国泰航空再度盈利百亿港元。3月12日，国泰航空举办2025年度业绩发布内地媒体沟通会。财报显示， 2025年国泰集团（包括航空公司、附属公司及联属公司）净利润108.28亿港元，同比增长9.5%，可载量 增加、客运量稳定及货运需求强劲，推动财务业绩增长。面对中东局势导致的航油价格大幅上涨，国泰 集团行政总裁林绍波称，国泰将采取燃油对冲保持既定机制，并尽快公布燃油附加费上调方案，保障航 班的运营。针对中国内地市场，国泰集团未来将加大在中国内地的投入，拓展航线网络，升级产品服 务，持续培养航空人才。 客运收益同比增长15.8% 根据国泰航空发布的财报，集团旗下航空公司及附属公司于2025年应占溢利99.96亿港元。国泰集团主 席贺以礼在财报致辞中提到，财务业绩增长的原因包括可载量增加、客运量稳定及货运需求强劲。 从数据上看，2025年，国泰航空的客运收益为724.54亿港元，同比增长15.8%；国泰货运收益242.79亿 港元，同比增长1.2%；国泰集团全资子公司香港快运的客运收益为63.94亿港元，同比增长6.7%。不 过，上述公司的收益率均出现下降，其中国泰航空收益率下降10.3%、国泰货运下降4.6%、香港 ...

Core Viewpoint - Cathay Pacific has achieved a net profit of HKD 10.828 billion for the fiscal year 2025, marking a 9.5% year-on-year increase, driven by increased capacity, stable passenger volume, and strong cargo demand [1][3] Financial Performance - The group recorded a profit attributable to shareholders of HKD 9.996 billion [3] - Passenger revenue reached HKD 72.454 billion, up 15.8% year-on-year [3] - Cargo revenue was HKD 24.279 billion, reflecting a 1.2% increase [3] - Hong Kong Express, a wholly-owned subsidiary, reported passenger revenue of HKD 6.394 billion, a 6.7% increase [3] - However, revenue yield declined across the board: Cathay Pacific down 10.3%, cargo down 4.6%, and Hong Kong Express down 15.3% [3] - Hong Kong Express incurred a loss of HKD 999.6 million, widening from previous losses [3] Operational Challenges - The rise in oil prices due to geopolitical tensions has significantly impacted operational costs, with fuel prices increasing approximately twofold since January [6][8] - The group plans to maintain a fuel hedging mechanism, with a hedging ratio of 30% for the current year [8] - The suspension of certain Middle Eastern routes due to geopolitical issues has led to increased demand for flights from Hong Kong to Europe [6][8] Strategic Initiatives - Cathay Pacific plans to increase investment in the Chinese mainland, expanding its route network and upgrading service offerings [1][9] - The group added five new destinations in 2025, increasing its total to 24 in mainland China [9] - Hong Kong Express aims to diversify its route network, particularly in mainland China and Southeast Asia, to reduce reliance on single routes [5] Fleet Expansion - The group is set to invest over HKD 100 billion, with plans to introduce more than 100 new aircraft in the coming years [10] - The first new generation long-haul aircraft, Boeing 777-9, is expected to be delivered in 2027 [10] Future Outlook - The group has reported profits exceeding HKD 30 billion for three consecutive years since 2023, marking a significant recovery from previous losses [11] - 2026 is identified as a pivotal year for the group, marking the beginning of a new five-year plan [11]

香港快运表示，受近期中东局势影响，航空燃油价格显著上升。燃油为航空公司最主要的营运成本之 一，价格波动对整体成本结构带来直接影响，经审慎评估近期燃油价格走势及整体营运环境过后，决定 调整客运燃油附加费。 智通财经APP获悉，继国泰航空(00293)后，旗下香港快运亦表示，将由3月18日(下周三)起调整客运燃 油附加费。以香港出发的航段为例，相关附加费将调整至290港元。其他航段将按适用出发地及当地货 币安排厘定。 ...

继国泰航空(00293)后，旗下香港快运亦表示，将由3月18日(下周三)起调整客运燃油附加费。以香港出 发的航段为例，相关附加费将调整至290港元。其他航段将按适用出发地及当地货币安排厘定。 香港快运表示，受近期中东局势影响，航空燃油价格显著上升。燃油为航空公司最主要的营运成本之 一，价格波动对整体成本结构带来直接影响，经审慎评估近期燃油价格走势及整体营运环境过后，决定 调整客运燃油附加费。 ...

