China Stock Listed Civil Aviation Companies Report, 2006-2007
  • Aug/2007
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In Q1 2007, China civil aviation industry accumulatively realized total transportation turnover 7.92 billion ton-kilometers, passenger transport volume 61.69 billion passenger-kilometers, and cargo & mail transport volume 2.42 billion ton-kilometers, up by 19.5%, 15.9% and 13.3% respectively year-on-year. According to statistics by route, international routes witnessed excellent performance, whose total transportation turnover, passengers carried and cargo & mail carried increased by 28.4%, 23.9% and 25.1% respectively. Differently, Hong Kong & Macao routes suffered a loss, whose total transportation turnover, passengers carried and cargo & mail carried increased by -0.2%, 3.8% and -11.9% respectively. While for domestic routes, it kept a steady growth, whose total transportation turnover, passengers carried and cargo & mail carried increased by 15.4%, 15.1% and 9.4% respectively.

Monthly Seat Occupied Rate and Transport Capacity Occupied Rate of China Civil Aviation Industry since 2005

Due to rapid growth of demand and fallback in prices of aviation oil, in 2007Q1, growth of revenues in China Civil Aviation industry exceeded that of cost, so the whole industry has turned from loss-making to profit-making. In detail, in 2007Q1 the whole industry realized prime operating revenues RMB 57.45 billion, up by 19.6% year-on-year, costs and expenses RMB 56.92 billion, up by 16.6% year-on-year and profits RMB 53 million. Of these, aviation companies realized prime operating revenues RMB 40.51 billion, up by 19.9%, costs and expenses RMB 41.27 billion, up by 16.5%. Aviation companies suffered a loss of RMB 82 million, down by RMB 1.28 billion compared to the previous year.

In fact, according to monthly data since 2006, international routes have always kept accelerating growth trend. There are two major causes for it. Firstly, affected by RMB appreciation and 2008 Beijing Olympic Games, demands of inbound and outbound tourism have a rapid growth, coinciding with international experience. Secondly, both economic recovery of global major economies and regain of consumers' confidence will bring growth of global aviation demands.


Monthly Growth Rate of China Civil Aviation Transportation Volume since 2006

Source: Department of Planning & Development, General Administration of Civil Aviation of China

On 3rd July 2007, RMB to USD exchange rate firstly broke through 1:7.6 to close at 1:7.5951. Before RMB exchange rate forming mechanism reform in 2005, RMB 8.2765 amounted to USD 1. Currently RMB has appreciated by RMB 0.6814 and RMB to USD appreciation rate has accumulated to be 8.23%. Since major aviation companies averagely hold a large sum of net foreign currency liabilities, sustained RMB appreciation will bring reductions in foreign currency liabilities valuated by RMB as well as a large sum of exchange net incomes. In accordance with 2006 fiscal reports of aviation companies, China Southern Airlines Company Limited is the aviation company most affected by RMB appreciation. For per 1% RMB appreciation, its EPS will increase by RMB 0.083. Followings are China Eastern Airlines Corporation Limited and Shanghai Airlines Co., Ltd. since Air China Limited holds the lowest ratio of foreign currency liabilities and largest equities, it is least sensitive to RMB appreciation and only an effect of RMB 0.016 is brought on its EPS by per 1% RMB appreciation.

In the second half of 2007, RMB appreciation is also possible. It will be one important factor for promoting profit improvement and stock price growth of aviation companies.


Effects of 1% RMB appreciation on EPS of Major Aviation Companies

Source: 2006 Fiscal Reports of Aviation Companies; An'xin Securities

1 Overview on Development of China Civil Aviation Industry in 2006-2007
1.1 Development Overview
1.2 Market Status and Competition Pattern 
1.3 Foreign Investment Utilization in China Civil Aviation Industry

2 Analysis on Overall Data of Listed Companies in China Civil Aviation Industry, 2006
2.1 Operating and Financial Indicators
2.2 Primary Business Structure
2.3 Stock Market Performance 

