国泰航空利润增长，预计客运量将增加

Core Viewpoint - Cathay Pacific has reported strong profitability despite potential disruptions from the Middle East conflict, with expectations for double-digit growth in passenger capacity. Financial Performance - The company reported a net profit of HKD 10.83 billion (approximately USD 1.38 billion), a year-on-year increase of 9.5%, primarily due to a non-recurring gain of approximately HKD 878 million from a supplier settlement [1][6] - Annual revenue increased by 12% to HKD 116.77 billion, exceeding analyst expectations of HKD 9.32 billion in net profit and HKD 113.96 billion in revenue [5][1] - The second half of the year saw a strong net profit performance, growing 14% to HKD 7.18 billion, nearly doubling compared to the first half [2][7] Passenger and Cargo Metrics - Annual passenger revenue grew by 16%, with the passenger load factor increasing from 83.2% to 85.2% [3][8] - The company anticipates a 10% increase in passenger capacity by 2026, driven by increased flight frequencies and new destinations [9] Operational Outlook - Cathay Pacific plans to receive eight new narrow-body aircraft this year, although supply chain disruptions and cost inflation are expected to impact the delivery of new aircraft, cabin products, and components [9] - In response to rising fuel costs, the company will hedge part of its expected fuel consumption to mitigate exposure to short-term price fluctuations [9] - The chairman noted that the current global geopolitical environment is causing unexpected volatility in passenger and cargo traffic, as well as aviation fuel prices [9]