研報掘金丨民生證券:中國國航24年歸母同比減虧,首予“推薦”評級
民生證券研報指出,中國國航(601111.SH)24年歸母淨虧2.4億元(2023年歸母淨虧10.5億元),4Q24歸母淨虧16.0億元(4Q23歸母淨虧18.4億元),歸母同比減虧,保價策略有望充分受益經濟回升。堅持價格優先導向,油價同比回落、國泰航空投資收益拉動全年盈利,匯率貶值拖累盈利。公司未來三年機隊數年淨增速4.3%,延續上年運力引進規劃。公司定位中高端商旅需求,配合主樞紐、商務快線和洲際航網建設,看好宏觀經濟復甦和洲際航線復航對公司盈利水平的提升。繼續看好行業性盈利修復傳導至盈利彈性的投資機會。首次覆蓋,給予“推薦”評級。
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