3 Analysis on Listed Companies in China Civil Aviation Industry, 2006-2007
3.1 Guangzhou Baiyun International Airport Company, Ltd (600004)
3.1.1 Company Profile
3.1.2 Operation and Operating Revenues in 2002-2007
3.1.3 Investment in 2006-2007
3.1.4 Primary Business Structure in 2006-2007
3.1.5 Latest Market Trends and Future Development
3.2 Shanghai International Airport Co., Ltd (600009)
3.2.1 Company Profile
3.2.2 Operation and Operating Revenues in 2002-2007
3.2.3 Investment in 2006-2007
3.2.4 Primary Business Structure in 2006-2007
3.2.5 Latest Market Trends and Future Development
3.3 China Southern Airlines Company Limited (600029)
3.3.1 Company Profile
3.3.2 Operation and Operating Revenues in 2002-2007
3.3.3 Investment in 2006-2007
3.3.4 Primary Business Structure in 2006-2007
3.3.5 Latest Market Trends and Future Development
3.4 HAFEI Aviation Industry Co., Ltd (600038)
3.4.1 Company Profile
3.4.2 Operation and Operating Revenues in 2002-2007
3.4.3 Investment in 2006-2007
3.4.4 Primary Business Structure in 2006-2007
3.4.5 Latest Market Trends and Future Development
3.5 China Eastern Airlines Corporation Limited (600115)
3.5.1 Company Profile
3.5.2 Operation and Operating Revenues in 2002-2007
3.5.3 Investment in 2006-2007
3.5.4 Primary Business Structure in 2006-2007
3.5.5 Latest Market Trends and Future Development
3.6 Hainan Airlines Co., Ltd (600221)
3.6.1 Company Profile
3.6.2 Operation and Operating Revenues in 2002-2007
3.6.3 Investment in 2006-2007
3.6.4 Primary Business Structure in 2006-2007
3.6.5 Latest Market Trends and Future Development
3.7 Sinotrans Air Transportation Development Co., Ltd (600270)
3.7.1 Company Profile
3.7.2 Operation and Operating Revenues in 2002-2007
3.7.3 Investment in 2006-2007
3.7.4 Primary Business Structure in 2006-2007
3.7.5 Latest Market Trends and Future Development
3.8 Jiangxi Hongdu Aviation Industry Co., Ltd (600316)
3.8.1 Company Profile
3.8.2 Operation and Operating Revenues in 2002-2007
3.8.3 Investment in 2006-2007
3.8.4 Primary Business Structure in 2006-2007
3.8.5 Latest Market Trends and Future Development
3.9 Shanghai Airlines Co., Ltd (600591)
3.9.1 Company Profile
3.9.2 Operation and Operating Revenues in 2002-2007
3.9.3 Investment in 2006-2007
3.9.4 Primary Business Structure in 2006-2007
3.9.5 Latest Market Trends and Future Development
3.10 Air China Limited (601111)
3.10.1 Company Profile
3.10.2 Operation and Operating Revenues in 2002-2007
3.10.3 Investment in 2006-2007
3.10.4 Primary Business Structure in 2006-2007
3.10.5 Latest Market Trends and Future Development
3.11 Shenzhen Airport Co., Ltd (000089)
3.11.1 Company Profile
3.11.2 Operation and Operating Revenues in 2002-2007
3.11.3 Investment in 2006-2007
3.11.4 Primary Business Structure in 2006-2007
3.11.5 Latest Market Trends and Future Development
3.12 CITIC Offshore Helicopter Co., Ltd (000099)
3.12.1 Company Profile
3.12.2 Operation and Operating Revenues in 2002-2007
3.12.3 Investment in 2006-2007
3.12.4 Primary Business Structure in 2006-2007
3.12.5 Latest Market Trends and Future Development
3.13 Xi'an Aircraft International Corporation (000768)
3.13.1 Company Profile
3.13.2 Operation and Operating Revenues in 2002-2007
3.13.3 Investment in 2006-2007
3.13.4 Primary Business Structure in 2006-2007
3.13.5 Latest Market Trends and Future Development
3.14 Xiamen International Airport Co., Ltd (600897)
3.14.1 Company Profile
3.14.2 Operation and Operating Revenues in 2002-2007
3.14.3 Investment in 2006-2007
3.14.4 Primary Business Structure in 2006-2007
3.14.5 Latest Market Trends and Future Development

