研報掘金丨天風證券:南方航空估值較低、股價彈性較大,維持“買入”評級
天風證券研報指出,目前南方航空(600029.SH)估值較低、股價彈性較大,未來經濟復甦,有望獲得超額收益。考慮到航空潛在需求、飛機數量持續增長,選擇利用“市值/飛機數量”來估值,南方航空的單機市值僅為0.99億元/架,遠低於多數同行。考慮疫後客運量仍在恢復過程中、國際線恢復偏慢等因素影響,下調2024年預測歸母淨利潤至69.5億元(原預測141.3億元),考慮歷史上庫存週期上行階段航空股的股價表現較好,維持“買入”評級。
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