10 月 23 日将其所持公司部分无限售条件流通股股份质押给中信证券 股份有限公司，相关手续已办理完成。具体事项如下： 一、股份质押的基本情况 股票代码：601021 股票简称：春秋航空 公告编号：2024-052 春秋航空股份有限公司 关于控股股东部分股份质押的公告 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。 三、其他 1、资金偿还能力及相关安排 春秋集团资信状况良好，具备相应的资金偿还能力，其质押融资借款的还款来 源包括自有资金、投资收益和营业收入等。 2、可能引发的风 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 69.19 RMB [6][55] Core Views - The company is a leading low-cost carrier in China with strong growth potential and high ROE [1][2] - The company has demonstrated significant resilience and growth during the pandemic, with a 62% YoY increase in net profit attributable to the parent company in 2024H1 [1][14] - The company's profitability is expected to improve further due to market, leverage, and governance factors [2][27] - The company is expected to benefit from cyclical recovery and supply-demand reversal, with potential for significant profit growth from 2024 to 2026 [3][4][55] Company Overview - The company is a pioneer and leader in the low-cost carrier segment in China, focusing on domestic and international passenger and cargo transportation [1][14][15] - The company has expanded rapidly during the pandemic, with a 37% cumulative increase in the number of aircraft from 2019 to 2024H1, significantly higher than most airlines [1][14][20] - The company's revenue, net profit, and number of aircraft have shown an upward trend from 2014 to 2019, indicating continuous improvement in overall strength [1][14] Financial Performance - The company's revenue increased from 8,368.97 million RMB in 2022 to 17,937.86 million RMB in 2023, with a growth rate of 114.34% [5] - The company's net profit attributable to the parent company increased from -3,035.82 million RMB in 2022 to 2,257.43 million RMB in 2023, with a growth rate of -174.36% [5] - The company's ROE, net profit margin, and gross profit margin are higher than those of the three major airlines, indicating strong profitability [2][27][29] Growth Drivers - The company's revenue growth is driven by rapid aircraft introduction, with a 9% CAGR in the number of aircraft from 2016 to 2023, significantly higher than the industry average [31][32] - The company's cost control is strict, with a significant advantage in unit costs, further strengthening its profitability [2][33][34] - The company's market share is expected to increase due to higher growth in aircraft numbers compared to other airlines [32][33] Industry Outlook - The aviation industry is expected to benefit from cyclical recovery and supply-demand reversal, with potential for significant profit growth from 2024 to 2026 [3][4][55] - The company's revenue and profit growth are expected to be driven by economic recovery, ticket price reform, and supply-demand dynamics [3][4][55] - The company's profitability is expected to improve further due to market, leverage, and governance factors [2][27] Valuation - The report uses a comparable company PE valuation method, giving a 20x2025E PE, with a target price of 69.19 RMB [55] - The company's 2025E EPS is expected to be 3.46 RMB, with a target price of 69.19 RMB, representing a significant upside potential [55] Risks - The report does not include risk factors as per the instructions [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][59][60][61][62]

股票代码：601021 股票简称：春秋航空 公告编号：2024-051 春秋航空股份有限公司 关于控股股东部分股份质押的公告 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。 重要内容提示： 春秋航空股份有限公司（以下简称"公司"）控股股东上海春秋国际旅行社 （集团）有限公司（以下简称"春秋集团"）持有公司股份数量为 504,000,000 股， 占公司总股本的比例为 51.50%；春秋集团累计质押公司股份数量（含本次）为 66,900,000 股，占其所持公司股份数量的 13.27%，占公司总股本的比例为 6.84%。 公司于 2024 年 10 月 21 日收到公司控股股东春秋集团的通知，获悉春秋集团 已于 2024 年 10 月 18 日将其所持公司部分无限售条件流通股股份质押给云南国际 信托有限公司，相关手续已办理完成。具体事项如下： | 股东 | 是否为 | 本次质 | 是否 | 是否 | 质押起 | | 质押到 | | | 占其所持 | 占公司总 | 质押融 | | --- | --- | --- | --- | - ...

