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研報掘金丨長江證券:吉祥航空估值溢價顯著,予“買入”評級
格隆匯 12-10 14:13
長江證券研報指出,商業模式的差異以及企業家風格的不同,使得吉祥航空(603885.SH)的盈利曲線是跳躍式的,而非穩健線性的增長,盈利加速度的過程更具魅力,估值溢價顯著,也給公司帶來迥異的投資節奏:行業亟待反轉、自身產能後周期的過程中買入,更有望享受公司盈利加速上行的紅利,收穫業績以及估值雙重彈性釋放的魅力。對於吉祥航空,當前或許正是最好的時刻。考慮公司α與β共振,盈利有望上行加速度,乘勢而起恰在當下,預計2024-2026年公司歸屬淨利潤分別為10.3億元、22億元以及29億元,對應PE估值分別為32、15以及11倍,給予公司“買入”評級。
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