金吾财讯 | 高盛发研报指，达美航空(DAL)将于1月10日公布2024年第四季度业绩，高盛预计其该季度每股收益(EPS)为1.74美元(与FactSet共识的1.7美元相近)。展望未来，由于喷气燃料价格上涨、利润分成及非运营成本假设调整，高盛下调了达美航空2025-2027年的EPS预期，分别从之前的8.25美元降至7.30美元(市场共识为7.41美元)、从9.50美元降至8.70美元(市场共识为8.35美元)、从9.75美元降至9.10美元。该行表示，在航空行业，燃油成本是重要的成本因素，其波动对航空公司的盈利能力影响显着。此外，宏观经济背景、飞机交付情况以及企业差旅需求等也都是影响行业发展的关键因素。达美航空面临着宏观经济压力对高端产品需求的影响、空客或波音订单交付潜在中断以及企业差旅需求下滑等风险，但同时也受益于自身的收入多元化(如忠诚度计划、维修保养及大修业务等)。该行主要考虑到达美航空的收入多元化及细分市场盈利的长期利好因素，对达美航空维持83美元的12个月目标价及“买入”评级。
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