Who are Air China Cargo's main competitors?

Named competitors: SF Airlines (private or unlisted), Cathay Cargo (0293.HK), Cargolux (private or unlisted), Korean Air Lines (003490.KS), China Airlines (2610.TW), EVA Airways (2618.TW). The cockpit's measured peer set (industry) also includes Eva Airways (2618.TW), easyJet (EZJ.L), Spring Airlines (601021.SS), Hainan Airlines (600221.SS), KAL (003490.KS), Copa (CPA).

Is Air China Cargo expensive compared with its peers?

On ev / sales it trades at 1.8× against a peer median of 0.9×, 5th most expensive of 21 in its peer set.

How has Air China Cargo stock performed?

Over six months to 6 Nov 2026 the shares returned -20.8% against +11.8% for the median peer; over one year -37.7%.

← CockpitCompetitor Analysis › 001391.SZ Air China Cargo Co., Ltd. Class AOpen in the cockpit ↗

Air China Cargo Co., Ltd. Class A001391.SZCompetitor analysis, valuation and peers

China · CNY·Industrials›Airlines

Dedicated air-cargo airline affiliated with Air China, flying freighter aircraft for international and domestic cargo.

≈ China's version of Atlas AirMomentum strong 66

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$7.12B

US dollars, full cap

Free float

25%

of shares outstanding

$/day

$19.1M

20-day average traded

Fwd P/E

n/m

no positive forecast

ROIC−WACC

+6.0 pp

WACC 5.0%

Hurdle

n/a

no reverse DCF

Close · CNYCN¥4.12

1D-1.9%

1W+4.3%

1M+5.6%

3M-6.2%

6M-20.8%

YTD-30.4%

1Y-37.7%

ATR %2.2%

52w lowhigh37.8% off high

What Air China Cargo does

Dedicated air-cargo airline affiliated with Air China, flying freighter aircraft for international and domestic cargo.

In one line: China's version of Atlas Air.

Products and services

International freighter cargo
Domestic cargo

Customers

Freight forwarders
Cross-border e-commerce shippers

Where it sits in the supply chain

Industrials
Airlines
Dedicated air-freight carrier

What could go right

Cross-border e-commerce air-cargo demand

What could go wrong

Air cargo rate cyclicality
Fuel costs

Moat: narrow (regulatory licence, installed base). Freighter fleet and Air China network ties support access to cargo routes and slots.

Headquarters: Shanghai, China · Founded: 2011 · Employees: 5,779

Named competitors

SF Airlines private or unlisted
Cathay Cargo 0293.HK
Cargolux private or unlisted
Korean Air Lines 003490.KS
China Airlines 2610.TW
EVA Airways 2618.TW

Air China Cargo at a glance

Size Air China Cargo (001391.SZ) is a China Industrials company (Airlines) with a market value of $7.12B, the 349th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.12 on 6 Nov 2026.

Performance Over six months the shares fell 20.8%, against +11.8% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.

Growth Revenue grew 9.8% over the last twelve months (peer median +10.6%); the operating margin is 9.3% (peer median 6.2%).

Valuation It trades at 1.8× enterprise value to sales against a peer median of 0.9× (5th most expensive of 21).

Capital Return on invested capital runs 6.0 points above its cost of capital (5.0% WACC).

Relative performance

Six months, rebased to 100: Air China Cargo against the median of its 20 peers (local-currency closes).

Air China Cargo financials

Reported figures in CNY; fiscal year ends 2025-12-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	CN¥25.3B	CN¥22.8B	CN¥20.5B	CN¥14.9B	CN¥22.8B
Revenue growth	—	+11%	+38%	-35%	—
Gross profit	CN¥4.46B	CN¥3.81B	CN¥3.14B	CN¥1.82B	CN¥4.55B
EBITDA	n/a	CN¥4.01B	CN¥3.65B	CN¥2.25B	CN¥4.83B
Net income	CN¥2.22B	CN¥2.58B	CN¥1.95B	CN¥1.15B	CN¥3.08B
Free cash flow	-CN¥557M	-CN¥193M	-CN¥2.34B	CN¥15.1M	CN¥1.73B
Capital expenditure	CN¥4.69B	CN¥4.53B	CN¥5.49B	CN¥2.36B	CN¥3.29B
Total debt	CN¥424M	CN¥125M	CN¥286M	CN¥399M	CN¥198M

Quarterly statements and history in the cockpit →

Air China Cargo competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Air China Cargo is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Air China Cargo is the large dot.