Group 1 - The core profit of Cathay Pacific (00293) for the second half of the year reached HKD 6.1 billion, representing a year-on-year increase of 7% [1] - Excluding contributions from joint ventures, the core profit was HKD 5.4 billion, which is a 43% increase compared to the first half and an 8% year-on-year growth [1] - The full-year performance met 107% and 108% of Citigroup and market forecasts, respectively [1] Group 2 - Citigroup maintains a "sell" rating for Cathay Pacific, primarily due to weak growth in outbound tourism from China, setting a target price of HKD 11.2 [1] - Prior to the escalation of tensions in the Middle East, Cathay Pacific reported strong passenger load factors for long-haul flights, with a surge in short-term demand for routes to Europe and Australasia [1] - The airline has hedged 30% of its expected fuel consumption for 2026 at a price of USD 70 per barrel, exposing it to risks from widening fuel crack spreads [1] Group 3 - If spot aviation fuel prices rise by USD 10 from USD 78 per barrel, Cathay Pacific would need to increase passenger unit revenue by approximately 10% in Europe, Australasia, and South Asia to offset the impact of rising fuel costs [2] - For essential travelers, this price increase is feasible in the short term (1-2 months), but the global ticket price demand elasticity is -0.87, indicating that price hikes could lead to a decrease in travel demand [2]

美银证券发布研报称，国泰航空(00293)2025年净利润胜市场共识，主要得益于来自港机工程(HAECO) 的一次性和解收益及去年减息带来的利息成本下降，单位收入及单位成本大致符合该行预期。国泰目标 在2026年实现10%的客运运力增长，并指出货运业务在2026年首两个月开局良好，但同时承认飙升的燃 油成本带来风险，其2026年第一季度约30%的布伦特原油用量已作对冲。美银证券维持对国泰航空 的"跑输大市"评级，认为客运及燃油方面面临的利差尚未反映在股价中;予目标价10.9港元。 ...

智通财经APP获悉，美银证券发布研报称，国泰航空(00293)2025年净利润胜市场共识，主要得益于来自 港机工程(HAECO)的一次性和解收益及去年减息带来的利息成本下降，单位收入及单位成本大致符合 该行预期。国泰目标在2026年实现10%的客运运力增长，并指出货运业务在2026年首两个月开局良好， 但同时承认飙升的燃油成本带来风险，其2026年第一季度约30%的布伦特原油用量已作对冲。美银证券 维持对国泰航空的"跑输大市"评级，认为客运及燃油方面面临的利差尚未反映在股价中;予目标价10.9港 元。 ...

[Table_Page] 年报点评|运输 证券研究报告 | [Table_Title] 【广发交运&海外】国泰航空 | | --- | | (00293.HK) | 盈利超预期，需求恢复驱动业绩增长 [Table_Summary] 核心观点： ⚫ 风险提示。国际油价波动风险、汇率波动风险、需求不及预期风险等。 | 盈利预测： | | --- | | [Table_ 单位Finance] :港元百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 104,371 | 116,766 | 131,593 | 136,044 | 143,379 | | 增长率（ % ） | 10.5% | 11.9% | 12.7% | 3.4% | 5.4% | | EBITDA | 26,516 | 26,999 | 26,835 | 30,504 | 32,868 | | 归母净利润 | 9,888 | 10,828 | 9,011 | 11,712 | 12,561 | | 增长率（ % ） ...

国泰航空表示，受中东局势最新发展影响，航空燃油价格自3月以来已上涨近一倍，燃油附加费将按既 定机制上调。国泰航空说，会定期检视燃油附加费水平，密切留意航空燃油价格走势。 据香港电台3月12日报道，国泰航空宣布，3月18日起上调客运燃油附加费，短、中、长途航班增幅均超 过一倍。 下星期三起，短途航班将由现时港币142元上调至290元、中程航班由264元增至541元、长途航班由569 元升至1164元。 ...

智通财经APP获悉，花旗发布研报称，国泰航空(00293)公布截至去年12月底止全年业绩，其中下半年核 心利润为61亿元，同比增长7%。撇除联营公司贡献后的核心利润为54亿元，较上半年增长43%，同比 增长8%。去年全年业绩达成花旗及市场全年预测的107%和108%。撇开中东冲突因素，花旗维持国 泰"沽售"评级，主要基于中国出境旅游增长疲软等，并予其目标价11.2港元。 花旗预计，若今年现货航空燃油价格从每桶78美元上涨10美元，国泰航空需要将欧洲、澳大拉西亚地区 和南亚(这三个地区直接受益于中东枢纽航班中断)的客运单位收入提高约10%，才能完全抵销燃油价格 上涨影响。对必须出行的旅客而言，短期内(即1-2个月)是可行的。但根据ScienceDirect的数据，全球机 票价格需求弹性为-0.87倍，显示在其他条件不变的情况下，机票价格上涨会导致出行需求下降。 国泰表示，在中东紧张局势升级前，其长途航班的载客率已十分充足，目前看到前往欧洲及澳大拉西亚 地区(占运力组合约29%)的短期需求激增; 而南亚(4%)与北美(26%)的中转客流需求亦出现短期激增。不 利因素方面，国泰已对2026年预计燃油用量的30%，以 ...