Spring Airlines Co (601021) Fair Value & Analysis
Industrials · CN · Market cap 45.4B CNY
Fair value as of: Aug 8, 2026
From 23 valuation models · updated 2 days ago
Fair value updated Aug 8, 2026, revised from ¥39.99 to ¥37.73 (−5.7%) since Jul 11, 2026. Share price −2.5% over the past month.
A solid business, but screening 17% overvalued on our models.
What matters now
- The model range is unusually wide (¥22.00 to ¥62.18). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 8, 2026.
How to read this chart
60‑month range ¥41.41 – ¥68.58 · fair‑value band ¥22.00 – ¥62.18 · the ¥45.67 price screens above the ¥37.73 fair value. Dashed = 300-day average. As of Aug 8, 2026.
Analysis
Spring Airlines Co (601021) currently trades at ¥45.67, while our model-based Fair Value estimate is ¥37.73, implying the stock looks roughly 17.4% overvalued today. The Quality Score stands at 52/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Spring Airlines Co generated revenue of 22.2B CNY at a net margin of 11.8%. Revenue grew 14.2% year over year. It earns a return on equity of 14.4%. Net debt stands at 5.2B CNY. Fundamentals as of Aug 8, 2026
Our scenario range runs from ¥22.00 (bear case) to ¥62.18 (bull case); at ¥45.67, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 24% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 40% fair-value upside, at -17%, 601021 screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 23 models by family
Widest divergence: Growth Earnings (¥47.81) versus Growth DCF (¥2.66). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 8, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 51 · Market factors (momentum, volatility) 39
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Spring Airlines Co., Ltd. engages in the air passenger and cargo transportation business in Mainland China, Hong Kong, Macao, Taiwan, and internationally.
Full company description
Spring Airlines Co., Ltd. engages in the air passenger and cargo transportation business in Mainland China, Hong Kong, Macao, Taiwan, and internationally. The company provides air mail and baggage transportation, and related services; general aviation; intercity charter passenger transportation; inter-city and county fixed-route tourist passenger transportation; and accident, travel, and flight delay and cancellation insurance products. It also engages in the import and export business of goods and technologies; advertising; e-commerce; training; business; financial leasing; and rental activities. As of December 31, 2025, the company owned and operated a fleet of 134 aircraft. The company was founded in 2004 and is headquartered in Shanghai, China. Spring Airlines Co., Ltd. is a subsidiary of Shanghai Spring International Travel Service Ltd.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Spring Airlines Co reported revenue of ¥21.5B in FY2025 versus ¥10.9B in FY2021, a compound +18.6%/yr. Reported net income was ¥2.3B in FY2025, compounding +177.4%/yr from FY2021.
601021 screens 17% overvalued. Compare with Delta Air Lines, Inc →
Peer Group
Airlines · 60 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Airlines median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Airlines stocks, each showing price versus our Fair Value estimate (as of Aug 8, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Delta Air Lines, Inc DAL | $84.17 | $118.24 | +40% |
| United Airlines Holdings UAL | $120.97 | $175.62 | +45% |
| Ryanair Holdings RYA | €25.47 | €41.26 | +62% |
| Southwest Airlines Co LUV | $47.56 | $14.76 | -69% |
| InterGlobe Aviation Limited INDIGO | ₹5,249 | ₹3,704 | -29% |
| Singapore Airlines Limited C6L | 7.60 SGD | 7.89 SGD | +4% |
| Air China Limited 601111 | ¥5.97 | ¥7.16 | +20% |
| LATAM Airlines Group LTM | $54.87 | $106.79 | +95% |
| Deutsche Lufthansa AG 1LHA | €8.57 | €15.42 | +80% |
| China Southern Airlines Company 600029 | ¥4.99 | ¥1.28 | -74% |
Compare Spring Airlines Co with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Industrials stocks →
Frequently asked questions
Is Spring Airlines Co (601021) overvalued or undervalued?
What is the fair value of 601021?
What is the quality score of 601021?
What is the revenue of Spring Airlines Co (601021)?
What is the net profit margin of 601021?
Does Spring Airlines Co pay a dividend?
How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
Track Spring Airlines Co and try Pro for 14 days
One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.
Zero risk: nothing is ever charged. After 14 days you decide whether to stay.