1. 公司研究丨点评报告丨吉祥航空（603885.SH） 丨证券研究报告丨 请阅读最后评级说明和重要声明 [Table_Title] 财务费用减负落地，Q4 业绩实现减亏 报告要点 [Table_Summary] 吉祥航空发布 2024 年年报，2024 年全年公司实现营业收入 220.9 亿元，同比增加 9.95%，实 现归属净利润 9.14 亿元，同比增加 17.52%；其中，2024Q4 公司实现营业收入 46.0 亿元，同 比增加 9.2%，实现归属净利润-3.6 亿元，同比减亏 0.19 亿元。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 %% %% %% %% research.95579.com 1 吉祥航空（603885.SH） cjzqdt11111 [Table_Title2] 财务费用减负落地，Q4 业绩实现减亏 [Table_Summary2] 事件描述 吉祥航空发布 2024 年年报，2024 年全年公司实现营业收入 220. ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-034 上海吉祥航空股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海吉祥航空股份有限公司（以下简称"公司"）已于 2025 年 4 月 22 日发 布公司 2024 年年度报告，并计划于 2025 年 4 月 30 日发布公司 2025 年第一季度 报告。为便于广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度经 营成果、财务状况，公司计划于 2025 年 5 月 7 日（星期三）16:00-17:00 召开 公司 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度及 2025 年第 一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 1 ...

吉祥航空（603885.SH）2024 年年报点评 战略布局渐显成效，分红回购提升投资者信心 2025 年 04 月 24 日 ➢ 2025 年 4 月 21 日公司发布 2024 年年报：2024 年公司营业收入 221 亿元， 同比+9.9%，归母净利润 9.1 亿元，同比+18%，扣非归母净利润 8.0 亿元，同比 +10.6%；4Q24 公司营业收入 46.0 亿元，同比+9.2%，归母净亏 3.6 亿元（4Q23 归母净亏 3.6 亿元），扣非归母净亏 3.9 亿元（4Q23 扣非归母净亏 3.9 亿元）。2024 年公司运力投放增长大于价格降幅，ASK 同比+17%、座公里收益同比-8%、客运收 入同比+8%，油价下降对冲降价影响，净利率同比+0.4pct。 ➢ 4Q24 国际运力投放同比大幅增长弥补价格下滑影响，油价同比回落抬升利润 中枢。四季度公司座公里营收 0.34 元，同比-5%，行业价格普遍下滑的环境下公司 单季度营收同比仍有 9%增速与公司国际航线运力投放加大有关（4Q24 国际港澳台 ASK 同比+129%、国内-3%）。四季度油价同比明显回落对冲了降价影响，4Q24 国 内航空煤油 ...

吉祥航空（603885.SH）2024 年年报点评 战略布局渐显成效，分红回购提升投资者信心 2025 年 04 月 24 日 ➢ 2025 年 4 月 21 日公司发布 2024 年年报：2024 年公司营业收入 221 亿元， 同比+9.9%，归母净利润 9.1 亿元，同比+18%，扣非归母净利润 8.0 亿元，同比 +10.6%；4Q24 公司营业收入 46.0 亿元，同比+9.2%，归母净亏 3.6 亿元（4Q23 归母净亏 3.6 亿元），扣非归母净亏 3.9 亿元（4Q23 扣非归母净亏 3.9 亿元）。2024 年公司运力投放增长大于价格降幅，ASK 同比+17%、座公里收益同比-8%、客运收 入同比+8%，油价下降对冲降价影响，净利率同比+0.4pct。 ➢ 4Q24 国际运力投放同比大幅增长弥补价格下滑影响，油价同比回落抬升利润 中枢。四季度公司座公里营收 0.34 元，同比-5%，行业价格普遍下滑的环境下公司 单季度营收同比仍有 9%增速与公司国际航线运力投放加大有关（4Q24 国际港澳台 ASK 同比+129%、国内-3%）。四季度油价同比明显回落对冲了降价影响，4Q24 国 内航空煤油 ...

