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《大行》匯豐研究:內地航空業次季於有利環境下仍虧損 表明業界持續面臨困境
匯豐環球研究報告指,內地三大航空公司第二季初步虧損中位數為11億元人民幣,國航(00753.HK)或因國泰(00293.HK)強勁貢獻實現微利。該行認為,內地三大航空公司在有利環境下仍虧損,清楚表明業界持續面臨困境。 該行指出季內對航空業經營環境有利因素:三大航空公司4月及5月整體載客率平均達84%,按年及按季升2.8及0.8個百分點,較2019年疫情前高2.1個百分點,收入乘客千米數(RPK)按年升10%,顯示航空旅行需求強勁;新加坡飛機燃油價格季內持續下降,按季平均跌10%;人民幣兌美元季內升值1.4%,平均按季及按年分別升值0.6%及升值0.1%;清明節和延長的勞動節假期亦應提升客流量和收益。該行認為,虧損可歸因收益率在旺季持續下降,同時固定成本居高不下。 該行重申對國航、東航(00670.HK)及南航(01055.HK)H股「減持」評級,目標價分別維持4元、2.1元及3元不變。
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