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 report rates the transportation industry as "Overweight" [3][21][30] Core Insights - The report highlights an increase in holdings related to consumer-oriented aviation and express delivery, while holdings in the shipping and shipbuilding sectors have significantly decreased [3][4] - In Q1 2025, the total market value of transportation industry funds reached 22.2 billion, a decrease of 22% quarter-on-quarter, ranking 14th among 31 industries [3][4] - The proportion of holdings in aviation transportation, express delivery, and highways has increased, accounting for 45%, 23%, and 8% respectively, with notable increases of 4 percentage points, 1 percentage point, and 2 percentage points [10][12] Summary by Sections 1. Changes in Transportation Industry Fund Holdings - The total market value of transportation industry fund holdings in Q1 2025 is 22.2 billion, down 22% from the previous quarter, maintaining a rank of 14th among all industries [4][10] - The market value of the transportation industry accounts for 3.13% of the total A-share market value, with an underweight of 1.48% [3][4] 2. Changes in Fund Holdings by Sub-Sectors - The market values for aviation transportation, express delivery, shipping, railway transportation, ports, airports, raw material supply chain services, cross-border logistics, and highways are 10.1 billion, 5.2 billion, 1.3 billion, 1.9 billion, 0.5 billion, 0.03 billion, 1.2 billion, 0.2 billion, and 1.8 billion respectively, with respective quarter-on-quarter changes of +4%, +1%, -4%, -0.15%, -0.68%, -0.05%, +0.41%, -1.78%, and +1.67% [10][12] 3. Top Ten Holdings in Transportation Industry Funds - The top ten holdings in transportation industry funds include SF Express, Juneyao Airlines, Air China, Huaxia Airlines, Southern Airlines, Guangzhou-Shenzhen Railway, Spring Airlines, Jianfa Co., China Eastern Airlines, and YTO Express, with the addition of China Eastern Airlines in Q1 2025 [17][20] - Stocks with a total market value exceeding 300 million and a quarter-on-quarter growth rate exceeding 10% include China Eastern Airlines, Guangdong Expressway A, and Daqin Railway, with market values of 800 million, 800 million, and 400 million respectively, and growth rates of 29%, 65%, and 92% [17][20] 4. Valuation of Key Companies in the Transportation Industry - The report provides a valuation table for key companies, indicating "Buy" ratings for COSCO Shipping Energy and YTO Express, and "Outperform" ratings for Southern Airlines and Spring Airlines, with projected EPS and PE ratios for the coming years [21][30]

吉祥航空公告2024 年度业绩,报告期内公司实现营业总收入220.95 亿元,同比增长9.95%;实现归母净利润 9.14 亿元,同比增长17.52%,符合预期。 财务数据:收入—— 根据公司公告,吉祥航空2024 年主营业收入为218 亿元,同比23年+9.8%。客运方面,在 2024 年国内供给过剩,海外航线继续释放运力的环境下,票价持续常态化,A320/B737/B787 机型客公里收 益分别同比-8.16%/-6.82%/-14.08%;成本——根据公司公告,吉祥航空2024 年主营业成本为189 亿元,单位 ASK 成本为0.34元,同比-5.56%,单位ASK 扣油成本同比-8.7%。盈利——根据公司公告,吉祥航空2024年 实现归母净利润9.14 亿元,同比增长17.52%。油汇敏感性——根据公司公告,人民币对美元汇率每波动 1%,对应公司净利润变化为4484 万元,与去年相比外汇敞口大幅减少。若油价波动1%,对应公司净利润变 化为5164 万元。 回购及分红比例提升,彰显公司提升股东回报决心。报告期内,吉祥航空实施了2024 年度利润分配预案,拟 向全体股东每股派发现金红利人民币0.1 元,2 ...

