研報掘金丨信達證券:維持南方航空“增持”評級,看好公司未來盈利持續改善
信達證券研報指出,南方航空(600029.SH)24年實現歸母淨利-16.96億元,同比減虧59.7%。營收增長,歸母淨利大幅減虧。貨運業務收入實現高增,重要子公司南航物流實現淨利潤41.9億元,同比多增17.6億元。供給受限下,看好出行需求增長帶來的票價利潤高彈性。3月前三週行業平均票價同比-14%/-10%/-5%,至3.26過去七天均價同比-3.0%,跌幅收窄;看好二三季度票價趨勢,或能實現同比轉正。25年行業供給或仍受限,公司客座率及利用率均已接近19年水平;隨出行需求增長,票價有望得到支撐,同時油匯因素向好,航司有望實現票價利潤高彈性。當前公司供需恢復平衡,票價低位,未來供給增長有限,隨出行需求增長票價有望回升,公司業績彈性可期。看好公司未來盈利持續改善,維持公司“增持”評級。
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