Group 1 - Cathay Pacific's passenger traffic in March increased by 19.8% year-on-year [1] - Cargo capacity for Cathay Pacific rose by 10.6% compared to the previous year [1] - Hong Kong Express recorded a 25.4% year-on-year increase in passenger numbers [1]

Financial Performance - The total revenue for Cathay Pacific Group in 2024 was HKD 104,371 million, representing a 10.5% increase from HKD 94,485 million in 2023[11]. - The net profit attributable to shareholders was HKD 9,888 million, a slight increase of 1.0% compared to HKD 9,789 million in the previous year[11]. - Basic earnings per share rose to HKD 149.2, up 6.0% from HKD 140.8 in 2023, while diluted earnings per share increased by 5.9% to HKD 133.2[11]. - The group declared a dividend of HKD 0.69 per share, marking a significant increase of 60.5% from HKD 0.43 in the prior year[11]. - Cathay Pacific recorded a profit attributable to shareholders of HKD 9.888 billion for 2024, compared to HKD 9.789 billion in 2023, representing a year-on-year increase of approximately 1.01%[18]. - The earnings per share for 2024 was HKD 1.492, up from HKD 1.408 in 2023, indicating a growth of about 5.96%[18]. - The airline's subsidiary and associated companies recorded a profit of HKD 8.849 billion for 2024, down from HKD 9.225 billion in 2023, showing a decrease of approximately 4.08%[18]. - The company recorded a post-tax profit of HKD 9.799 billion in 2024, down from HKD 11.341 billion in 2023, indicating a decrease of approximately 13.6%[160]. Operational Metrics - The available tonne-kilometres increased by 17.0% to 24,836 million, while revenue tonne-kilometres rose by 15.1% to 17,362 million[12]. - The average age of the fleet increased to 11.8 years, up by 0.7 years from 11.1 years in 2023[12]. - The passenger load factor decreased by 2.5 percentage points to 83.2%, while passenger revenue per available seat-kilometre fell by 14.4% to HKD 56.0[12]. - The total number of passengers carried in 2024 was 22.8 million, averaging 62,500 passengers per day, which is a 26.9% increase from 2023[43]. - Available seat kilometers increased by 30.6% to 111.79 billion in 2024, while the load factor decreased by 2.5 percentage points to 83.2%[49]. - The cargo load factor averaged 59.9% in 2024, down from 62% in 2023[68]. Fleet and Capacity - The average age of the fleet is 11.1 years, with a total of 236 aircraft as of December 31, 2024[14]. - The group received over 100 new generation aircraft during the year, contributing to the expansion of its fleet[17]. - The company added 12 new Airbus A321neo aircraft to its fleet in 2024 and announced the purchase of 30 Airbus A330-900 aircraft, with deliveries starting in 2028[28]. - The new three-runway system at Hong Kong International Airport is now operational, enhancing Cathay Group's capacity and service offerings[33]. - The fleet restructuring plan aims to replace the remaining A300-600F aircraft with A330 freighters, expected to be completed by 2025[124]. Environmental Impact - The greenhouse gas emissions rose to 12.8 million tonnes CO2 equivalent, reflecting a 20.8% increase from 10.6 million tonnes[12]. - The total scope 1 and 2 emissions increased by 21.6% to 14.1 million tons of CO2 equivalent in 2024, compared to 11.6 million tons in 2023[143]. - The carbon emission intensity rose by 5.3% to 741 grams of CO2 equivalent per revenue ton kilometer in 2024, up from 704 grams in 2023[143]. - The percentage of sustainable aviation fuel in total fuel consumption increased to 0.15% in 2024, compared to 0.03% in 2023, marking a 0.12 percentage point increase[143]. - Cathay Pacific aims to achieve net-zero carbon emissions by 2050 and increase sustainable aviation fuel usage to 10% by 2030[145]. Workforce and Employment - The group employed over 30,100 staff globally, with approximately 25,300 based in Hong Kong as of December 31, 2024[10]. - The company hired and trained approximately 7,000 new employees in 2024, bringing the total workforce to over 30,000[27]. - The total number of employees reached 30,110 in 2024, reflecting a 26.5% increase from 23,801 in 2023[143]. - The proportion of female employees in senior positions rose to 30% in 2024, up from 27% in 2023[143]. Strategic Initiatives - The group plans to invest over HKD 100 billion in new projects, reflecting a strong commitment to enhancing capacity and customer experience at Hong Kong International Airport[17]. - The company aims to restore flight numbers to pre-pandemic levels by January 2025, achieving 100% of the previous capacity[17]. - The company is focused on digitalization and sustainable development as part of its strategic initiatives to enhance its market position[47]. - The company is investing in digital capabilities to enhance operational reliability and resilience, including the establishment of an integrated operations center[135]. Customer Experience - Cathay Pacific announced the introduction of a new menu in collaboration with Michelin-starred restaurants, enhancing the in-flight dining experience[64]. - The airline plans to extend free in-flight Wi-Fi service to first and business class passengers and Diamond card members by mid-2025[64]. - The company launched a new holiday booking website in collaboration with Expedia Group, offering over one million hotels and travel activities across multiple Asian markets[107]. - The upgraded online shopping experience for "Cathay Taste" was launched in October 2024, enhancing user interface and accessibility for customers[102]. Cargo Operations - Cargo revenue for 2024 was HKD 24 billion, up 8.3%, with overall cargo tonnage increasing by 10.9% to 1.5 million tons[29]. - Cathay Cargo handled 1.6 million tons of cargo in 2024, an 11% increase from 2023[128]. - Cathay Cargo has been recognized as one of the top ten cargo airlines globally, ranking fifth among all-cargo airlines based on scheduled freight ton-kilometers[86]. - The launch of the "Pharmaceutical Cargo Corridor" connecting Miami to Hong Kong aims to ensure safe and efficient transport of time-sensitive pharmaceuticals[86]. Financial Position - The net debt to equity ratio increased to 1.10 times, up from 0.88 times in the previous year, indicating a rise in financial leverage[11]. - The company's available unrestricted cash balance as of December 31, 2024, was HKD 19.073 billion[20]. - Total assets as of December 31, 2024, amount to HKD 171.124 billion[187]. - Shareholders' equity decreased by 12.5% to HKD 52.5 billion due to various factors including the redemption of preferred shares[193].

