CEA(600115) 民生证券·2025-04-02 10:23Investment Rating - The report gives a "Buy" rating for China Eastern Airlines (600115.SH) with a target price of 3.70 CNY, indicating a positive outlook for the stock [6]. Core Views - The company reported a revenue of 132.1 billion CNY in 2024, a year-on-year increase of 16.2%, and a reduced net loss of 4.23 billion CNY compared to a loss of 8.17 billion CNY in 2023 [1][2]. - The report highlights effective cost control, particularly in fuel costs, with a decrease of 8.7% in unit fuel costs year-on-year, contributing to the reduction in losses [2][4]. - The company is expected to see a net increase in its fleet by 4.5% annually over the next three years, with a focus on the A320 model [3]. - The financial structure has improved, with a reduction in the debt-to-asset ratio to 85.03% and a decrease in interest expenses by approximately 1 billion CNY [4]. Summary by Sections Financial Performance - In 2024, the total revenue was 132.12 billion CNY, with a growth rate of 16.1% expected to continue into 2025 at 10.1% [5][10]. - The net profit attributable to shareholders is projected to improve significantly from a loss of 4.23 billion CNY in 2024 to a profit of 1.94 billion CNY in 2025, reflecting a growth rate of 48.4% [5][10]. Cost Management - The report emphasizes the company's strong cost management capabilities, with unit fuel costs remaining stable compared to 2019 levels despite fluctuations in oil prices [2][4]. - The company has effectively managed its operational costs, leading to a better financial outlook as demand recovers and oil prices stabilize [4]. Fleet Expansion - The company plans to increase its fleet size with net additions of 34, 51, and 28 aircraft in 2025, 2026, and 2027 respectively, primarily focusing on the A320 model [3]. Debt Management - The issuance of 5 billion CNY in perpetual bonds has helped optimize the debt structure, reducing financial pressure and interest expenses [4].