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李樂雯女士 (Phoenix Li)
經理

現任職輝立分行經理,對股票、期貨投資經驗豐富。 樂意為客戶提供投資分析及買賣策略。 歡迎各位來電交流心得。
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中國東方航空股份有限公司 - H股 (670)

Friday, May 6, 2022 Views7589

670.HK 中國東方航空

主要業務

中國東方航空股份有限公司是一家主要從事提供航空運輸及延伸服務的中國公司。 公司主要從事航空客運、貨運、郵遞、旅遊業務及其他延伸運輸服務的經營。公司還涉及通用航空運輸、飛機維修、航空設備製造與維修、國內外航空公司航空運輸代理、其他相關業務、兼職保險代理服務、電子商務、航空超市、商品批發 和零售業務。 公司在國內市場和海外市場開展業務。

 

公司業績

公佈2021年全年業績,實現收入671.27億元(下同),同比增長14.3%。 虧損由上年的118.36億元增至122.14億元,每股虧損73美分。 不派付末期股息。全年完成營業總成本867.24億元,增長10.8%。 其中,航油成本205.93億元,增長48.8%。 這主要是由於平均油價上漲34.4%和本集團加油量增加13.8%。

 

今年一季度報告,按中國會計準則計算,營業收入126.65億元(下同),同比下降5.5%。 虧損由上年同期的38.05億元增加至77.6億元,主要是受新冠肺炎疫情影響,航油價格高企,航油大幅增加,以及客運市場需求下降;每股虧損0.41元。

 

投資期望

中國民航總局召開月度新聞發布會,公佈數據顯示,3月份民航運輸生產指標明顯回落。 全行業完成運輸周轉量、客運量和貨郵運輸量分別為45.1億噸公里、1537萬人次和53萬噸,同比分別下降49.5%、67.9%和19.1% .3月份,全行業運輸航空完成飛行43.3萬小時,同比下降55%; 通用航空10.7萬小時,同比增長4.8%。

 

儘管上海已進入封鎖的第四周,但隨著中國需求反彈,截至週一的一周,全球航空公司的運力已升至今年以來的最高水平。數據顯示,全球航空公司本週增加了 250 萬個座位,其中近一半在中國。 東北亞總預定運力周環比增長 10.8%,但運力仍比 2019 年同期下降約 36%。

 

估計股價巳反應最差的情況, 可吸納作長線投資。

 

投資建議

建議買入: $2.5 建議沽出: $3.8 建議止蝕: $2

 

註:本人李樂雯為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

 

 

 

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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