Air China(601111) 新浪财经·2025-03-30 12:30Core Viewpoint - In 2024, Air China reported a significant recovery in revenue but continued to face net losses, indicating a mixed performance in the aviation sector as demand rebounds but profitability remains challenged [1][4]. Financial Performance - In 2024, Air China achieved operating revenue of 166.7 billion yuan, a year-on-year increase of 18.1%, while the net profit attributable to shareholders was a loss of 240 million yuan, improving from a loss of 1.05 billion yuan in 2023 [1] - The fourth quarter of 2024 saw operating revenue of 38.55 billion yuan, an 8.2% increase year-on-year, with a net loss of 1.6 billion yuan, also an improvement from a loss of 1.84 billion yuan in the same period of 2023 [1] Operational Metrics - The airline's available seat kilometers (ASK) grew by 21.7% in 2024, with domestic, Hong Kong/Macau/Taiwan, and international routes increasing by 5.4%, 39.1%, and 100.5% respectively [2] - Revenue passenger kilometers (RPK) increased by 32.8%, with domestic, Hong Kong/Macau/Taiwan, and international routes growing by 15.3%, 48.7%, and 125.7% respectively [2] - The overall passenger load factor reached 79.9%, up 6.6 percentage points year-on-year, with increases across all segments [2] Cost and Expense Management - Operating costs for 2024 were 158.19 billion yuan, an 18.0% increase, but seat kilometer costs decreased by 3.0% [3] - Fuel and non-fuel costs per seat kilometer decreased by 5.6% and 1.7% respectively [3] - Financial expenses were 6.77 billion yuan, a reduction of 690 million yuan year-on-year, with interest expenses down by 490 million yuan [3] Loss Mitigation Factors - The parent company reduced its loss to 240 million yuan in 2024, a significant improvement from a loss of 3.21 billion yuan in 2023, aided by a 2.5 billion yuan investment income from Cathay Pacific [4] - This was offset by increased losses from Shenzhen Airlines and Shandong Airlines, which saw year-on-year losses of 1.09 billion yuan and 1.11 billion yuan respectively [4] Future Outlook - Air China plans a compound annual growth rate of 4.0% for its fleet size from 2024 to 2027, with a total fleet of 930 aircraft by the end of 2024 [5] - Revenue projections for 2025-2027 are 173.54 billion yuan, 183.14 billion yuan, and 191.84 billion yuan respectively, with net profits expected to reach 3.10 billion yuan, 7.32 billion yuan, and 11.51 billion yuan [5]