CSN(600029) 中国银河·2024-10-31 07:31Investment Rating - The report maintains a "Recommended" rating for the company, with projected earnings per share (EPS) of 0.03, 0.22, and 0.37 for the years 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 180.87X, 26.63X, and 16.24X [2]. Core Insights - The company reported its Q3 2024 results, showing that passenger transport volumes for domestic, international, and regional routes reached 110.02 million, 12.90 million, and 1.48 million respectively, which are 114.27%, 84.11%, and 74.31% of the levels seen in the same period of 2019 [1]. - For the first three quarters of 2024, the company achieved a total operating revenue of 134.66 billion yuan, a year-on-year increase of 12.7%, exceeding the 2019 level of 116.67 billion yuan [1]. - The company recorded a net profit attributable to shareholders of 1.97 billion yuan, a year-on-year increase of 48.86%, which is 48.19% of the 4.08 billion yuan net profit in the same period of 2019 [1]. - The report highlights that Q3 2024 saw a strong release of business volume during the summer travel peak, leading to a significant revenue increase, despite a decline in ticket prices due to changes in consumer spending patterns [1]. - The company operated 913 aircraft as of the end of the reporting period, maintaining its position as the largest airline in Asia [1]. Financial Summary - The projected operating revenue for the company is expected to be 159.93 billion yuan in 2023, increasing to 180.25 billion yuan in 2024, 199.44 billion yuan in 2025, and 211.06 billion yuan in 2026, with growth rates of 83.70%, 12.70%, 10.65%, and 5.83% respectively [6]. - The net profit attributable to shareholders is forecasted to improve from a loss of 4.21 billion yuan in 2023 to a profit of 6.00 billion yuan in 2024, 40.75 billion yuan in 2025, and 66.82 billion yuan in 2026 [6]. - The gross margin is projected to increase from 7.72% in 2023 to 10.50% by 2026, indicating a recovery in profitability [6].