Air China(601111) 国海证券·2025-03-30 12:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12][13] Core Insights - The company reported a significant reduction in losses for 2024, with a net loss of 240 million yuan compared to a loss of 3.21 billion yuan in 2023, indicating improved financial performance [10][12] - The company achieved a revenue of 166.7 billion yuan in 2024, representing an 18.1% year-on-year growth, and is projected to continue growing in the coming years [6][12] - The recovery in overseas capacity and an increase in passenger load factor were noted, although passenger kilometer revenue saw a decline [7][12] Financial Performance Summary - In 2024, the company’s operating revenue was 166.7 billion yuan, with a year-on-year growth of 18.1% [6] - The net profit attributable to the parent company was -240 million yuan, a significant improvement from -1.05 billion yuan in the previous year [6][10] - The company’s total passenger load factor reached 79.9%, an increase of 6.6 percentage points year-on-year [7] Cost and Expense Management - Operating costs for 2024 were 158.2 billion yuan, up 18.0% year-on-year, but seat kilometer costs decreased by 3.0% [8] - Financial expenses decreased by 6.9 billion yuan, with interest expenses down by 4.9 billion yuan [8] Future Projections - Revenue projections for 2025, 2026, and 2027 are 173.7 billion yuan, 183.1 billion yuan, and 191.8 billion yuan respectively, with corresponding net profits expected to be 3.1 billion yuan, 7.3 billion yuan, and 11.5 billion yuan [11][12] - The company plans to increase its fleet size at a compound annual growth rate of 4.0% from 2024 to 2027 [10][12]