CATHAY PAC AIR(00293) 申万宏源证券·2025-03-13 09:47Investment Rating - The report maintains a "Buy" rating for Cathay Pacific Airways [2][7] Core Insights - Cathay Pacific Airways announced a net profit of HKD 9.607 billion for 2024, a 6% increase year-on-year, exceeding market expectations [7] - The airline's operating revenue for 2024 grew by 10.5% to HKD 104.371 billion, with a notable increase in passenger and cargo traffic [7] - The company plans to distribute a second interim dividend of HKD 0.49 per share, raising the overall dividend payout ratio to 46% for 2024 [7] Financial Data and Profit Forecast - Revenue projections for Cathay Pacific Airways are as follows: - 2023: HKD 94.485 billion - 2024: HKD 104.371 billion - 2025E: HKD 109.011 billion - 2026E: HKD 114.937 billion - 2027E: HKD 120.286 billion - Net profit forecasts: - 2023: HKD 9.067 billion - 2024: HKD 9.607 billion - 2025E: HKD 9.008 billion - 2026E: HKD 10.248 billion - 2027E: HKD 10.702 billion - Earnings per share (EPS) estimates: - 2023: HKD 1.41 - 2024: HKD 1.49 - 2025E: HKD 1.40 - 2026E: HKD 1.59 - 2027E: HKD 1.66 - The report indicates a projected price-to-earnings (P/E) ratio of 7.8 for 2025 [6][7]