CSN(SH:600029)2024-09-04 10:00Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a loss in H1 2024 but is expected to achieve profitability for the full year [1] - Passenger transport volume for domestic, international, and regional routes in H1 2024 reached 70.44 million, 8.02 million, and 0.9716 million respectively, representing 114.39%, 81.65%, and 71.20% of the 2019 levels [1] - Revenue for H1 2024 was 84.79 billion yuan, a year-on-year increase of 18.04%, and 116.25% of the 2019 level [1] - The company faced increased operating costs due to production recovery, with operating costs rising by 17.42% year-on-year [1] Financial Performance Summary - In H1 2024, the company achieved an operating revenue of 84.79 billion yuan, with a net profit attributable to shareholders of -1.228 billion yuan [1] - The operating costs for H1 2024 were 78.551 billion yuan, leading to a gross margin of 6.81% [1] - The company operated 907 aircraft as of the report date, maintaining its position as the largest airline in Asia [2] - The forecast for earnings per share (EPS) for 2024, 2025, and 2026 is 0.03 yuan, 0.22 yuan, and 0.37 yuan respectively, with corresponding price-to-earnings (PE) ratios of 167.89X, 24.72X, and 15.08X [2][8]