证券日报网讯中信特钢（000708）8月26日发布公告，在公司回答调研者提问时表示，本次半年度分配 是政策推动、经营信心、投资者回报策略优化的综合体现，是公司治理与股东利益协同性的提升。政策 推动方面：新"国九条"明确提出，要加大对分红优质公司的激励力度，多措并举提高股息率，增强分红 的稳定性、持续性和可预期性，积极推动一年多次分红、预分红以及春节前分红。在此政策指引下，公 司积极响应，主动调整了分红策略。投资者回报方面：公司始终高度重视对投资者的合理投资回报，连 续五年现金分红比例占归母利润的50%左右，2019年整体上市以来分红累计达到近195亿元。公司本次 拟实施2025年半年度分红，提高对股东回报的频次，使股东能更及时地分享企业成长红利，强化长期价 值共享理念。未来，公司将继续以推动高质量发展和提升投资价值为己任，保持稳健的分红策略和频 次，增强投资者回报，提升投资者获得感。 ...

Core Insights - Spring Airlines reported a revenue of 20 billion yuan for 2024, marking an 11.50% year-on-year increase, with a net profit of 2.273 billion yuan, up 0.69% [1] - For Q1 2025, the company achieved a revenue of 5.317 billion yuan, a 2.88% increase year-on-year, but the net profit decreased by 16.39% to 677 million yuan [1] Operational Performance - The overall Available Seat Kilometers (ASK) for 2024 grew by 16.1% year-on-year, and by 26.1% compared to 2019; Revenue Passenger Kilometers (RPK) increased by 18.8% year-on-year and 27.0% compared to 2019 [1] - In Q1 2025, ASK increased by 6.9% year-on-year, with domestic ASK down by 3.3%, international ASK up by 66.1%, and regional ASK down by 58.08% [1] - RPK for Q1 2025 grew by 6.2% year-on-year, with domestic RPK down by 2.9%, international RPK up by 61.6%, and regional RPK down by 58.6% [1] Profitability and Dividend Strategy - The single aircraft profit for 2023 and 2024 was 19.05 million yuan and 18.184 million yuan respectively, indicating a recovery towards pre-pandemic levels [2] - The company plans to distribute at least 30% of its distributable profits in cash dividends from 2024 to 2026, with a total cash dividend of 798 million yuan for 2024 [2] Earnings Forecast and Investment Recommendation - The projected net profits for 2025, 2026, and 2027 are 2.71 billion yuan, 3.3 billion yuan, and 4.04 billion yuan respectively, with corresponding EPS of 2.77 yuan, 3.38 yuan, and 4.13 yuan [3] - The target price for the company is set at 66.48 yuan, based on a 24x PE ratio for 2025, with a "buy" rating recommended [3]