公司研究 吉祥航空（603885）2024 年报点评 强推（维持） 24 年归母净利 9.1 亿，同比+17.5%，业绩持 续改善，积极分红回购 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 22,095 | 23,592 | 25,530 | 27,633 | | 同比增速(%) | 9.9% | 6.8% | 8.2% | 8.2% | | 归母净利润(百万) | 914 | 1,709 | 2,184 | 2,697 | | 同比增速(%) | 21.7% | 87.0% | 27.7% | 23.5% | | 每股盈利(元) | 0.42 | 0.78 | 0.99 | 1.23 | | 市盈率(倍) | 31 | 16 | 13 | 10 | | 市净率(倍) | 3.1 | 2.7 | 2.4 | 2.0 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 23 日收盘价 航空 2025 年 04 月 ...

而国内航线运力相对控制，2024 年公司国内线ASK 同比仅增长2.50%，客座率同比增加2.72pct，国内 线RPK 实现同比增长5.80%。 公司座公里收益略下降，九元航空表现优秀 公司座公里收益略下降。2024 年公司客公里收益同比下降4.4%，座公里收益同比略下降2.3%。九元航 空经营表现优秀，同时品牌影响力逐步提升。2024 年九元航空实现营业收入42.66 亿元，同比增长 16.9%；净利润3.32 亿元，同比增长27.41%，高于其旅客量增速27.34%。 事件: 2025 年4 月21 日，吉祥航空发布2024 年年报： 2024 年，公司实现营业收入220.95 亿元，同比增长9.95%；归母净利润为9.14 亿元，同比增长21.69%。 扣非归母净利润为8.03 亿元，同比增长10.56%。 2024Q4，公司实现营业收入46.03 亿元，同比增长9.19%；归母净利润为-3.57 亿元，2023 年同期为-3.82 亿元，扣非归母净利润为-3.86 亿元，2023 年同期为-3.93 亿元。 投资要点: 国际航线加速开拓、运力迅猛增长，需求快速提升2024 年公司加速国际航线布局，新 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][12]. Core Insights - In 2024, the company achieved an operating revenue of 22.1 billion yuan, a year-on-year growth of 10.0%, and a net profit attributable to shareholders of 914 million yuan, reflecting a 17.5% increase year-on-year [3][4]. - The company experienced a significant recovery in operations, with passenger capacity increasing by 17.3% year-on-year, and international routes seeing a remarkable growth of 141.1% [4]. - Despite the growth in business volume, the average fare per passenger decreased by 8.4% year-on-year due to high competition and a high base effect from the previous year [4]. Financial Performance Summary - The company's total operating costs reached 18.98 billion yuan, up 10.5% year-on-year, while the unit cost of non-fuel expenses decreased by 5.2% to 0.216 yuan [4]. - The projected net profits for 2025, 2026, and 2027 are estimated at 1.13 billion yuan, 1.69 billion yuan, and 2.24 billion yuan respectively, indicating a strong growth trajectory [5][8]. - The company’s earnings per share (EPS) is expected to rise from 0.42 yuan in 2024 to 1.02 yuan by 2027, reflecting a positive outlook on profitability [8][11].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 16.90 [6][7]. Core Views - The company's FY24 results met expectations, with operating revenue of RMB 22.095 billion, a year-on-year increase of 9.9%, and a net profit attributable to shareholders of RMB 914 million, up 21.7% [1][4]. - Despite a significant drop in oil prices in Q4 2024, the company reported a net loss of RMB 357 million, which was a slight improvement of 6.7% year-on-year [1][3]. - The company is expected to benefit from improved industry supply-demand dynamics, resource optimization, and increased utilization of wide-body aircraft, leading to an upward shift in profitability and ROE levels [1][2]. Summary by Sections Financial Performance - In FY24, the company achieved an operating revenue of RMB 22.095 billion, reflecting a 9.9% increase year-on-year, while the net profit attributable to shareholders was RMB 914 million, marking a 21.7% increase [1][5]. - The company’s operating costs rose to RMB 18.978 billion, a 10.5% increase, while gross profit increased by RMB 233 million (8.1%) to RMB 3.117 billion [3][5]. Capacity and Utilization - The company focused on increasing capacity on international routes in 2024, resulting in a 17.3% increase in supply and a 19.9% increase in demand, with an overall passenger load factor of 84.6%, up 1.8 percentage points [2][3]. - The average aircraft utilization increased by 1.2 hours to 11.5 hours, contributing to a decrease in unit costs [3][5]. Profitability Forecast - The company’s net profit forecasts for 2025 and 2026 have been adjusted downwards by 20% and 8% to RMB 1.533 billion and RMB 2.330 billion, respectively, due to anticipated delays in aircraft deliveries and ongoing weak revenue levels [4][24]. - The target price has been revised to RMB 16.90, based on a PB ratio of 3.7x for 2025, reflecting a decrease from the previous estimate of 4x [4][6].