股票代码：601021 股票简称：春秋航空 公告编号：2024-050 春秋航空股份有限公司 2024 年 9 月份主要运营数据公告 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。 春秋航空股份有限公司（以下简称"公司"）2024 年 9 月份主要运营数据情 况如下： 一、本月机队情况 本月新增 1 架 A320neo 型飞机，引进方式为自购；退出 1 架 A320ceo 型飞 机。 截止本月末，公司共运营 128 架空客 A320 系列飞机。 | 指标 | 当月数据 | 环比 | 同比 | 当年累计 | 同比 | | --- | --- | --- | --- | --- | --- | | 运力 | | | | | | | 可用吨公里数(万吨公里) | 41,796.24 | -17.50% | 11.28% | 400,282.31 | 17.28% | | 国内 | 33,180.25 | -18.98% | 1.78% | 325,772.15 | 10.06% | | 国际 | 8,353.56 | -9.87% ...

股票代码：601021 股票简称：春秋航空 公告编号：2024-049 春秋航空股份有限公司 关于变更办公地址及投资者热线电话等的公告 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。 春秋航空股份有限公司（以下简称"公司"）因经营发展需要，已于近日 迁入新办公地址，并变更投资者热线电话及传真号码。为便于进行投资者关系 管理以及投资者与公司沟通交流，现将公司办公地址等变更的具体情况公告如 下： 除上述变更外，公司邮政编码、电子邮箱、网址等其他联系方式均保持不 变。变更后的公司办公地址及联系方式如下： | 注册地址 | 上海市长宁区定西路 号（乙） 1558 | | --- | --- | | 办公地址 | 上海市长宁区虹桥路 2599 号春秋航空总部办公楼 | | 邮政编码 | 200335 | | 公司网址 | www.ch.com | | 电子邮箱 | ir@ch.com | | 投资者热线电话 | 021-32315288 | | 传真号码 | 021-32315505 | 由此给您带来的不便，敬请谅解。欢迎广大投资者通过 ...

股票代码：601021 股票简称：春秋航空 公告编号：2024-048 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。 顾承宗先生，男，保荐代表人，现任瑞银证券全球投资银行部执行董事，上 海交通大学国际贸易学硕士学位及经济学学士学位，并为注册金融分析师（CFA） 三级候选人。顾承宗先生曾先后参与执行了麦加芯彩 15.68 亿元 A 股 IPO、前沿生 物 18.44 亿元 A 股 IPO、春秋航空 18.16 亿元 A 股 IPO、浦发银行 300 亿元境内优 先股非公开发行、交通银行 298亿元 A股非公开发行、南京医药引进联合博姿战略 投资人、春秋航空 35 亿元 A 股非公开发行等境内股权融资项目，同时还参与了多 家企业的债券融资项目以及境外股权融资项目。 春秋航空股份有限公司（以下简称"本公司"）于 2024 年 10 月 8 日收到本公 司 2022 年度非公开发行 A 股股票项目（以下简称"本项目"）的保荐机构瑞银证 券有限责任公司（以下简称"瑞银证券"）《关于变更春秋航空股份有限公司 2022 年度非公开发行 A ...

股票代码：601021 股票简称：春秋航空 公告编号：2024-047 春秋航空股份有限公司 关于召开 2024 年半年度业绩说明会的公告 ● 会议开始时间：2024 年 10 月 14 日（星期一）上午 10:00—11:00 ● 会议召开方式：上证路演中心网络互动 ● 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ● 会议主题：2024 年半年度业绩说明会 ● 投资者可于 2024 年 9 月 30 日（星期一）至 10 月 11 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 ir@ch.com（邮件请注明"601021 业绩说明会"）进行提问，公司将在说明会上对 投资者普遍关注的问题进行回答。 一、说明会类型 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。 重要内容提示： 春秋航空股份有限公司（以下简称"公司"）已经于 2024 年 8 月 30 日披露了 公司 2024 年半年度报告。为便于广大投资者 ...

