Zheng Quan Zhi Xing·2025-08-22 11:16Company Overview - China Southern Airlines has the largest fleet size in the country and leads in passenger capacity among domestic airlines, being the first airline in China to exceed 100 million in transport volume [2][3] - The company operates major hubs in Beijing and Guangzhou, with a market share in route numbers, flight frequency, and passenger transport volume that ranks first among domestic airlines [3] Financial Performance - For 2024, the company is projected to achieve revenue of 174.22 billion yuan, representing a year-on-year growth of 8.94%, with a gross profit margin of 8.41% [3] - In Q1 2025, revenue is expected to be 43.41 billion yuan, a decrease of 2.68% year-on-year, with a sales gross profit margin of 8.48% [3] - The company’s revenue for 2025-2027 is forecasted to be 185.40 billion yuan, 196.82 billion yuan, and 207.76 billion yuan respectively, with net profits of 3.69 billion yuan, 6.69 billion yuan, and 9.26 billion yuan [5] Industry Insights - The aviation industry has seen a 172.8% increase in passenger transport over the past 15 years, with domestic passenger transport volume expected to reach 730 million in 2024, a year-on-year increase of 17.86% [4] - The cargo transport volume is projected to be 8.98 million tons in 2024, reflecting a year-on-year growth of 22.15% [4] - Key factors influencing the industry include aircraft supply constraints due to global supply chain disruptions, increasing travel demand driven by rising GDP and tourism, and favorable oil prices which have decreased by 14.8% year-on-year [4]