南方航空:Q2扣非大幅减亏 Q3展现盈利潜力

国泰海通证券
Sep 30

本报告导读:公司2025Q2 扣非同比大幅减亏,预计暑运在公商意外缩减下仍有望盈利同比增长。近年公司航网优化且积极降本,预计未来供需继续向好,公司盈利中枢上行可期。投资要点:维持增持。公 司 2025Q2 扣非同比大幅减亏,暑运在公商需求意外缩减下仍有望盈利同比增长,展现盈利韧性与潜力。若公商需求恢复持续,未来两年盈利中枢有望开启上行。考虑公商需求短期波动,下调2025-26 年归母净利润预测至8...

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