文/泉林 孔淑婧 国泰集团发布的2024年成绩单用"令人惊艳"四个字来形容，一点都不为过。该集团2024年营收 1043.7亿港元，同比增长10%；2024年净利润98.9亿港元，同比增长1%。2024年，国泰航空运载旅 客2282.7万人次，同比增长26.9%，乘客运载率83.2%。货运业务表现亮眼，国泰货运业务运载货物 153.2万吨，同比增长10.9%，收益率上升3%，尤其是去年下半年电商需求强劲，助推了货运的增 长。今年内，国泰航空与香港快运的网络将覆盖超过100个客运航点。目前已公布新增11个航点，并 将陆续公布更多新航点。 2 0 2 4 年 年 底 ， 国 泰 集 团 员 工 数 量 已 超 过 3 0 0 0 0 名 ， 其 中 内 地 员 工 数 量 约 3 0 0 0 人 ， 预 计 到 2 0 2 5年，国泰集团的内地员工人数将达到4 0 0 0人，其中包括见习飞行员、空乘、IT人员 等。我们每年在IT和人工智能方面的投资预算很大，大约是3 0亿港元。国泰IT团队目标是 达到1 0 0 0人，在大湾区设立了广州和深圳两个IT办公室，计划到2 0 2 5年将内地IT团队规 模扩大至2 0 ...

