【东兴交运】三季报综述:客座率维持较高水平,燃油成本下降利好航司业绩

交运研究笔记
Nov 06, 2025

报告摘要业绩概览:客座率维持较高水平,燃油成本下降利好航司业绩25年二季度以来,航空板块业绩有一定好转。25Q3三大航扣非后盈利合计102.7亿,较24Q3的91.9亿有所提升。前三季度,三大航扣非后盈利合计44.7亿元,较去年同期扣非后合计亏损6.8亿元有显著改善。经营净现金流方面,三大航Q3经营净现金流合计506.1亿元,明显高于24年同期的398.9亿元。Q1-Q3三大航经营净现金流合计...

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