瑞银发表研报指，内地三大航空公司国航(00753.HK) 、东方航空(00670.HK) 及南方航空(01055.HK) 近日都公布2024年初步业绩，虽然亏损按年有所收窄，但表现仍低于瑞银及市场预期，该行相信内地三大航空股去年11月以来的股价上涨，已反映了投资者对2025年客运收益率反弹，以及潜在燃油价格下降利好盈利的预期。
中国会计准则下，国航、东航及南航去年第四季度净亏损预料为15亿至16亿、32亿至42亿及32亿至38亿元人民币，均较2023年同期的亏损收窄，瑞银认为季度亏损收窄是由于期内客运收益率提升及燃油价格下降。
考虑到商务旅行需求疲软、来自高铁的竞争加剧，以及潜在的美国关税政策的拖累，瑞银目前对三大航空公司2025年的前景仍持谨慎看法态度，预计2025年国内机票价格将进一步下跌，对国航及东航给予“沽售”评级，对南航则给予“中性”评级。(gc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-27 16:25。)
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