公司研究 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 132,120 | 139,379 | 148,195 | 154,930 | | 同比增速(%) | 16.2% | 5.5% | 6.3% | 4.5% | | 归母净利润(百万) | -4,226 | 781 | 5,965 | 9,184 | | 同比增速(%) | 48.3% | 118.5% | 663.4% | 53.9% | | 每股盈利(元) | -0.19 | 0.04 | 0.27 | 0.41 | | 市盈率(倍) | -25 | 137 | 18 | 12 | | 市净率(倍) | 2.6 | 2.6 | 2.3 | 1.9 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 10 月 31 航空 2025 年 11 月 03 日 目标价：5.89 元 当前价：4.80 元 证 券 研 究 报 告 中国东航（600115）2025 年三季报点评 推荐（维持） 25Q3 归母净利 35.3 亿元，同比+ ...

Core Viewpoint - China Eastern Airlines reported a revenue increase of 4.09% year-on-year for the first half of 2025, with total revenue reaching 66.822 billion yuan, while the net profit attributable to shareholders improved by 48.3% to -1.431 billion yuan [1] Financial Performance - Total revenue for the second quarter of 2025 was 33.416 billion yuan, up 7.76% year-on-year [1] - The gross profit margin increased by 28.01% to 3.47%, while the net profit margin improved by 50.65% to -2.38% [1] - Total expenses (selling, administrative, and financial) amounted to 7.144 billion yuan, accounting for 10.69% of revenue, a decrease of 8.61% year-on-year [1] - Earnings per share improved by 50% to -0.06 yuan, and operating cash flow per share increased by 17.06% to 0.56 yuan [1] Key Financial Metrics - The company’s short-term debt pressure increased, with a current ratio of 0.18 [1] - Cash and cash equivalents decreased by 4.02% to 3.699 billion yuan, while accounts receivable increased by 14.66% to 3.051 billion yuan [1] - Interest-bearing liabilities decreased by 7.89% to 117.076 billion yuan [1] Changes in Financial Items - Operating costs increased by 3.27% due to an increase in flight volume [3] - Financial expenses decreased by 26.89% due to measures taken to reduce interest expenses [3] - Investment income rose by 24.62% due to increased profits from joint ventures [3] - Cash flow from operating activities increased by 17.06% due to higher passenger transport volume [3] Business Model and Market Position - The company’s performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying drivers [5] - Historical data indicates a weak return on invested capital (ROIC) of 0.2% last year, with a median ROIC of 2.83% over the past decade [4] Fund Holdings - The largest fund holding China Eastern Airlines shares is the ICBC Convertible Bond Fund, with 57.9231 million shares [7] - Other notable funds include the GF Ruiyi Leading Mixed Fund and the Fortune China Tourism Theme ETF, which have adjusted their holdings [7]

Investment Rating - The investment rating for HNA Holding is "Accumulate" [5] Core Views - The company achieved a total revenue of 65.2 billion yuan in 2024, representing a year-on-year increase of 11%, while the net profit attributable to shareholders was -0.92 billion yuan, compared to a profit of 0.31 billion yuan in 2023 [1] - The company is expected to see a steady improvement in performance, with projected net profits of 1.57 billion yuan, 2.81 billion yuan, and 4.83 billion yuan for the years 2025 to 2027, respectively [5] Summary by Sections Financial Performance - In Q1 2025, the company reported a net profit of 0.27 billion yuan, a year-on-year decrease of 60% [1] - The total revenue for Q1 2025 was 17.6 billion yuan, showing a slight increase of 0.3% year-on-year [1] Operational Metrics - The daily aircraft utilization rate for 2024 increased by 1 hour to 9.3 hours, while the passenger load factor rose by 0.8 percentage points to approximately 83.5% [2] - The fleet size at the end of 2024 was 348 aircraft, with a net increase of 14 aircraft throughout the year [2] Revenue and Cost Analysis - The unit revenue per available seat kilometer (ASK) for 2024 was 0.440 yuan, down 6% year-on-year, while the unit revenue per revenue passenger kilometer (RPK) was 0.527 yuan, down 8% [3] - The unit operating cost per ASK for 2024 was 0.407 yuan, a decrease of 3% year-on-year, primarily due to a drop in fuel prices [3] Expense Overview - The financial expenses for 2024 were 5.2 billion yuan, a decrease of 3% year-on-year, mainly due to lower interest expenses and reduced foreign exchange losses [4] - The selling expense ratio for 2024 was 3.2%, an increase of 0.4 percentage points year-on-year [4] Profit Forecast - The company is expected to experience a reversal in supply-demand dynamics, leading to high profit elasticity in the medium to long term [5] - The projected earnings per share (EPS) for 2025 is 0.04 yuan, increasing to 0.11 yuan by 2027 [7]