Market Brief

The articles are produced in Chinese only.

Author

鄭錦華先生 (John Cheng)
助理經理

畢業於嶺南大學市場學系, 現任職輝立助理經理, 對投資股票、期權經驗豐富。 本人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。
Phone:
36533000

國泰航空有限公司(293)

Tuesday, November 10, 2026 Views177

293  國泰航空有限公司        CATHAY PACIFIC AIRWAYS LIMITED

集團業務

集團是以香港為基地的國際航空公司,提供定期客運及貨運服務。集團投資範圍還包括航空飲食、地勤服務公司及位於香港國際機場的企業總部國泰城,以及新貨運站。業務按性質可劃分為航空及非航空業務,航空業務分部包括客運及貨運業務,非航空業務分部主要包括航空飲食、地勤及停機坪飛機服務。

業務回顧

截至2026年6月止六個月,集團營業額上升25.3%至680.61億元,股東應佔溢利增長71%至62.43億元。期內業務概況如下:(一)客運服務:收益增長27.2%至473.42億元,可用座位千米數上升11.8%至746.62億,運載乘客人次為1600.6萬人次,運載率增加2.7個百分點至87.5%,乘客收益率上升9.4%至66.1仙;(二)貨運服務:收益上升23%至157.02億元,運載率上升0.6個百分點至59.2%,收益率上升18.1%至3.06元

展望未來

國泰航空當前盈利修復顯著,現金流充裕,估值處於歷史低位,且具備長期成長空間(機隊更新、貨運高價值化、樞紐擴張)。在航空景氣周期上行與業務協同效應下,具備一定投資價值,但需跟蹤行業周期與財務槓桿變化。

 

建議買入價: 14.20

目標價: 16.00

止蝕價: 13.00

 

註:本人鄭錦華為證監會持牌人士。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.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
新闻稿
E-Check
Login
Contact Us