研報掘金丨東興證券:維持中國國航“推薦”評級,24年量升價降明顯
東興證券研報指出,中國國航(601111.SH)24年歸母淨利潤爲-2.37億元,較23年同期的-10.46億元減虧77.32%。24年量升價降明顯,客運業務毛利率基本持平23年。要着力增強航空市場供需適配度,動態優化客座率考覈等精準調控措施。同時,要有針對性的加強價格行爲監管。這預示着25年行業的工作重心從提升客座率逐漸向提升收入質量轉變,機票價格偏低的問題有望得到改善。公司作爲我國的載旗航空公司,手握大量優質的國內國際航線,有望充分受益於機票價格改善帶來的盈利彈性。維持公司“推薦”評級。
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