汇丰环球研究发表报告指，尽管载客率有所改善，内地三大航空公司在2024年第四季度录得总计93亿元人民币的亏损，因票价收益率疲软。北京首都机场(00694.HK) 的免税业务成为主要拖累因素，其息税前利润亏损收窄至1.48亿元人民币，尽管其2024年下半年的净亏损扩大至10亿元人民币，主要原因是递延税项资产的逆转。免税收入仍是拖累因素，2024年人均销售额为150元至160元人民币，远低于2019年的超过300元人民币。
该行继续预计三大航空公司在2025年将实现盈利，总利润为75亿元人民币。同时下调了对北京首都机场的利润预测。
汇丰研究将东航(00670.HK) 目标价由1.9元升至2.1元，评级“减持”。南航(01055.HK) 目标价由3.4元下调至3元，评级由“持有”降至“减持”。国航(00753.HK) 目标价维持4元，维持“减持”评级。北京首都机场维持2.5元，评级同为“减持”。(ad/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-02 16:25。)
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