报告名称：中国航空业评论——从春秋航空案例看产业链延伸的可行性
研究员：余黄炎
报告类型：港股研究*行业报告
报告日期：20110217
行业/子行业：航空机场
公司名称及代码：
投资建议：无评级
【内容摘要】
春秋航空是由上海春秋国际旅行社（"春秋旅行社"）设立，实际控制人为王正华先生。春秋航空自2005年运营以来，经营十分成功，实现了持续盈利。对于中国航空客运市场来言，春秋航空的低成本航空模式也为旅客提供了另一种选择，并且促进了中国航空业的发展。不过，从投资回报率角度考虑，我们认为，旅游服务业务是一个轻资产业务，而航空客运业务是重资产业务，因此春秋旅行社投资设立春秋航空从财务角度而言并不可取。
春秋旅行社从事的旅游服务业务是轻资产业务 春秋旅行社从事的旅游服务业务行业分类上属于"消费者服务业"中的"酒店、餐馆和休闲业"。旅游服务业务是轻资产业务，只需要较少的固定资产，基本没有存货。
春秋航空从事的航空客运业务是重资产业务 从产业链角度看，航空客运业务是旅游服务业务的上游（供应商），与旅游服务业务有紧密的联系。不过，航空客运业务是典型的重资产业务，飞机是昂贵的固定资产。这一点与旅游服务业务存在本质的区别。
春秋旅行社投资设立春秋航空的动机：向上游产业链延伸 春秋旅行社于2004年投资设立春秋航空。而在2004年，春秋旅行社在中国国内旅游服务业务方面名列全国第一。因此，春秋旅行社投资设立春秋航空，是为了向上游产业链延伸，进入新的业务领域。
春秋旅行社投资设立春秋航空从财务角度而言并不可取 春秋航空自2005年开始运营以来，经营十分成功，实现了持续盈利。对于中国航空客运市场来言，春秋航空的低成本航空模式也为旅客提供了另一种选择，并且促进了中国航空业的发展。不过，从投资回报率角度考虑，我们认为，旅游服务业务是一个轻资产业务，而航空客运业务是重资产业务，因此春秋旅行社投资设立春秋航空从财务角度而言并不可取。
Spring Airlines is a China low-cost airlines company. Its parent is Shanghai Spring International Travel Service Co. ("Spring Travel"). Spring Airlines commenced operation in 2005, and has good earning records. As a pathfinder of low-cost air transportation business model in China, Spring Airlines provides different services for passengers, and has some positive impacts to China airlines industry. However, we believe that air transportation business is a heavy-asset business, total different from light-asset travel service business. We think that entrance into airlines industry for Spring Travel is not a smart choice.
Spring Travel's travel service is a light-asset business. Travel service is classified as "Consumer Discretionary- Consumer Services-Hotels, Restaurants & Leisure". Travel service is obviously a light-asset business, with little fixed assets and inventory.
Spring Airlines' air transportation is a heavy-asset business. In terms of industry chain, airlines industry is the upriver of travel service industry. The two industries have close connection. However, they are totally different because air transportation is a heavy-asset business. Aircrafts are expensive fixed assets for a company.
Entrance into airlines industry for Spring Travel: extending to upriver industry. As a top private travel agency in China, Spring Travel wanted to spread its business area and then entered into airlines industry. As a result, it set up Spring Airlines in 2004.
Concerning about investment return, entrance into airlines industry is not a smart choice. Undoubtedly, Spring Airlines has been proved successful in its low-cost business model and earning records. However, we estimate that it can hardly generate positive free cash flow, because it has to pay huge capital expenditures. Therefore, Spring Airlines' long term investment return is worrisome.
【摘要结束】
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