Huachuang Securities·2026-02-01 07:51Investment Rating - The report maintains a "Recommendation" rating for China Eastern Airlines (600115) [1] Core Views - The company is expected to achieve a profit total of 200 to 300 million in 2025, showing significant improvement in operational results and a positive outlook for the aviation sector under strong supply constraints [1] - The forecast for 2025 indicates a net profit attributable to shareholders of -1.3 to -1.8 billion, an improvement from -4.226 billion in 2024 [1] - The company is focusing on optimizing its route network, enhancing marketing capabilities, and continuously improving service quality, leading to notable operational efficiency improvements [6] Financial Summary - Total revenue for 2024 is projected at 132.12 billion, with a growth rate of 16.2%, while 2025 is expected to see revenue of 138.744 billion, reflecting a 5% increase [2] - The net profit attributable to shareholders is forecasted to improve significantly from -4.226 billion in 2024 to -1.489 billion in 2025, with a growth rate of 64.8% [2] - Earnings per share (EPS) is expected to rise from -0.19 in 2024 to -0.07 in 2025, and then to 0.23 in 2026 [2] - The target price for the stock is set at 7.63 yuan, indicating a potential upside of approximately 40% from the current price of 5.44 yuan [2][6]