4 Forecast of China Civil Aviation Industry Development after 2007
Ranking of Listed Companies in China Civil Aviation Industry by Total Assets in 2007
Ranking of Listed Companies in China Civil Aviation Industry by Turnover in 2006-2007
Ranking of Listed Companies in China Civil Aviation Industry by Profits in 2006-2007
Ranking of Listed Companies in China Civil Aviation Industry by Currency Capital in 2007
Ranking of Listed Companies in China Civil Aviation Industry by Ratio of Assets to Liabilities in 2007
Ranking of Listed Companies in China Civil Aviation Industry by Market Capitalization in 2007
Ranking of Listed Companies in China Civil Aviation Industry by EPS in 2007
Ranking of Listed Companies in China Civil Aviation Industry by ROE in 2007
Ranking of Listed Companies in China Civil Aviation Industry by Net Assets per Share in 2007
Ranking of Listed Companies in China Civil Aviation Industry by PE in 2007
Ranking of Listed Companies in China Civil Aviation Industry by Price-to-Book (PB) Ratio in 2007
Turnover and Profit Trend of Guangzhou Baiyun International Airport Company, Ltd in 2002-2007
Total Assets and Currency Capital Trend of Guangzhou Baiyun International Airport Company, Ltd in 2002-2007
Top 10 Shareholders and Shareholding of Guangzhou Baiyun International Airport Company, Ltd in 2007
Sales Value Distribution of Guangzhou Baiyun International Airport Company, Ltd by Products (or by Industry) in 2006-2007
Profits Distribution of Guangzhou Baiyun International Airport Company, Ltd by Products (or by Industry) in 2006-2007
Turnover and Profit Trend of Shanghai International Airport Co., Ltd in 2002-2007
Total Assets and Currency Capital Trend of Shanghai International Airport Co., Ltd in 2002-2007
Top 10 Shareholders and Shareholding of Shanghai International Airport Co., Ltd in 2007
Sales Value Distribution of Shanghai International Airport Co., Ltd by Products (or by Industry) in 2006-2007
Profits Distribution of Shanghai International Airport Co., Ltd by Products (or by Industry) in 2006-2007
Turnover and Profit Trend of China Southern Airlines Company Limited in 2002-2007
Total Assets and Currency Capital Trend of China Southern Airlines Company Limited in 2002-2007
Top 10 Shareholders and Shareholding of China Southern Airlines Company Limited in 2007
Sales Value Distribution of China Southern Airlines Company Limited by Products (or by Industry) in 2006-2007
Profits Distribution of China Southern Airlines Company Limited by Products (or by Industry) in 2006-2007
Turnover and Profit Trend of HAFEI Aviation Industry Co., Ltd in 2002-2007
Total Assets and Currency Capital Trend of HAFEI Aviation Industry Co., Ltd in 2002-2007
Top 10 Shareholders and Shareholding of HAFEI Aviation Industry Co., Ltd in 2007
Sales Value Distribution of HAFEI Aviation Industry Co., Ltd by Products (or by Industry) in 2006-2007
Profits Distribution of HAFEI Aviation Industry Co., Ltd by Products (or by Industry) in 2006-2007
Turnover and Profit Trend of China Eastern Airlines Corporation Limited in 2002-2007
Total Assets and Currency Capital Trend of China Eastern Airlines Corporation Limited in 2002-2007
Top 10 Shareholders and Shareholding of China Eastern Airlines Corporation Limited in 2007
Sales Value Distribution of China Eastern Airlines Corporation Limited by Products (or by Industry) in 2006-2007
Profits Distribution of China Eastern Airlines Corporation Limited by Products (or by Industry) in 2006-2007
Turnover and Profit Trend of Hainan Airlines Co., Ltd in 2002-2007
Total Assets and Currency Capital Trend of Hainan Airlines Co., Ltd in 2002-2007
Top 10 Shareholders and Shareholding of Hainan Airlines Co., Ltd in 2007
Sales Value Distribution of Hainan Airlines Co., Ltd by Products (or by Industry) in 2006-2007