Air China Cargo competitors and peer comparison

Head to head with its named competitors (001391.SZ vs 0293.HK vs 003490.KS vs 2610.TW)
Company	Market cap	6M return	Revenue growth	Op. margin	EV / Sales	Req g
Air China Cargo 001391.SZ	$7.12B	-21%	+10%	9%	1.8×	n/a
Cathay Pacific Airways 0293.HK	$11.7B	+19%	+20%	11%	1.1×	-12.4%
KAL 003490.KS	$7.99B	+20%	+21%	2%	1.1×	n/a
China Airlines 2610.TW	$3.94B	+17%	+8%	8%	0.9×	n/a
Eva Airways 2618.TW	$7.12B	+28%	+6%	14%	0.9×	-17.0%

How Air China Cargo compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Air China Cargo against its 20 peers (data as of 6 Nov 2026)
Measure	001391.SZ	Peer median	Rank in peer set
1-month return	+5.6%	+5.7%	11th highest of 21
6-month return	-20.8%	+11.8%	lowest of 21
Distance from 52-week high	-37.8%	-14.6%	3rd lowest of 21
Revenue growth (TTM)	+9.8%	+10.6%	9th lowest of 21
Operating margin	9.3%	6.2%	6th highest of 21
EV / Sales	1.8×	0.9×	5th most expensive of 21
ROIC minus cost of capital	+6.0 pp	-0.1 pp	5th highest of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	EV / Sales	Req g	Delivered g
Air China Cargo 001391.SZ	China	$7.12B	-21%	+10%	9%	1.8×	n/a	n/a
Eva Airways 2618.TW	Taiwan	$7.12B	+28%	+6%	14%	0.9×	-17.0%	+19.9%
easyJet EZJ.L	United Kingdom	$6.96B	+90%	+10%	5%	0.5×	4.8%	+27.4%
Spring Airlines 601021.SS	China	$6.51B	-6%	+16%	6%	2.5×	n/a	n/a
Hainan Airlines 600221.SS	China	$7.85B	-20%	+6%	-3%	2.2×	5.0%	+18.4%
KAL 003490.KS	South Korea	$7.99B	+20%	+21%	2%	1.1×	n/a	n/a
Copa CPA	United States	$5.87B	+16%	+15%	19%	1.8×	n/a	n/a
American Airlines AAL	United States	$8.73B	-1%	+12%	2%	0.6×	n/a	n/a
Japan Airlines 9201.T	Japan	$9.08B	+34%	+10%	8%	0.6×	-9.7%	+33.1%
Ana 9202.T	Japan	$9.77B	+24%	+17%	8%	0.6×	-10.0%	+28.4%
Qantas Airways QAN.AX	Australia	$9.79B	+9%	+8%	7%	0.8×	n/a	n/a
Exchange Income EIF.TO	Canada	$4.77B	+13%	+33%	11%	2.5×	n/a	n/a
China Eastern Airlines 600115.SS	China	$10.7B	-18%	+11%	-6%	1.7×	6.9%	+19.0%
Deutsche Lufthansa LHA.DE	Germany	$11.4B	+7%	+8%	-1%	0.4×	n/a	n/a
Alaska Air ALK	United States	$4.35B	-5%	+8%	-1%	0.6×	n/a	n/a
Cathay Pacific Airways 0293.HK	Hong Kong	$11.7B	+19%	+20%	11%	1.1×	-12.4%	+20.0%
China Southern Airlines 600029.SS	China	$12.2B	-4%	+8%	-3%	1.6×	n/a	n/a
Air France-KLM AF.PA	France	$3.99B	+34%	+5%	6%	0.5×	-6.3%	+24.4%
Air Canada AC.TO	Canada	$3.95B	+10%	+13%	2%	0.5×	14.3%	+30.8%
China Airlines 2610.TW	Taiwan	$3.94B	+17%	+8%	8%	0.9×	n/a	n/a
LATAM Airlines Group SA Sponsored ADR LTM	United States	$13.8B	-7%	+21%	14%	1.2×	-7.2%	+29.3%

Questions

Who are Air China Cargo's main competitors?: Named competitors: SF Airlines (private or unlisted), Cathay Cargo (0293.HK), Cargolux (private or unlisted), Korean Air Lines (003490.KS), China Airlines (2610.TW), EVA Airways (2618.TW). The cockpit's measured peer set (industry) also includes Eva Airways (2618.TW), easyJet (EZJ.L), Spring Airlines (601021.SS), Hainan Airlines (600221.SS), KAL (003490.KS), Copa (CPA).
Is Air China Cargo expensive compared with its peers?: On ev / sales it trades at 1.8× against a peer median of 0.9×, 5th most expensive of 21 in its peer set.
How has Air China Cargo stock performed?: Over six months to 6 Nov 2026 the shares returned -20.8% against +11.8% for the median peer; over one year -37.7%.