Core Viewpoint - Cathay Pacific Airways has undergone significant restructuring and recovery after facing unprecedented challenges during the pandemic, with a strong performance expected in 2025 due to both external market improvements and internal reforms [1][4]. Business Recovery - From 2020 to 2022, Cathay Pacific faced severe operational challenges, with daily passenger numbers dropping to 302 from a normal level of around 100,000, leading to monthly cash burn of HKD 1.5 to 2 billion [2][6]. - The company implemented a drastic restructuring plan, including shutting down Dragonair and laying off approximately 8,500 employees, while initiating a HKD 39 billion capital restructuring plan [3][7]. - By early 2023, as travel restrictions eased, Cathay Pacific began to recover, with flight numbers returning to pre-pandemic levels by January 2025 [3][12]. Financial Performance - In 2023, Cathay Pacific achieved its highest profit in over a decade, and in 2024, it continued to see revenue and net profit growth, with a net profit of nearly HKD 10 billion [3][14]. - The company reported a revenue of HKD 1,043.71 billion in 2024, a 10.5% increase year-on-year, with significant contributions from both cargo and passenger services [14][15]. Workforce and Operations - After a significant reduction in workforce during the pandemic, Cathay Pacific began a large-scale recruitment drive, increasing its employee count by 12.25% in 2023 and hiring approximately 7,000 new employees in 2024 [10][11]. - The company faced challenges in restoring its workforce, particularly in recruiting and training pilots, which is a lengthy process [9][10]. Brand Image and Customer Service - Following a public relations crisis in May 2023, Cathay Pacific took steps to improve its service culture and expand Mandarin-speaking staff, including recruiting from mainland China [17][19]. - The airline has made changes to its in-flight services, including offering menus in multiple languages and incorporating local cuisine into its offerings [18][19]. Strategic Focus on Mainland China - Cathay Pacific has emphasized its strategic positioning in the mainland market, with a focus on the Greater Bay Area, which is seen as a critical growth area [20][21]. - The airline plans to enhance its service offerings and expand its route network in mainland China, with a goal of increasing its market share against local competitors [22][24].

Investment Rating - The report maintains a "Buy" rating for Cathay Pacific Airways [1] Core Insights - Cathay Pacific Airways reported a net profit of HKD 9.607 billion for 2024, a 6% increase year-on-year, exceeding market expectations [6] - The airline's operating revenue for 2024 grew by 10.5% to HKD 104.371 billion, driven by increased capacity and strong air cargo demand [6] - The company plans to distribute a second interim dividend of HKD 0.49 per share, raising the overall dividend payout ratio to 46% for 2024 [6] Financial Data and Profit Forecast - Revenue projections for Cathay Pacific Airways are as follows: - 2023: HKD 94.485 billion - 2024: HKD 104.371 billion - 2025E: HKD 109.011 billion - 2026E: HKD 114.937 billion - 2027E: HKD 120.286 billion - Year-on-year growth rates for revenue are projected at 85.1% for 2023, 10.5% for 2024, and 4.4% for 2025 [5] - Net profit forecasts are: - 2023: HKD 9.067 billion - 2024: HKD 9.607 billion - 2025E: HKD 9.008 billion - 2026E: HKD 10.248 billion - 2027E: HKD 10.702 billion - The net profit growth rates are -226.6% for 2023, 6.0% for 2024, and -6.2% for 2025 [5] - The report anticipates a slight decline in passenger kilometer yield for 2025, projecting a year-on-year decrease of 8% [6]

Investment Rating - The report maintains a "Buy" rating for Cathay Pacific Airways [2][7] Core Insights - Cathay Pacific Airways announced a net profit of HKD 9.607 billion for 2024, a 6% increase year-on-year, exceeding market expectations [7] - The airline's operating revenue for 2024 grew by 10.5% to HKD 104.371 billion, with a notable increase in passenger and cargo traffic [7] - The company plans to distribute a second interim dividend of HKD 0.49 per share, raising the overall dividend payout ratio to 46% for 2024 [7] Financial Data and Profit Forecast - Revenue projections for Cathay Pacific Airways are as follows: - 2023: HKD 94.485 billion - 2024: HKD 104.371 billion - 2025E: HKD 109.011 billion - 2026E: HKD 114.937 billion - 2027E: HKD 120.286 billion - Net profit forecasts: - 2023: HKD 9.067 billion - 2024: HKD 9.607 billion - 2025E: HKD 9.008 billion - 2026E: HKD 10.248 billion - 2027E: HKD 10.702 billion - Earnings per share (EPS) estimates: - 2023: HKD 1.41 - 2024: HKD 1.49 - 2025E: HKD 1.40 - 2026E: HKD 1.59 - 2027E: HKD 1.66 - The report indicates a projected price-to-earnings (P/E) ratio of 7.8 for 2025 [6][7]

