Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of ¥17,491,553,320.48, representing a year-on-year increase of 10.15% [3] - The net profit attributable to shareholders for the same period was ¥1,270,943,795.54, reflecting a year-on-year growth of 10.12% [3] Group 2: Dividend Policy - The company did not declare any dividends for the third quarter of 2024 [3] Group 3: Strategic Planning - The company plans to maintain its core business development and base strategy, with key bases in Shanghai, Nanjing, and Chengdu for 吉祥航空, and Guangzhou for 九元 [3]

证券代码：603885 证券简称：吉祥航空 公告编号：临 2024-099 法定代表人：王均金 类型：其他股份有限公司（上市） 注册资本：人民币 219900.5268 万元整 上海吉祥航空股份有限公司 关于完成工商变更登记的公告 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。 上海吉祥航空股份有限公司（以下简称"公司"）分别于 2024 年 8 月 13 日、 2024 年 9 月 2 日召开第五届董事会第十一次会议及 2024 年第一次临时股东会， 审议通过《关于拟变更部分回购股份用途并注销的议案》《关于减少公司注册资 本及修订<公司章程>的议案》。公司同意变更部分已回购股份的用途，对于公司 2024 年实施回购的其中 1,500 万股股份，用途由原回购方案"用于员工持股计 划或者股权激励"变更为"用于注销并减少注册资本"，注销完成后公司总股本 将由 2,214,005,268 股减少至 2,199,005,268 股，注册资本将由 2,214,005,268 元减少至 2,199,005,268 元。公司已于 2024 ...

Investment Rating - Buy (Maintained) [2] Core Views - Despite a year-on-year decline in Q3 profits, the long-term growth potential of the company is optimistic [2] - The company achieved revenue of 17.492 billion yuan in the first three quarters of 2024, a year-on-year increase of 10.15%, with net profit attributable to the parent company of 1.271 billion yuan, up 10.12% year-on-year [2] - Q3 revenue was 6.536 billion yuan, down 0.20% year-on-year, and net profit attributable to the parent company was 782 million yuan, down 27.21% year-on-year [2] Operational Performance - International routes saw significant growth in Q3, with overall travel demand remaining strong, but revenue levels were under pressure [3] - Total ASK (Available Seat Kilometers) increased by 13.42% year-on-year in Q3, with domestic ASK down 1.85% and regional + international ASK up 116.97% compared to the same period in 2019 [3] - Domestic load factor improved slightly by 1.25 percentage points to 88.87% in Q3, while regional + international load factor decreased by 1.14 percentage points to 76.14% [3] - Unit ASK cost decreased by 3.5% year-on-year to 0.346 yuan, lower than the same period in 2019 [3] Financial Metrics - The company's current price is 13.22 yuan, with a 52-week price range of 9.92-14.90 yuan [3] - Total market capitalization is 29.07085 billion yuan, with a total share capital of 2.199 billion shares [3] - Daily average trading volume is 221.80 million yuan, with a one-month turnover rate of 1.23% [3] Future Outlook - Oil prices are expected to decline, reducing operational costs, with domestic jet fuel prices in October 2024 falling by 13.3% compared to the average price in the first three quarters of 2024 [7] - The company's net profit is expected to increase by 1.33 billion yuan for every 5% decrease in fuel prices [7] - Revenue forecasts for 2024-2026 are 22.020 billion yuan, 23.866 billion yuan, and 25.271 billion yuan, respectively, with net profit attributable to the parent company expected to be 1.036 billion yuan, 2.002 billion yuan, and 2.305 billion yuan [7] - The company's PE ratios for 2024-2026 are projected to be 28.06x, 14.52x, and 12.61x, respectively [7] Strategic Positioning - The company is positioned to benefit from the dual-brand strategy of Juneyao and 9 Air, covering both full-service and low-cost market segments [7] - Long-term growth potential is supported by the recovery in air travel demand and the company's differentiated competitive advantages [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [6]. Core Views - The company experienced a year-on-year decline in performance due to increased volume but decreased prices, with Q3 net profit dropping by 27.21% compared to the same period last year [1][3]. - The company’s overall and domestic available seat kilometers (ASK) increased by 18% and 4% respectively in the first three quarters of 2024, indicating a recovery in supply and demand [2]. - The report projects a downward adjustment in the company's net profit forecasts for 2024-2026 due to a more relaxed industry supply and overall price decline, with expected net profits of 11.31 billion, 18.87 billion, and 25.26 billion respectively [3]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved a net profit attributable to shareholders of 1.271 billion yuan, a 10.12% increase year-on-year, while the net profit for Q3 alone was 782 million yuan, a decrease of 27.21% year-on-year [1]. - The company’s revenue for 2023 is projected to be 20.096 billion yuan, with a growth forecast of 11.3% for 2024 [5]. Operational Metrics - The fleet size increased by 7 aircraft to a total of 124 by the end of September 2024, reflecting a growth rate of 5.98% [2]. - The passenger load factor for the company was 84.94%, showing a 2.20 percentage point improvement compared to the same period last year [2]. Profitability and Valuation - The report forecasts earnings per share (EPS) to be 0.34 yuan for 2023, increasing to 0.51 yuan in 2024, and further to 0.85 yuan in 2025 [5]. - The price-to-earnings (P/E) ratio is expected to be 24.7x for 2024, decreasing to 14.8x in 2025 and 11.1x in 2026, indicating a potential improvement in valuation as earnings grow [3][5].

