中國國航 (753.HK): 業績略低於預期,票價改革惹憧憬 April 13, 2018

投資概要:

國航第四季度業績低於預期,導致全年淨利僅小幅升 6.4%。燃油成本和減值損失擴大 等因素是主要原因。中國政府正在研究制定新的民航價格政策,一線城市對飛航線及 大部分大流量航線即將實行市場化票價,利好行業景氣修復,國航有望深度受益。

去年業績低於預期

中國國航 2017 年全年營業額 1240.3 億元人民幣,按年增 7.71%,純利 72.44 億元,按年上升 6.39%,每股盈利 53.79 分;建設派發末期息 11.497 分,派息率 21%。業績低於我們及市場預期的主要原因是公司第四季度淨利潤差於預期。

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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