金吾财讯 | 华泰证券表示，三大航4Q24淡季经营维持低价促量表现，预告合计归母净亏损中值为87.5亿，同比缩窄32%，但相比19年同期的归母净亏损29.5亿仍有较大差距。春运民航旅客量稳步增长，前21天（1/14-2/3）民航日均发送旅客226万人次，农历同比提升6.3%。另外由于高基数，票价同比下滑约10%。往后展望，24年春运后半段航司逐渐开始降价促销，该行认为低基数下票价同比有望转正，逐步兑现行业供需改善逻辑。中长期民航供给增速放缓有望延续，为航司收益水平改善提供支撑。机场盈利爬升较为缓慢，25年PE估值水平仍处较高水位，仍需要时间消化。
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