美银证券发布研报称，中国航司在2024年第三季度恢复盈利，趋势略好于该行预期。预计中国航司将因季节性需求放缓而在2024年第四季度平均录得净亏损，预计第四季度单位收入将同比下降7%，单位成本因燃油价格下降和运力增加而同比下降10%。该行对三大航持负面态度。预计到2025年的利润复苏幅度较小，国内市场的定价能力难以提升，国际市场还面临额外的定价压力。Aviation stocks fell in early trading. As of the time of publication, Meilan Airport (00357) fell by 7.46% to HK$8.81; Air China Limited (00753) fell by 4.27% to HK$4.48; China Southern Airlines (01055) fell by 3.37% to HK$3.44; China Eastern Airlines (00670) fell by 1.67% to HK$2.35.
According to the Securities Times app, aviation stocks fell in early trading. As of the time of publication, Meilan Airport (00357) fell by 7.46% to HK$8.81; Air China Limited (00753) fell by 4.27% to HK$4.48; China Southern Airlines (01055) fell by 3.37% to HK$3.44; China Eastern Airlines (00670) fell by 1.67% to HK$2.35.
Da Hua Jixian previously stated that the three major airlines turned losses into profits in the strong season of the third quarter, but their core performance was slightly below expectations, with core operating profit decreasing by 19% to 29% year on year. The bank stated that the underperformance of the three major airlines was due to costs slightly higher than expected, along with a decline in yields. Due to airline industry overcapacity, combined with the weak balance sheets of major airlines, the industry maintained a 'shareholding' rating.
Bank of America Securities released a research report stating that Chinese airlines returned to profit in the third quarter of 2024, with trends slightly better than the bank's expectations. Chinese airlines are expected to average a net loss in the fourth quarter of 2024 due to slowing seasonal demand, with a projected 7% year-on-year decrease in unit revenue and a 10% year-on-year decrease in unit costs due to falling fuel prices and increased capacity. The bank has a negative view on the three major airlines. Profit recovery by 2025 is expected to be limited, with pricing power in the domestic market difficult to improve, and the international market facing additional pricing pressure.
