CEA(600115) 新浪财经·2025-03-30 00:30Core Viewpoint - China Eastern Airlines reported a net loss of 4.226 billion yuan for 2024, a year-on-year reduction in losses by 48.4%, aligning with the lower end of its earnings forecast [1] Financial Performance - Total operating revenue for 2024 reached 132.12 billion yuan, representing a year-on-year growth of 16.11%, with passenger revenue increasing by 16.2% and cargo revenue by 46.7% [3] - The company recorded a net loss attributable to shareholders of 4.798 billion yuan, a year-on-year reduction in losses by 44.44% [1] - The unit cost of ASK (Available Seat Kilometers) was 0.42 yuan, a decrease of 7% year-on-year, while the unit cost excluding fuel decreased by 6% [3] Operational Data - Overall ASK increased by 9.9% compared to 2019 and by 21.2% compared to 2023, while overall RPK (Revenue Passenger Kilometers) rose by 11.0% compared to 2019 and by 34.9% compared to 2023 [1] - Domestic ASK recovered to 117.9% of the 2019 level, with domestic RPK at 119.1% of 2019, and domestic passenger volume at 109.9% of 2019 [1] - International ASK reached 95.3% of the 2019 level, with international RPK at 95.8% of 2019, and international passenger volume at 97.8% of 2019 [1] Fleet and Aircraft Delivery - In 2024, the company delivered 35 aircraft and retired 13, resulting in a fleet size of 804 aircraft, a year-on-year increase of 2.8% [2] - The company plans to net add 34, 51, and 28 aircraft in 2025, 2026, and 2027, respectively, indicating future fleet growth rates of 4.2%, 6.1%, and 3.1% [2] Investment Analysis - Due to stable market demand and declining ticket prices, the 2025 domestic passenger kilometer revenue growth assumption has been adjusted to 1% from the original 3% [4] - The earnings forecast for 2025 and 2026 has been revised down to 2.935 billion yuan and 5.735 billion yuan, respectively, with a new estimate for 2027 at 8.895 billion yuan [4] - The current market valuation corresponds to a 2027 earnings forecast PE of 9X, which remains below the historical valuation average of the three major airlines, maintaining an "overweight" rating [4]