Investment Rating - The investment rating for the company is "Accumulate" [1]. Core Views - The company's revenue in Q3 2024 was 6.54 billion, a slight decrease of 0.2% year-on-year, but an increase of 32.2% compared to the same period in 2019. The net profit attributable to the parent company was 782 million, down 27.2% year-on-year, but up 18.9% compared to 2019 [1]. - The company is increasing investment in international routes, with significant room for improvement in passenger load factors. In Q3 2024, the company's ASK and RPK increased by 13.4% and 12.7% year-on-year, respectively, with a passenger load factor of 85.74%, up 0.6 percentage points year-on-year [1]. - The unit revenue decreased significantly year-on-year, while the unit cost saw a notable decline. The unit RPK revenue in Q3 2024 was 0.509 yuan, down 11.4% year-on-year, and the unit ASK cost was 0.346 yuan, down 3.7% year-on-year [1]. Financial Performance Summary - For the first three quarters, the company achieved a revenue of 17.49 billion, an increase of 10.15% year-on-year, and a net profit of 1.271 billion, up 10.1% year-on-year [1]. - The forecast for net profit attributable to the parent company for 2024-2026 is 1.161 billion, 1.825 billion, and 2.419 billion, representing year-on-year growth of 54.5%, 57.2%, and 32.5%, respectively [2]. - The earnings per share (EPS) for the same period are projected to be 0.53, 0.83, and 1.10 yuan, with corresponding price-to-earnings (P/E) ratios of 24.09, 15.32, and 11.56 [2].

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 2024 年 10 月 31 日 发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 13 日（周三） 15:00-16:30 参加"2024 年上海辖区上市公司三季报集体业绩说明会"活动，就 投资者关心的问题进行交流。 证券代码：603885 证券简称：吉祥航空 公告编号：临 2024-098 上海吉祥航空股份有限公司 关于参加 2024 年上海辖区上市公司三季报集体业绩说明会的公告 一、说明会类型 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 13 日（周三）15:00 至 16:30 1 会议召开时间：2024 年 11 月 13 日（周三）15:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadsho ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 32.36 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 4.8%, and a net profit attributable to shareholders of 10.02 billion yuan, up 12.4% year-on-year [1] - In Q3 2024, the company reported a revenue of 11.49 billion yuan, a slight decline of 0.9% year-on-year, and a net profit of 3.66 billion yuan, down 3.2% year-on-year [1] - Passenger demand continues to grow, although the growth rate in Q3 has slowed down, with national railway passenger volume increasing by 6.8% year-on-year [1] - The company’s gross margin for Q3 2024 was 49.6%, a decrease of 0.84 percentage points year-on-year, attributed to stable costs despite declining revenue [1] - The company’s operating expenses ratio improved, with a decrease of 1.02 percentage points in the period expense ratio to 5.6% in Q3 2024 [1] - The National Day holiday data showed record high passenger numbers, indicating potential for continued profit improvement [1] - The company has adjusted its net profit forecasts for 2024-2026 to 12.83 billion yuan, 14.97 billion yuan, and 16.68 billion yuan respectively, down from previous estimates [1] Summary by Sections Performance Analysis - Revenue for Q1-Q3 2024 was 32.36 billion yuan, up 4.8% year-on-year, driven by a recovery in the domestic railway passenger market [1] - National railway passenger volume reached 3.34 billion, a 13.8% increase year-on-year, while passenger turnover increased by 8.8% [1] - Q3 2024 saw a decline in revenue and net profit, primarily due to weaker passenger volume on the company's line [1] Financial Metrics - The gross margin for Q3 2024 was 49.6%, with a slight year-on-year decline [1] - The period expense ratio improved to 5.6%, with a notable decrease in financial expenses due to reduced borrowing costs [1] - The net profit margin for Q3 2024 was 31.8%, down 0.73 percentage points year-on-year [1] Future Outlook - The company is expected to benefit from a flexible pricing mechanism and increasing demand for business travel, which will support future price increases [1] - The performance during the National Day holiday suggests a positive trend for profitability moving forward [1] - The company’s net profit forecasts have been revised downwards, reflecting anticipated challenges in passenger growth rates [1]