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported a revenue of 22.095 billion yuan in 2024, representing a year-on-year increase of 9.95%, and a net profit attributable to shareholders of 914 million yuan, up 17.52% year-on-year [2] - The increase in revenue is attributed to a rise in turnover volume, with a total turnover volume growth of 19.9% in 2024, while the unit revenue per passenger kilometer decreased by 9.6% [2] - Domestic passenger load factor remains high, while the load factor for international routes has room for improvement [2] - The fleet size expanded to 127 aircraft by the end of 2024, with an increase in fleet utilization to 11.53 hours, which is higher than the level in 2019 [2] - Unit costs decreased due to falling oil prices and improved utilization rates, with the unit cost per available seat kilometer down by 5.8% year-on-year [2] - The company is expected to achieve net profits of 1.284 billion, 1.725 billion, and 2.049 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 40.4%, 34.4%, and 18.8% [2] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 22.095 billion yuan, a 9.95% increase year-on-year, and a net profit of 914 million yuan, reflecting a 17.52% increase year-on-year [4] - The quarterly net profit for 2024 was 3.7 million, 1.15 million, 7.8 million, and -3.6 million yuan, with year-on-year changes of +127%, +212%, -27%, and +6.7% respectively [2] - The company’s gross margin for 2024 was 14.1%, with a projected gross margin increase to 15.4% in 2025 [4] Operational Metrics - The company’s domestic passenger load factor reached 87.1%, an increase of 2.7 percentage points year-on-year, while the international load factor was 76.4%, with potential for further improvement [2] - The fleet utilization rate improved by 1.19 hours year-on-year, surpassing pre-pandemic levels [2] Cost Management - The average fuel price decreased by 7.0% year-on-year, contributing to a reduction in unit costs [2] - The unit cost per available seat kilometer was 0.339 yuan, down 5.8% year-on-year, with fuel costs at 0.123 yuan, a decrease of 7.4% [2] Future Projections - The company is projected to achieve net profits of 1.284 billion yuan in 2025, with a year-on-year growth of 40.4%, and further growth expected in subsequent years [2][4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total operating revenue of 22.095 billion yuan in 2024, representing a year-on-year growth of 9.95%. The net profit attributable to shareholders reached 914 million yuan, up 17.52%, aligning with expectations [6] - The company plans to increase shareholder returns through a cash dividend of 0.1 yuan per share, totaling 414 million yuan, which constitutes 45% of the net profit. Additionally, the company has repurchased shares worth 121 million yuan, with the combined total of repurchases and dividends accounting for 78.13% of net profit [6] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 20.096 billion yuan in 2023 to 22.855 billion yuan in 2025, with a compound annual growth rate of approximately 3.4% [5][7] - The net profit attributable to shareholders is expected to increase from 778 million yuan in 2023 to 1.619 billion yuan in 2025, reflecting a significant growth rate of 77.1% in 2025 [5][7] - The earnings per share (EPS) is forecasted to rise from 0.34 yuan in 2023 to 0.74 yuan in 2025 [5][7] - The company’s return on equity (ROE) is projected to improve from 8.9% in 2023 to 15.7% in 2025 [5][7] Operational Data - The company’s capacity (ASK) is expected to grow by 17.3% year-on-year in 2024, with a recovery to 177.9% of the 2019 levels for international routes [6] - The passenger load factor is anticipated to increase by 2.0 percentage points compared to 2023, indicating improved operational efficiency [6]