Group 1 - The core viewpoint of the report indicates that the recovery of passenger volume for foreign airlines in China may remain slow in the second half of the year [1] - The System Integration (SI) business has negatively impacted the company's revenue growth in the first half of the year, but management expects more projects to be launched in the second half [1] - The visibility of progress on these projects is low, leading to a more conservative forecast from the firm [1] Group 2 - The profitability improvement of China Civil Aviation Information Network is proceeding as planned and should continue to advance [1] - The target price has been lowered from HKD 14.8 to HKD 12.8, while maintaining an "outperform" rating [1] - The current forecast for the company's net profit is projected to reach RMB 2.209 billion this year [1]
里昂：降中国民航信息网络目标价至12.8港元 维持“跑赢大市”评级