中国国航（601111）：亏损持续缩窄，关注后续票价改善

Investment Rating - The report maintains a "Recommended" rating for China National Aviation (601111.SH) [2][10] Core Views - In 2024, the company achieved revenue of 166.699 billion yuan, a year-on-year increase of 18.14%, while the net profit attributable to shareholders was -237 million yuan, a reduction in loss of 77.32% compared to the same period in 2023 [3] - The report highlights a significant increase in capacity and passenger load factor, but a decline in passenger kilometer revenue, indicating a trend of volume increase but price decrease across the industry [3][4] - The company is expected to benefit from improvements in ticket prices in 2025, as the focus shifts from increasing load factors to enhancing revenue quality [5][10] Financial Performance Summary - In 2024, the company reported a gross margin of 4.13% in its passenger business, slightly up from the previous year, but still at a low level [5] - The company plans to introduce 47 new aircraft in 2025 while retiring 17, maintaining a low growth rate in supply to alleviate excess capacity pressure [5] - The projected net profits for 2025-2027 are 3.98 billion, 7.79 billion, and 9.44 billion yuan respectively, with corresponding EPS of 0.23, 0.45, and 0.54 yuan [10]