Spring Airlines (601021): Maximize load factor and increase capacity growth
Event Spring Airlines issued the 2019 half-year report Spring Airlines achieved operating income of 71 in the previous year.
490,000 yuan, an increase of 8 over the first half of 2018.
17 ppm, an increase of 12 in ten years.
90%; realize net profit attributable to shareholders of listed companies.
54 ppm, a ten-year increase of 17.
52%, corresponding to EPS.
93 yuan / share.
Reporting the average, the company’s nominal average ROE is 6.
20%, a decrease of 0 from the same period in 18 years.
A brief comment on the scale of passenger transport is gradually expanding, the increase in passenger-kilometer revenue increased in the first half of 2019. The company’s fleet size was further expanded, and a total of 5 Airbus A320NEO flight aircraft were introduced.The annual growth rate of the number is ranked in the same period last year.
Reporting intelligence, the company’s available seat kilometers are 207.
9.7 billion person-km, an increase of 9 in ten years.
27%, passenger turnover was 190.
7.2 billion person-km, an increase of 12 in ten years.
20%, the average passenger fare is 91.
7%, up 2 every year.
In terms of passenger kilometers, the company’s 杭州桑拿 passenger kilometers in the first half of the year reached zero.
364 yuan, 0 per year.
73%, because the Civil Aviation Administration has expanded the scope of market-adjusted price routes, and it is because the company has continuously improved its refined management level and accurately deployed its capacity to improve the company’s overall pricing capability.
Affected by multiple factors, the unit operating cost increased slightly in the first half of the year, and the unit operating cost of the company increased slightly in the past few years.
9% to 0.
30 yuan, mainly due to the increase in airport takeoff and landing fee standards and increase in unit takeoff and landing fee13.
At the same time, Airbus A320 NEO’s budget aircraft leasing price has increased compared with the CEO and the depreciation of the 北京夜生活网 RMB has caused the unit rental cost to increase by 14
In terms of fuel cost, the unit fuel cost is zero.
096 yuan, basically the same as last year.
Except for the cost of fuel and take-off and landing expenses, the company’s unit operating costs in the first half of the year fell by about 0 every year.
In terms of expenses, due to the control of digital marketing and advertising expenses, the company’s unit cost of sales decreased by 21 as it shifted to a more meaningful cost allocation strategy.
At the same time, the company further improved its management capabilities and strictly managed its budget, as unit management expenses decreased by 1%.
The airline network is further improved, which is the cornerstone of the increase in the company ‘s passenger scale. Under the influence of the Civil Aviation Administration ‘s “control scale, structure adjustment” policy, the replenishment moments at the first and second tier airports are still increasing, so the company is gradually sinking to third and fourth tier citiesIn the first half of this year, it entered the Lanzhou Zhongchuan International Airport and included three aircraft transportation capabilities as the cornerstone for opening up the Northwest market and enhancing the depth of the network in the Northwest. In terms of international routes, the company’s three main routes in the first half of this year are Thailand, Japan, and South Korea.Available seat kilometers increased by 12 in ten years.
8%, of which the Japanese route through the improvement of Sino-Japanese relations and the holding of the 2020 Tokyo Olympic Games, the market demand continued to grow with certainty; the South Korean route is driven by the Jeju route, and capacity deployment is close to the peak before the Sade incident.
Maintaining the company’s BUY rating At present, the local airline’s market share in domestic routes is divided into 10.
2%, both in terms of quantity and market quantity, there is a lot of room for growth, and domestic demand for quality aviation travel continues to grow, the future market prospects are broad, and the potential is huge.
We believe that the company, as the leader of domestic standard aviation, has continued to improve its cost management and control capabilities, and its future performance is expected to continue to grow rapidly. We expect the company to achieve operating income of 144 in 2019-2021.7.4 billion, 168.
33 ppm, 184.
880,000 yuan, achieving net profit attributable to mother 18.
1.1 billion, 23.
6.7 billion, 27.
150,000 yuan, the corresponding EPS is 1.
97 yuan, 2.
58 yuan, 2.
96 yuan, maintain the company’s buy rating.