报告名称：中国东方航空(00670.HK)－盈利能力暂时超过南方航空
研究员：余黄炎
报告类型：港股研究*公司报告
报告日期：20100906
行业/子行业：
公司名称及代码：中国东方航空股份(00670)
投资建议：中性
【内容摘要】
China Eastern Airlines reported net profit RMB 1,761 million and recurrent net profit of RMB 1,392 million for 1H2010. Compared with China Southern Airlines, their revenue in 1H2010 were almost the same, while China Eastern Airlines earned more. We believe that cost control and synergy effect with Shanghai Airlines improve the profitability of China Eastern Airlines.
Its recurrent net profit exceeded that of China Southern Airlines. China Eastern Airlines reported recurrent net profit of RMB 1,392 million for 1H2010, breaking its record. While China Southern Airlines' recurrent net profit in 1H2010 was only RMB 853 million. China Eastern Airlines was previously a laggard.
Operating profit margin also exceeded that of China Southern Airlines. In 1H2010, China Eastern Airlines' recurrent operating profit margin reached historical high level of 7%. While China Southern Airlines' recurrent operating profit margin was only 5%.
Takeoff and landing charges are efficiently controlled. In 1H2010, China Eastern Airlines' takeoff and landing charges increased only by 27% YoY. At the same time, its RPK jumped by 48% and RFTK surged by 95% YoY. Its weight of total revenue dropped 6 PPT to 10% YoY. The data indicate that the company's takeoff and landing charges are efficiently controlled in the period. Somewhat this can attribute to its synergy effect with Shanghai Airlines.
中国东方航空2010年上半年实现净利润17.6亿元（人民币，下同），经常性净利润13.9亿元。上半年公司收入与中国南方航空基本相当，而经常性净利润则超过了中国南方航空。这是2006年以来中国东方航空盈利能力首次超过中国南方航空。合并上海航空带来的协同效应和成本控制是中国东方航空盈利能力改善的重要原因。
上半年经常性净利润13.9亿元，超过南方航空 中国东方航空2010年上半年实现净利润17.6亿元，经常性净利润13.9亿元。上半年公司收入与中国南方航空基本相当，而经常性净利润则超过了中国南方航空。
上半年经常性经营溢利率达到7%，超过南方航空 经常性经营溢利率是衡量公司收益水平和营业开支控制的指标。上半年公司经常性经营溢利率达到7%，而中国南方航空上半年经常性经营溢利率为5%。
飞机起降费得到有效控制 上半年公司旅客周转量同比增长48%，货运周转量同比增长95%，但飞机起降费仅同比增长27%，飞机起降费占收入的比重大幅下降至10%。
享受以前年度亏损带来的所得税抵减 根据公司A股半年报，今年上半年公司的所得税费用中，以前年度亏损带来的所得税费用抵减达4.4亿元。今后几年，以前年度亏损仍然会抵减公司的所得税费用。
【摘要结束】
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