Profits Distribution of Hainan Airlines Co., Ltd by Products (or by Industry) in 2006-2007
Turnover and Profit Trend of Sinotrans Air Transportation Development Co., Ltd in 2002-2007
Total Assets and Currency Capital Trend of Sinotrans Air Transportation Development Co., Ltd in 2002-2007
Top 10 Shareholders and Shareholding of Sinotrans Air Transportation Development Co., Ltd in 2007
Sales Value Distribution of Sinotrans Air Transportation Development Co., Ltd by Products (or by Industry) in 2006-2007
Profits Distribution of Sinotrans Air Transportation Development Co., Ltd by Products (or by Industry) in 2006-2007
Turnover and Profit Trend of Jiangxi Hongdu Aviation Industry Co., Ltd in 2002-2007
Total Assets and Currency Capital Trend of Jiangxi Hongdu Aviation Industry Co., Ltd in 2002-2007
Top 10 Shareholders and Shareholding of Jiangxi Hongdu Aviation Industry Co., Ltd in 2007
Sales Value Distribution of Jiangxi Hongdu Aviation Industry Co., Ltd by Products (or by Industry) in 2006-2007
Profits Distribution of Jiangxi Hongdu Aviation Industry Co., Ltd by Products (or by Industry) in 2006-2007
Turnover and Profit Trend of Shanghai Airlines Co., Ltd in 2002-2007
Total Assets and Currency Capital Trend of Shanghai Airlines Co., Ltd in 2002-2007
Top 10 Shareholders and Shareholding of Shanghai Airlines Co., Ltd in 2007
Sales Value Distribution of Shanghai Airlines Co., Ltd by Products (or by Industry) in 2006-2007
Profits Distribution of Shanghai Airlines Co., Ltd by Products (or by Industry) in 2006-2007
Turnover and Profit Trend of Air China Limited in 2002-2007
Total Assets and Currency Capital Trend of Air China Limited in 2002-2007
Top 10 Shareholders and Shareholding of Air China Limited in 2007
Sales Value Distribution of Air China Limited by Products (or by Industry) in 2006-2007
Profits Distribution of Air China Limited by Products (or by Industry) in 2006-2007
Turnover and Profit Trend of Shenzhen Airport Co., Ltd in 2002-2007
Total Assets and Currency Capital Trend of Shenzhen Airport Co., Ltd in 2002-2007
Top 10 Shareholders and Shareholding of Shenzhen Airport Co., Ltd in 2007
Sales Value Distribution of Shenzhen Airport Co., Ltd by Products (or by Industry) in 2006-2007
Profits Distribution of Shenzhen Airport Co., Ltd by Products (or by Industry) in 2006-2007
Turnover and Profit Trend of CITIC Offshore Helicopter Co., Ltd in 2002-2007
Total Assets and Currency Capital Trend of CITIC Offshore Helicopter Co., Ltd in 2002-2007
Top 10 Shareholders and Shareholding of CITIC Offshore Helicopter Co., Ltd in 2007
Sales Value Distribution of CITIC Offshore Helicopter Co., Ltd by Products (or by Industry) in 2006-2007
Profits Distribution of CITIC Offshore Helicopter Co., Ltd by Products (or by Industry) in 2006-2007
Turnover and Profit Trend of Xi'an Aircraft International Corporation in 2002-2007
Total Assets and Currency Capital Trend of Xi'an Aircraft International Corporation in 2002-2007
Top 10 Shareholders and Shareholding of Xi'an Aircraft International Corporation in 2007
Sales Value Distribution of Xi'an Aircraft International Corporation by Products (or by Industry) in 2006-2007
Profits Distribution of Xi'an Aircraft International Corporation by Products (or by Industry) in 2006-2007
Turnover and Profit Trend of Xiamen International Airport Co., Ltd in 2002-2007
Total Assets and Currency Capital Trend of Xiamen International Airport Co., Ltd in 2002-2007
Top 10 Shareholders and Shareholding of Xiamen International Airport Co., Ltd in 2007
Sales Value Distribution of Xiamen International Airport Co., Ltd by Products (or by Industry) in 2006-2007
Profits Distribution of Xia'men International Airport Co., Ltd by Products (or by Industry) in 2006-2007

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