中国国航：亏损继续收窄，静待客运复苏-20250328

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company continues to narrow its losses and is awaiting a recovery in passenger transport [4] - In 2024, the company reported an operating revenue of 166.7 billion yuan, a year-on-year increase of 18.1%, and a net profit attributable to shareholders of -240 million yuan, significantly reducing losses [4] - The passenger transport business shows signs of recovery, with a 21.7% increase in capacity and a 32.8% increase in passenger turnover, totaling 155 million passengers, a year-on-year growth of 23.8% [5] - Cargo performance remains strong, with cargo revenue reaching 7.41 billion yuan, a year-on-year increase of 78.0% [5] - The company expects continued growth in passenger transport in 2025, with projected revenues of 173.5 billion yuan, 185.2 billion yuan, and 196.9 billion yuan for 2025-2027, representing year-on-year growth rates of 4.1%, 6.7%, and 6.3% respectively [7] Financial Summary - The company’s total assets are 345.8 billion yuan, with a debt-to-asset ratio of 88.2% [3] - The earnings per share (EPS) for 2025 is projected to be 0.22 yuan, with a price-to-earnings (P/E) ratio of 34.98 [9] - The company’s EBITDA for 2025 is estimated at 42.5 billion yuan, with a net profit attributable to shareholders of 3.61 billion yuan [9][12] - The company’s operating costs for 2024 were 158.2 billion yuan, with a gross profit margin of 5.1% [12]