SA(SH:601021) Minsheng Securities·2025-05-05 06:23Investment Rating - The report gives a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Views - The company demonstrates price resilience in a declining industry price environment, with a focus on enhancing investor returns through increased dividend payouts [4]. - The company is expected to recover its international and regional capacity to over 90% of 2019 levels by 2025, which is anticipated to elevate overall pricing levels [2]. - The replacement of old aircraft with new models is expected to maintain operational efficiency and reduce financial costs through the transition from leased to owned aircraft [3]. - The company has increased its dividend payout to 800 million yuan, reflecting a payout ratio of 35%, which is an increase from the previous year's 32% [4]. - The company is projected to achieve net profits of 2.53 billion yuan in 2025, with a growth rate of 11.3% [5]. Financial Performance Summary - In 2024, the company reported total revenue of 20 billion yuan, a year-on-year increase of 11%, and a net profit of 2.27 billion yuan, up 0.7% [1]. - The first quarter of 2025 saw revenue of 5.32 billion yuan, a 2.9% increase year-on-year, but net profit decreased by 16.4% to 680 million yuan [1]. - The company expects revenue growth rates of 5.0%, 7.3%, and 9.8% for the years 2025, 2026, and 2027, respectively [5]. - The projected net profit for 2025 is 2.53 billion yuan, with earnings per share expected to be 2.59 yuan [5].