研報掘金丨天風證券:中國東航盈利呈現高彈性,維持“買入”評級
天風證券研報指出,截至2024年5月中旬,中國東航(600115.SH)的單機市值僅為0.98億元/架,遠低於多數同行。未來隨着經濟復甦,中國東航盈利呈現高彈性,單機市值有望修復。經濟復甦,中國東航價升量升,盈利能力提高。2023年中國東航國內航線的客公里收益達0.56 元/客公里,同比2019年增加10%。2024年Q1,中國東航的客座率達81%,環比提高7%。2024年Q1中國東航的毛利率達5%,2022 年6 月以來趨勢回升。未來隨着經濟復甦,航空需求有望充分釋放,看好未來客座率、票價回升帶來的盈利彈性釋放。維持“買入”評級。
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