Xin Lang Cai Jing·2026-02-01 10:24Core Viewpoint - The company forecasts a significant improvement in operational performance for 2025, despite projected negative net profits due to deferred tax asset adjustments [1][3]. Financial Performance - The company expects a net profit attributable to shareholders of -1.3 to -1.8 billion for 2025, an improvement from -4.226 billion in 2024 [1]. - The adjusted net profit is projected to be -2.7 to -3.3 billion for 2025, compared to -4.983 billion in 2024 [1]. - The total profit is forecasted to be between 0.2 to 0.3 billion, indicating a turnaround from previous losses, primarily due to the reversal of prior deductible losses [1]. Operational Metrics - The company anticipates a total transportation turnover of 27.981 billion ton-kilometers and nearly 150 million passenger transport, representing year-on-year growth of 10.82% and 6.68%, respectively [1]. - The company achieved the highest passenger load factor among the three major airlines, with an annual ASK growth of 6.75% and RPK growth of 10.66% [1][2]. Market Trends - The passenger load factor reached 85.86%, an increase of 3.04 percentage points year-on-year, with domestic and international load factors at 87.28% and 83.22%, respectively [2]. - The upcoming Spring Festival is expected to boost demand, with average ticket prices showing a year-on-year increase [2]. Investment Outlook - The company has adjusted its profit forecasts for 2025-2027, projecting net profits of -1.49 billion, 5.2 billion, and 8.2 billion, respectively [3]. - The target market capitalization is set at 168.5 billion RMB, with a target price of 7.63 RMB, indicating a potential growth of 40% from current levels [3].