Investment Rating - The report maintains a "Buy" rating for Cathay Pacific Airways [6][7]. Core Views - The net profit for 2H24 exceeded expectations, and the company is expected to maintain a historically high profit level. The 2024 operating revenue is projected at HKD 104.37 billion, a year-on-year increase of 10.5%, with a net profit attributable to shareholders of HKD 9.89 billion, up 1.0% [2][3]. - The report highlights strong passenger revenue and robust cargo demand, with 2H24 revenue reaching HKD 547.7 billion, a 7.6% increase year-on-year [3][4]. - The company is expected to share profits with a dividend of HKD 4.443 billion, corresponding to a dividend yield of 6.3% based on the closing price on March 12 [2][6]. Summary by Sections Financial Performance - In 2H24, Cathay Pacific's operating revenue was HKD 547.7 billion, up 7.6% year-on-year, driven by a 5.3% increase in passenger revenue to HKD 325.8 billion and a 14.7% increase in cargo revenue to HKD 131.0 billion [3][4]. - The company recorded a net profit of HKD 62.8 billion in 2H24, a 13.6% increase, benefiting from a 9.5% decrease in Brent oil prices and one-time gains of HKD 6.4 billion [4][5]. Profit Forecast and Valuation - The report adjusts the net profit forecasts for 2025-2027 to HKD 7.966 billion, HKD 8.483 billion, and HKD 8.224 billion, respectively, reflecting a slight increase in profitability expectations [5][19]. - The target price is raised to HKD 13.05, with a price-to-book ratio (PB) of 1.5 times for 2025, indicating a premium based on historical earnings [5][6]. Operational Metrics - The company is expected to maintain a high passenger load factor of 83.9% despite a slight year-on-year decrease, with unit revenue per passenger kilometer remaining strong [3][4]. - The report notes that the company is effectively managing capacity and increasing utilization rates despite fleet expansion limitations [3][5].

