Chinese Chinese

In 2007 in 2 quarters, the whole profession of civil aviation realizes profit total 4090 million Yuan , increases profit 3260 million Yuan than the same period of last year. In which, airline company amounts to to realize profit total 2360 million Yuan , reduces loss than the same period of last year to increase profit 2650 million Yuan.
　　ChineseHalf a year announced on August 29,2007 newspaper shows , realize net profit 1223 million Yuan in first half of the year, same than increase 377.3% considerably, realize each profit 0.11 Yuan , have increased 266.67% than the same period of last year. This and company's data more than former this estimated increase 2000% has greater gap.
For this, the investor of Chinese International Airline concerns department responsible person to forgive Ms , tell reporter, this is because of new old accounting criterion when group Bei the processing technique of and partial datas goes up existent discrepancy. If according to old accounting criterion and the company's mid-term of 2006 years, realizing net profit, with the first half of this year, realize the net profit calculation of 1223 million Yuan for 45.1 million Yuan, same have exceeded 2000% greatly than increasing rate; And if with new accounting criterion, calculating , the net profit of the company's mid-term of 2006 years is 256 million Yuan, the mid-term of this year same is 377.3% than increasing rate.
From share price, see that it is recently high that the Chinese A share and H share of Chinese International Airline alternate recently to make history. A insider claims , value Chinese International Airline for a long time in the stock of 3 big airline companies under, but compare , value the H share of Chinese International Airline more, because it is lower to estimate value. However, he also expresses still enclosing relatively as far as inland market is concerned, company's A share and H share price difference grow existence very much with a time, there are still the space of further rising in Chinese Chinese International Airline.
High oil price
Though, the development tendency of aerial field is good, but the aerial field of China has serious trouble i.e. expensive fuel cost as global colleague members. Since July, international crude oil rises constantly , breaks through the / barrel of 75 dollars once, though, short period has to return tune , but along with the fast development of entire world economy, Gao Qi of oil price will become normality.
In 2007 first half of the years, the domestic navigation shelf of oil price has gone through four times to go down , country first bond analyst Wu Yun Ying estimates that in this year, the 3 quarterly navigation shelves of oil price may be lower than annual the same period slightly. But if international crude price is at a unchanged high level , in the future, the domestic navigation shelf of oil price has the pressure of tune.
However, Wu Yun Ying still tells reporter that because of following factor, airline company may shift partial navigation oil rising costs, the rising in the certain range of oil price not is the same as to picture, as aviation forms , is fatal to strike. 1. New-type airplane reduces navigation oil consumption efficiency. 2. Fuel surtax levy to make navigation oil cost part shift. According to statistics, in 2006, increase 8000 million Yuan because of the navigation shelf rising and aerial profession navigation oil expense of oil price, but fuel surtax levies 6800 million Yuan, therefore, fuel surtax take may rush to compensate for the cost expense that the most of navigation shelf risings of oil price brings. However, the fluctuation of oil price is the biggest uncertain factor of the forecast achievement of airline company still. National city bank of New York shows , if the clear crude oil of two years price keeps still in the level of 2006 years( the 70 dollars of each barrel nearby), so, will go down the goal price of Chinese International Airline.
Refering to related information, Chinese International Airline is Chinese only a airline company that does navigation oil hedge. " the risk that company brings to alleviate international fuel price fluctuation, its navigation oil adopts hedge trade, now, cover protects proportion to be close , use the 40% of oil quantity( reach 50% it is highest) always, may the pressure of greater degree resistance fuel rising. , the international course of Chinese International Airline occupies 30% of above proportions, 30% of navigation oils are being marked abroad; Besides, 20% navigates around oil marks domestic protect tax oil( price and the international navigation shelf of oil price are close ). Thus overall, 50% of navigation oils adopt foreign price. Is lower than domestic because of foreign refuelling, thus the average oil price of Chinese International Airline is lower than other airline companies. " forgive Ms to say.
" is declining if oil price appears ( for example the share of January 2007), can hedge still bring profit for company? " reporter asks. " even if the January oil price of this year minimum fall nearby 50 dollars, the price of our hedge is lower than market price still. " forgive Ms reply.
　　In letterIt is considered that the aerial analyst horse of transport service stands in dawn, in view of the fact that Chinese International Airline now has many unique attractive points, just, company is still at the same time benefited in" the economy of the Olympic Games" with " consumer upgrade ", estimate that company's - each profit of 2009 years of 2007 years is 0.32 Yuan respectively , 0.53 Yuan and 0.67 Yuan, maintain " buy to enter " to grade.