智通财经APP获悉，大和发布研报称，国泰航空(00293)今年上半年纯利同比升4%至36.51亿港元，受惠 于停止与优先股股东的利润分享，符合预期。集团维持每股股息0.2港元，惟派息率由去年上半年的 38%跌至今年上半年的35%。大和将集团今年每股盈利预测下调1%，并将其目标价由10.5港元下调至9.5 港元，其评级由"持有"降至"跑输大市"。 该行指，整体而言，管理层对旅游需求仍有信心，并重申其对2025年下半年客运收益率恢复正常的预 期，集团计划增加长途线班次频率。另外由于近期需求低于平均水平，料日本航线或需时恢复。管理层 强调，年初至今，货运需求强劲，将积极地重新分配其全球航线网络的运力。 ...

该行指，整体而言，管理层对旅游需求仍有信心，并重申其对2025年下半年客运收益率恢复正常的预 期，集团计划增加长途线班次频率。另外由于近期需求低于平均水平，料日本航线或需时恢复。管理层 强调，年初至今，货运需求强劲，将积极地重新分配其全球航线网络的运力。 大和发布研报称，国泰航空(00293)今年上半年纯利同比升4%至36.51亿港元，受惠于停止与优先股股东 的利润分享，符合预期。集团维持每股股息0.2港元，惟派息率由去年上半年的38%跌至今年上半年的 35%。大和将集团今年每股盈利预测下调1%，并将其目标价由10.5港元下调至9.5港元，其评级由"持 有"降至"跑输大市"。 ...

Core Viewpoint - Morgan Stanley's research report indicates that Cathay Pacific's performance in the first half of the year fell short of market expectations, primarily due to a 12% year-on-year decline in passenger yield, alongside rising operating costs and competitive pressures, similar to Singapore Airlines, highlighting challenges faced by high-end full-service airlines in Asia [1] Summary by Category Financial Performance - Cathay Pacific's operating cash flow remained strong in the first half of the year, with its debt ratio remaining almost unchanged [1] - The company slightly reduced its dividend payout [1] Market Outlook - Morgan Stanley has revised its forecasts for Cathay Pacific for the fiscal years 2025 to 2027, lowering them by 5% to 8% compared to market consensus [1] - The rating for Cathay Pacific has been downgraded from "Neutral" to "Underweight" [1]

大和发表研究报告指，国泰航空上半年纯利按年升4%至36.51亿港元，受惠于停止与优先股股东的利润 分享，符合预期。集团维持每股股息0.2港元，惟派息率由去年上半年的38%跌至今年上半年的35%。大 和将集团今年每股盈利预测下调1%，并将其目标价由10.5港元下调至9.5港元，评级由"持有"降至"跑输 大市"。 该行指，整体而言，管理层对旅游需求仍有信心，并重申其对2025年下半年客运收益率恢复正常的预 期。集团计划增加长途线班次频率。另外由于近期需求低于平均水平，料日本航线或需时恢复。管理层 强调，年初至今，货运需求强劲，将积极地重新分配其全球航线网络的运力。 ...

Group 1 - Cathay Pacific Airways (00293) experienced a decline of over 3%, with a significant drop of more than 9% the previous day, currently trading at HKD 10.49 with a transaction volume of HKD 162 million [1] - The company reported a mid-year performance for 2025, with total revenue of HKD 54.309 billion, representing a year-on-year increase of 9.5%, and a net profit attributable to shareholders of HKD 3.651 billion, up 1.1% [1] - The interim dividend declared is HKD 0.20 per share [1] Group 2 - Cathay Pacific announced the exercise of a purchase option under a 2013 subscription agreement to acquire 14 Boeing 777-9 aircraft, with a basic price of approximately USD 8.1 billion, equivalent to about HKD 63.2 billion, expecting a lower actual cost due to significant discounts from the manufacturer [1] - Morgan Stanley's report indicated that the net profit attributable to ordinary shareholders for the first half of the year increased by 8.3% year-on-year, while operating profit remained flat at HKD 5.9 billion, below market expectations of HKD 6.6 billion [1] - The passenger yield was below expectations, primarily due to the normalization of long-haul route yields and increased competition on short-haul routes, despite strong demand in business class and an increase in passenger load factor year-on-year [1] Group 3 - The market generally anticipates a year-on-year decline in net profit for the full year of 2025, but Morgan Stanley believes the downside risk is limited [1] - The rating is "in line with the market," with a target price set at HKD 12.1 [1]

Core Viewpoint - Cathay Pacific Airways announced its mid-year results for 2025 and revealed plans to purchase an additional 14 Boeing 777-9 aircraft, increasing its total order to 35 units [1][3]. Group 1: Financial Details - The basic price for the 14 additional aircraft is approximately $8.1 billion (around HKD 63.2 billion), but the actual cost will be lower due to significant discounts from the manufacturer [3]. - The company’s current market capitalization is HKD 69.868 billion, with a share price of HKD 10.85 [1]. Group 2: Strategic Partnerships - Cathay Pacific has a long-standing partnership with both Airbus and Boeing, with each manufacturer’s aircraft making up about half of its fleet [3]. - The management emphasized the importance of maintaining long-term relationships with both manufacturers [3]. Group 3: Aircraft Performance and Future Plans - The chairman of Cathay Pacific expressed confidence in Boeing's commitment to improving production quality and engineering, noting that Boeing has resumed test flights with four aircraft having completed over 1,400 flights totaling more than 4,000 hours [3]. - The company plans to integrate the new Boeing 777-9 aircraft into its fleet by 2027 and remains open to acquiring more in the future [3].

