Market Brief

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Author

李樂雯女士 (Phoenix Li)
經理

現任職輝立分行經理,對股票、期貨投資經驗豐富。 樂意為客戶提供投資分析及買賣策略。 歡迎各位來電交流心得。
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中國南方航空(01055.HK)

Monday, September 15, 2025 Views59

主要業務

中國南方航空股份有限公司(編號:600029)於上海證券交易所上市,主要從事國內、國際及地區的客運、貨運、郵件和行李運輸服務,並提供通用航空和飛機維修。該公司成立於1995年3月25日,總部位於廣州,作為中國最大的航空公司之一,其運營範圍涵蓋全國,並輻射至亞洲、歐洲、美洲、澳洲和非洲。

 

在2025年6月的中期業績中,中國南方航空報告經營收入為862.91億人民幣,較上年增長1.8%。然而,虧損擴大至15.34億元,較上年同期的10.54億元有所增加,這使得每股虧損達到8分,且公司決定不派息。這一情況顯示出公司在面對成本上升和運營挑戰時的困難。

 

在暑運方面,根據資料顯示,2025年內地暑運於8月31日結束,期間全國民航預計運輸旅客1.47億人次,日均237萬人次,年增長3.6%。其中,8月15日的旅客運輸量達到256.53萬人次,創下歷史新高。全國民航在此期間保障航班119.9萬班,年增3.6%,平均客座率達到84.82%。這些數據顯示出航空需求正在逐步回暖,特別是在暑運高峰期間。

 

中期的業績顯示,儘管收入有所增長,但虧損擴大反映出經營上的挑戰,可能受到燃料成本上升和運營費用增加的影響。供需優化推動票價上升,這為航司利潤的改善提供了潛在機會。然而,飛機製造商及上游零部件供應商的產能限制可能會影響公司的運營效率,這需要持續關注。

 

總體而言,中國南方航空在面對經營挑戰的同時,市場需求的回暖和票價上升為未來增長提供了可能的機會。

 

投資建議

建議買入: $3.6 建議沽出: $5 建議止蝕: $3.35

 

註:本人李樂雯為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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