Financial Performance - Total revenue for 2024 reached HKD 104,371 million, representing a 10.5% increase from HKD 94,485 million in 2023[3] - Shareholders' profit attributable to Cathay Pacific Group was HKD 9,888 million, a slight increase of 1.0% compared to HKD 9,789 million in 2023[3] - Basic earnings per share rose to HKD 149.2, up 6.0% from HKD 140.8 in the previous year[3] - Cathay Group recorded a profit attributable to shareholders of HKD 9.888 billion in 2024, compared to HKD 9.789 billion in 2023, representing a slight increase[12] - The earnings per share for 2024 was HKD 1.492, up from HKD 1.408 in 2023[12] - The group achieved a solid financial performance in the second half of 2024, driven by increased cargo demand, passenger volume growth, and lower fuel prices[12] - The group reported a profit of HKD 8.849 billion from its airline and subsidiaries in 2024, down from HKD 9.225 billion in 2023[12] - The net profit attributable to shareholders was HKD 9,888 million in 2024, compared to HKD 10,000 million in 2023, indicating a slight decline[77] - Operating profit for 2024 was HKD 13,928 million, a decrease of 7.9% from HKD 15,125 million in 2023[65] - Total comprehensive income for the year was HKD 9,429 million, up from HKD 7,937 million in 2023[66] Revenue Breakdown - Passenger revenue for Cathay Pacific reached HKD 62.59 billion, an increase of 11.9% compared to 2023[26] - Cargo revenue increased by 8.3% to HKD 24 billion, with overall cargo tonnage rising by 10.9% to 1.5 million tons[26] - Passenger service revenue rose to HKD 68,589 million, up 11.0% from HKD 61,437 million in 2023[65] - The cargo service revenue rose to HKD 27,417 million, reflecting a growth of 7.1% from HKD 25,606 million in the previous year[50] Operational Metrics - The number of available tonne-kilometers increased by 17.0% to 24,836 million from 21,225 million in 2023[5] - Revenue passenger kilometers grew by 26.8% to 93,016 million, compared to 73,342 million in 2023[5] - The passenger load factor decreased by 2.5 percentage points to 83.2% from 85.7% in the previous year[5] - The average age of the fleet increased to 11.8 years from 11.1 years in 2023[5] - The company has hired and trained approximately 7,000 new employees in 2024, bringing the total workforce to over 30,000[23] Environmental Impact - The total greenhouse gas emissions rose by 20.8% to 12.8 million tonnes of CO2 equivalent[5] - The sustainable aviation fuel program achieved a total annual consumption of approximately 6,270 tons, increasing over ninefold compared to 2023[64] Debt and Financial Position - The net debt-to-equity ratio increased to 1.10 from 0.88, reflecting a rise in net borrowings to HKD 57,941 million, up 9.8% from HKD 52,764 million[3] - Borrowings increased to HKD 68.47 billion, a rise of 0.3%, with net borrowings (excluding cash) increasing by 9.8% to HKD 57.94 billion[60] - The group's equity attributable to shareholders decreased by 12.5% to HKD 52.5 billion due to various factors including the redemption of preferred shares[60] Dividends - The company declared a dividend of HKD 0.69 per share, a significant increase of 60.5% from HKD 0.43 in 2023[3] - The total dividend payout for ordinary shareholders for the year 2024 will be HKD 0.69 per share, amounting to HKD 4.44 billion[15] - The company has committed to maintaining a dividend policy of distributing approximately half of the consolidated after-tax profit, excluding non-cash special items, to ordinary shareholders[119] Future Plans and Investments - The group plans to invest over HKD 100 billion in 2024 to enhance passenger and cargo capacity, as well as customer experience[11] - The group is set to receive over 100 new generation aircraft during the year[11] - The group aims to restore flight numbers to pre-pandemic levels by January 2025[11] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[72] Challenges and Market Conditions - Despite challenges in 2025 and beyond, including trade conflicts and supply chain issues, Cathay remains committed to operational safety and quality[32] - The company reported a loss of HKD 400 million in 2024, compared to a profit of HKD 433 million in 2023, impacted by operational issues and market price normalization[28] Employee and Operational Growth - The company has maintained strong lobster exports to Hong Kong, contributing to the overall performance in fresh produce exports[49] - The company introduced new cabin products on the Boeing 777-300ER, receiving positive customer feedback[24] - Cathay Catering produced 23.6 million meals and handled 57,834 flights, representing increases of 21% and 33% respectively compared to 2023[62] Market Expansion - The company launched 15 new passenger routes in 2024, aiming to reach pre-pandemic flight levels by January 2025[22] - The group plans to add 11 new destinations to its network by 2025, enhancing its global reach[30] - The company announced the launch of direct flights to Munich starting June 2025, enhancing connectivity to major European cities[41]

财联社1月2日电，国货航公告，与国泰航空签署《通用服务框架协议》，就货运空间销售代理及服务安 排、地面代理服务、软件服务、货运联营安排及服务、租赁服务等进行约定。 协议初始期限为2024年1月1日至2026年12月31日，后续可自动续期。 国泰航空通过其下属控股子公司持有国货航5%以上股份，构成关联交易。 预计2024年、2025年、2026年关联交易上限分别为2.815亿元、3.075亿元、3.365亿元人民币。 ...

Group 1 - Morgan Stanley has issued a research report giving Cathay Pacific an "overweight" rating with a target price of HKD 9.6 [1] - The report indicates that Cathay Pacific will benefit from rising air freight rates, strong cash flow, and improved financial conditions [1] - It is anticipated that a decrease in fuel costs will lead to an expansion in profit margins for Cathay Pacific [1]