Core Viewpoint - Cathay Pacific Airways announced its mid-year results for 2025 and revealed plans to purchase an additional 14 Boeing 777-9 aircraft, increasing its total orders for this model to 35 units [2] Group 1: Financial Details - The basic price for the additional 14 aircraft is approximately $8.1 billion (around HKD 63.2 billion), with the actual cost expected to be lower due to significant discounts from the manufacturer [2] - The company's current market capitalization is HKD 69.868 billion, with a share price of HKD 10.85 [2] Group 2: Strategic Partnerships - Cathay Pacific has a long-standing partnership with both Airbus and Boeing, with each manufacturer’s aircraft making up roughly half of the fleet [2] - The management emphasized the importance of maintaining long-term relationships with both manufacturers [2] Group 3: Confidence in Boeing - The Chairman of Cathay Pacific expressed confidence in Boeing, noting that the company is prioritizing production quality and engineering amidst challenges [2] - Boeing has resumed test flights, with four aircraft currently undergoing testing, totaling over 1,400 flights and 4,000 hours [2] - Cathay Pacific aims to incorporate the new Boeing 777-9 aircraft into its fleet by 2027 and remains open to acquiring more in the future [2]

Core Viewpoint - Cathay Pacific Airways announced its mid-year results for 2025 and revealed plans to purchase an additional 14 Boeing 777-9 aircraft, increasing its total orders for this model to 35 aircraft [1][2]. Group 1: Financials and Aircraft Orders - The basic price for the additional 14 Boeing 777-9 aircraft is approximately $8.1 billion (around HKD 63.2 billion), with the actual cost expected to be lower due to significant discounts from the manufacturer [1]. - The company maintains a balanced fleet with aircraft from both Boeing and Airbus, each accounting for roughly half of its fleet [1]. Group 2: Management Insights - The Chairman of Cathay Pacific expressed confidence in Boeing's leadership focusing on production quality and engineering, which is crucial for the airline's future operations [2]. - The airline is optimistic about integrating the new Boeing 777-9 aircraft into its fleet by 2027 and plans to remain flexible in future acquisitions of this aircraft model [2].

今年上半年，国泰航空客运运力同比增加26.3%，旅客周转量同比增加30%，日均载客同比增加27.8%， 客座率84.8%，同比增加2.4个百分点，不过，由于市场上的运力增加，公司的整体收益率下跌12.3%。 "上半年由于我们投入的运力大幅增加，比如美国航线增加了50%，欧洲航线增加了30%，票价和收益 率也相应会受到一些影响，逐渐回归正常水平，"国泰集团顾客及商务总裁刘凯诗在业绩说明会上表 示，但上半年的客运需求依然很强，预计下半年需求的势头还会保持。 记者注意到，在今日披露半年报的同时，国泰还宣布行使购买权，增购14架波音777-9飞机，首架波音 777-9预计2027年交付。 虽然内地的上市航司尚未披露半年业绩，但从多家发布的半年业绩预告来看，国泰航空依然是最赚钱的 中国航司。 在公告中，国泰集团主席贺以礼将业绩的增长归因于客运量增加、货运表现稳定，以及燃油价格下 降，"得益于今年上半年的燃油价格比以往便宜，公司的燃油成本下降13%。" 【#国泰航空上半年赚了36.51亿港元# ，国泰管理层这样看下半年市场】 国泰航空（00293.HK）今日发布的上半年财报显示，公司净利润36.51亿港元，同比增长1.1 ...

Core Viewpoint - Cathay Pacific reported a revenue of HKD 54.3 billion for the first half of the year, marking a 9.5% year-on-year increase, but profit growth faced pressure with a slight increase of 1.1% to HKD 3.65 billion [2] Group 1: Financial Performance - The passenger business revenue for Cathay Pacific was HKD 34.208 billion, up 14% year-on-year, although the yield decreased by 12.3% [2] - The total number of passengers carried was approximately 13.6 million, with a 30% year-on-year increase in passenger traffic measured in revenue passenger kilometers [2] - The company declared an interim dividend of HKD 0.20 per share [2] Group 2: Operational Insights - Cathay Pacific's low-cost subsidiary, HK Express, saw an expanded loss of HKD 520 million, significantly higher than the previous year's loss of HKD 60 million, despite a 33.5% increase in passenger volume [2] - The losses at HK Express were attributed to concerns over earthquakes affecting travel to Japan and the new routes still being in the cultivation phase [2][3] - The CEO noted that the revenue from Japanese routes constitutes about 50% of HK Express's income, but passenger numbers are recovering [3] Group 3: Future Outlook - Cathay Pacific anticipates a significant increase in passenger numbers by the first half of 2025, with a gradual profit recovery expected as market supply and demand balance out [2] - The cargo business showed stable performance with revenue of HKD 11.1 billion, a slight increase of 2.2%, although the load factor decreased to 58.6% [3] - The company is actively diversifying its market presence in Southeast Asia and exploring other cargo services beyond e-commerce [3] Group 4: Investment and Expansion - The group has committed to updating and expanding its fleet, including ordering over 100 new aircraft, with total investments exceeding HKD 100 billion [4] - Cathay Pacific exercised an option to purchase an additional 14 Boeing 777-9 aircraft, increasing its total order to 35 [4] Group 5: Market Reaction - Following the earnings report, Cathay Pacific's stock price fell by 9.66%, closing at HKD 10.85 per share [5]