Investment Rating - The report maintains a "Buy" rating for Spring Airlines, with a target price of 54.45 yuan as of September 26, 2024 [2] - The company's P/E ratios for 2024-2026 are projected at 18.1x, 15.5x, and 13.4x respectively, based on the closing price of September 26, 2024 [1] Core Views - Spring Airlines' low-cost strategy and operational efficiency continue to drive profitability, with net profit reaching a historical high in 2023 [1] - The company's domestic route performance remains strong, with a 2.7% year-on-year increase in passenger load factor in H1 2024 [2] - Spring Airlines is expected to benefit from the optimization of supply and demand in the aviation industry, with profitability expected to improve further as aircraft utilization recovers [1][2] Cost Control and Operational Efficiency - Spring Airlines maintains a low cost structure, with unit non-fuel costs showing room for further optimization as aircraft utilization recovers [8] - The company's unit sales expenses in H1 2024 were 0.0045 yuan/ASK, approximately 1/4 of the major airlines and 1/3 of Juneyao Airlines [8] - The company's high direct sales ratio and independent distribution system contribute to its cost advantage [8] Market Demand and Performance - Domestic demand recovery has been strong, with Spring Airlines' domestic capacity increasing by 13.3% year-on-year in H1 2024 [14] - Leisure travel demand has outperformed business travel, with Spring Airlines achieving record-high capacity and passenger numbers during major holidays in 2024 [14] - The company's revenue in H1 2024 reached 9.88 billion yuan, with a net profit of 1.36 billion yuan, marking a 14.1% year-on-year increase in Q2 [13] Capacity Expansion and Resource Acquisition - Spring Airlines has been accumulating capacity during the industry downturn, with its fleet growth rate exceeding the industry average from 2020 to 2023 [21] - The company is expected to benefit from the release of new airport capacity, with major airports expected to increase their handling capacity by over 30% compared to 2019 levels [23] - Spring Airlines has been expanding its presence in key markets, with a significant increase in slots at airports with 20-50 million passenger throughput [28] Low-Cost Strategy and Pricing Power - Spring Airlines' low-cost strategy is becoming increasingly attractive as high-speed rail prices rise, potentially leading to a shift in passenger preference towards air travel [38] - The company's ticket prices are significantly lower than high-speed rail on key routes, with an average price difference of 13.27% in favor of Spring Airlines [40] - The company's revenue per passenger-kilometer (RPK) in 2023 was 0.38 yuan, compared to high-speed rail's 0.51 yuan post-price increase, highlighting its competitive pricing advantage [40] Profitability and Growth Outlook - Spring Airlines' net profit is expected to grow from 2.94 billion yuan in 2024 to 3.98 billion yuan in 2026, with a CAGR of 15.7% [45] - The company's ROE is projected to increase from 14.0% in 2024 to 15.2% in 2026, driven by improved profitability and operational efficiency [45] - Spring Airlines' aircraft utilization is expected to recover, with historical utilization rates reaching up to 11.24 hours per day, indicating significant room for improvement [42]

丨证券研究报告丨 公司研究丨点评报告丨春秋航空（601021.SH） [Table_Title] Q2 收益韧性凸显，业绩超出预告上限 | --- | --- | --- | |---------------------------------------------------------------------------------|------------------------------------|-------| | 报告要点 | | | | [Table_Summary] 春秋航空披露 2024 年半年报， 2024H 春秋航空实现营业收入 | 98.8 亿元，同比增加 23.0% ，实 | | 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 请阅读最后评级说明和重要声明 春秋航空（601021.SH） 资料来源：Wind 相关研究 2024-05-27 [Table_Title2] Q2 收益韧性凸显，业绩超出预告上限 公司研究丨点评报 ...

股票代码：601021 股票简称：春秋航空 公告编号：2024-046 春秋航空股份有限公司 2024 年 8 月份主要运营数据公告 春秋航空股份有限公司（以下简称"公司"）2024 年 8 月份主要运营数据情 况如下： 一、本月机队情况 本月新增 1 架 A320neo 型飞机，引进方式为自购。 截止本月末，公司共运营 128 架空客 A320 系列飞机。 | 机型 | 自购 | 经营租赁 | 小计 | | --- | --- | --- | --- | | A320ceo | 50 | 28 | 78 | | A320neo | 24 | 14 | 38 | | A321neo | 11 | 1 | 12 | | 合计 | 85 | 43 | 128 | 二、本月主要新增航线情况 本月无新增航线。 三、本月运营数据主要情况 指标 当月数据 环比 同比 当年累计 同比 运力 可用吨公里数(万吨公里) 50,661.27 -0.26% 8.95% 358,486.08 18.03% 国内 40,951.70 -0.68% 4.52% 292,591.90 11.09% 国际 9,268.25 1.81% 36 ...