Investment Rating - The report maintains a rating of "Buy" for the company [3][19]. Core Views - The airline industry is experiencing a recovery in supply and demand, with changes in revenue strategies impacting the company's Q3 performance, which was slightly below expectations. The company is expected to show significant profit elasticity due to its high-quality route network [2][3]. - The company reported a net profit of 1.27 billion yuan for the first three quarters of 2024, a year-on-year increase of 12%. However, Q3 profit was 780 million yuan, a decrease of 27% compared to Q3 2023, but a 19% increase compared to Q3 2019 [2]. - The company is focusing on optimizing its domestic high-quality route network and is optimistic about its international strategy, with plans to expand its fleet of wide-body aircraft [2][3]. Summary by Sections Financial Performance - The company’s Q3 performance was affected by a decline in ticket prices and a slight decrease in passenger load factor, with unit RPK revenue dropping over 10% year-on-year [2]. - The company’s fleet turnover is recovering, with ASK increasing by 13% year-on-year in Q3 2024, and a 40% increase compared to Q3 2019 [2]. - The net profit forecast for 2024-2026 is maintained at 1.4 billion, 2.2 billion, and 2.9 billion yuan respectively [2]. Market Position - The company is actively optimizing its route network, focusing on high-value slots and enhancing its operational efficiency [2]. - The international strategy is seen as optimistic, with plans to operate 10 B787 aircraft by 2025 and expand routes to cities like Melbourne and Sydney [2]. Valuation - The target price for the company is set at 21.81 yuan, with the current price at 12.72 yuan [3][4].

证 券 研 究 报 告 吉祥航空（603885）2024 年三季报点评 强推（维持） 24Q3 实现归母净利 7.8 亿，超 19 年同期 18.9%，同比下降 27.2% ❖ 公司公告 2024 年三季报：1）2024Q1-3：营收 174.9 亿，同比+10.2%，较 19 年+34.5%，归母盈利 12.7 亿，同比+10.1%，较 19 年+2.8%，扣非后盈利 11.9 亿。前三季度人民币升值 1.1%，测算汇兑收益 0.3 亿。2）2024Q3：营收 65.4 亿，同比-0.2%，较 19 年+32.3%；归母盈利 7.8 亿，同比-27.2%，较 19 年+18.9%， 扣非后盈利 7.1 亿。Q3 人民币升值 1.7%，测算汇兑收益 0.7 亿。 ❖ 经营数据：1）2024Q1-3：ASK 同比+18.0%，较 19 年+38.5%，RPK 同比+21.1%， 较 19 年+36.9%，客座率 84.9%，同比+2.2pct，较 19 年-1.0pct。2）2024Q3： ASK 同比+13.4%，较 19 年+40.4%，RPK 同比+12.7%，较 19 年+38.5%，客 座率 85.7 ...

证券研究报告 | 2024年11月01日 吉祥航空（603885.SH） 优于大市 三季度净利同比下滑，静待供需格局改善 吉祥航空 2024 年三季度业绩同比下滑。2024 年前三季度公司营业收入 174.92 亿元，同比增长 10.15%，实现归母净利润 12.71 亿元，同比增长 10.12%，其中单三季度公司营业收入 65.36 亿元，同比下降 0.2%，实现归母 净利润 7.82 亿元，同比下降 27.21%。 国内需求修复，客座率同比提升明显，但收益水平同比下滑显著。2024 年三 季度，公司旅客运输量、旅客周转量（RPK）、可用座公里（ASK）分别同比 增长 4.73%、12.69%以及 13.42%，且分别恢复至 2019 年同期的 128.15%、 138.46%以及 140.45%；客座率恢复至 85.74%，同比下降了 0.55 pct，相较 2019 年下降了 1.23 pct。其中，国内航线的 RPK 和 ASK 分别恢复至 2019 年 的 134.22%和 133.92%，国内客座率恢复至 88.87%，相较 2019 年提升了 0.2 pct；国际航线的 RPK 和 ASK 分别 ...