2024-09-04 10:00Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company recorded a passenger transport volume of 65.16 million domestic, 7.54 million international, and 2.26 million regional passengers in H1 2024, representing 144.79%, 87.86%, and 77.94% of the same period in 2019 respectively [1] - The company's revenue for H1 2024 reached 79.52 billion yuan, a year-on-year increase of 33.39%, and 103.61% of the revenue in the same period of 2019 [1] - The operating cost for H1 2024 was 77.47 billion yuan, up 30.84% year-on-year, with a gross margin of 2.58%, which is still below the 15.31% gross margin of 2019 [1] Financial Performance - The company is expected to achieve basic earnings per share of 0.04, 0.30, and 0.41 yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 190.25X, 22.95X, and 16.48X [2][8] - The company operated a total of 915 aircraft as of June 30, 2024, with a fleet structure that continues to optimize [2] - The report forecasts total revenue of 165.54 billion yuan for 2024, with a revenue growth rate of 17.32% [8][10]