Ge Long Hui·2026-01-16 08:13Group 1 - The core viewpoint of the report indicates that China Eastern Airlines announced its 2025 operational data, with ASK and RPK increasing by 6.8% and 10.7% year-on-year, respectively, and a passenger load factor of 85.9%, up by 3.0 percentage points, achieving a historical high for the year [1] - The outlook suggests that the industry's supply growth rate may remain low, and improvements in market conditions, combined with reduced competition, are expected to lead to an increase in ticket prices [1] - Additionally, lower oil prices and a favorable USD to RMB exchange rate are anticipated to alleviate cost pressures, collectively driving profitability for airlines [1] Group 2 - The company, being a major airline based in Shanghai, is expected to benefit from strong travel demand in the Yangtze River Delta region, supporting its revenue levels [1] - As Pudong Airport serves as a key entry and exit point, the company is likely to gain from the growth in inbound and outbound tourism demand [1] - The company's net profit forecast for 2025-2027 has been raised to 9.34 billion, 78.01 billion, and 100.96 billion RMB, with target prices set at 7.70 RMB for A-shares and 6.85 HKD for H-shares, maintaining a "buy" rating [1]