CSN(600029) Xin Lang Cai Jing·2025-04-02 12:25Core Viewpoint - The company reported a revenue of 174.2 billion yuan for 2024, an increase of 8.9% year-on-year, but incurred a net loss attributable to shareholders of 1.7 billion yuan, an improvement from a loss of 4.21 billion yuan in 2023 [1] Group 1: Financial Performance - In Q4 2024, the company generated revenue of 39.6 billion yuan, a decrease of 2.2% year-on-year, with a net loss attributable to shareholders of 3.66 billion yuan, improved from a loss of 5.53 billion yuan in Q4 2023 [1] - The company experienced a decline in overall seat revenue by 5.7% year-on-year, with international seat revenue down 16% and domestic seat revenue down 3.4% [1] - The company confirmed a foreign exchange loss of 910 million yuan for the year, which offset some of the benefits from a 7.9% decrease in unit fuel costs due to lower oil prices [1] Group 2: Fleet and Operational Strategy - The company raised its net fleet growth rate for 2025 to 5.8%, reflecting historical stock orders, which is expected to alleviate pressure on fleet selection for single aircraft models [2] - The company plans to introduce 89, 91, and 71 aircraft from 2025 to 2027, with a focus on A320 and B737 models as the main drivers of fleet growth [2] - Improved passenger load factors and pricing balance during the off-peak season are anticipated to enhance profitability for both the industry and the company [2] Group 3: Market Outlook - The company is optimistic about the potential for profit improvement due to a downward shift in oil prices and enhanced revenue management [3] - The company expects net profits attributable to shareholders to reach 3.19 billion yuan, 4.24 billion yuan, and 7.67 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 32, 24, and 13 [3] - The company suggests that industry-wide profit recovery could lead to investment opportunities with higher profit elasticity [3]