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]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company benefited from an increase in turnover, achieving a revenue of 22.095 billion yuan in 2024, 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 domestic passenger load factor remains high, while there is still room for improvement in the load factor of international routes [2] - The fleet size has expanded, with utilization rates exceeding pre-2019 levels [2] - Unit costs have decreased due to falling oil prices and improved utilization rates [2] - The impact of tariff policies has increased uncertainty regarding industry supply and costs [2] - Profit forecasts indicate 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 profits for 2024 were 370 million, 115 million, 780 million, and -360 million yuan, showing significant fluctuations [2] - The company’s total turnover increased by 19.9% year-on-year, while unit revenue per passenger kilometer decreased by 9.6% [2] Operational Metrics - The passenger load factor reached 84.6%, up 1.8 percentage points year-on-year, with domestic routes showing a load factor of 87.1%, an increase of 2.7 percentage points year-on-year [2] - The fleet size grew to 127 aircraft by the end of 2024, with a net increase of 10 aircraft [2] - Fleet utilization improved to 11.53 hours, an increase of 1.19 hours year-on-year [2] Cost Structure - The unit cost per available seat kilometer decreased by 5.8% year-on-year, with fuel costs down by 7.4% [2] - The average price of aviation fuel fell by 7.0% year-on-year, contributing to the reduction in unit costs [2] Future Outlook - 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, with corresponding earnings per share of 0.58, 0.78, and 0.93 yuan [4] - The current price-to-earnings ratios for the next three years are projected to be 22.13, 16.47, and 13.87 times, respectively [4]

Core Viewpoint - Shanghai Juneyao Airlines Co., Ltd. reported a revenue of 22.095 billion yuan for 2024, marking a year-on-year increase of 9.95%, with a net profit of 914 million yuan, up 17.52% from the previous year [1][2] Financial Performance - The company's gross profit margin for its main business was 13.51%, a decrease of 0.39 percentage points year-on-year [1] - Juneyao Airlines' subsidiary, Juneyao Air, achieved a revenue of 5.805 billion yuan, representing a nearly 60% year-on-year growth, and a net profit of 332 million yuan, up over 27% [1] Industry Context - The civil aviation industry saw a reduction in losses by 20.6 billion yuan last year, with expectations for further profitability improvements this year [4] - Major state-owned airlines reported record revenues but collectively incurred a net loss of 6.159 billion yuan, a significant reduction of over 50% in losses [4] Shareholder Returns - Juneyao Airlines repurchased 25.3795 million shares, accounting for 1.15% of the total share capital, with a repurchase amount nearing 300 million yuan [5] - The company plans to distribute a cash dividend of 1 yuan per 10 shares for the 2024 fiscal year, with a total cash dividend of 414 million yuan, representing a cash dividend ratio of 45.33% [5] Operational Highlights - The number of passengers increased by 12.26% year-on-year, with domestic, international, and regional passenger numbers growing by 4.74%, 142.21%, and 15.95%, respectively [6] - The overall seat occupancy rate reached 84.62%, an increase of 1.81 percentage points year-on-year, with international routes achieving a seat occupancy rate of 76.04%, up 5.65 percentage points [6] Strategic Developments - The company is expanding its international flight offerings, with nearly 40% of flights in the new season being international, and plans to increase its route network to over 300 routes covering 15 countries [7] - Juneyao Airlines aims to enhance its international marketing capabilities and develop a multi-dimensional ancillary product system, including optimized seat selection and pet travel products [8] Market Insights - The airline industry is experiencing price volatility due to market demand and competition, with a focus on flexible pricing strategies based on seasonal demand [9] - The departure of Fang Wei from the top ten shareholders of Juneyao Airlines was noted, with the chairman commenting on the company's focus on establishing a dual-brand strategy [9]

新华财经北京4月22日电近日，6家A股上市航空公司陆续披露2025年一季度经营数据情况。 整体来看，6家航空公司的3月客座率同比多数增长，环比均有所下滑。春秋航空客座率继续领跑，3月客座率达到89.74%。 南方航空3月旅客周转量（按收入客公里计，下同）、客运运力投入（按可用座公里计，下同）均居首位。各大航司3月旅客周转量、客运运力投入同比均上 升。 客座率：春秋航空、南方航空表现居前 从单月数据来看，2025年3月，春秋航空的客座率居首，达89.74%。南方航空紧随其后，3月客座率达到84.74%。 2025年3月，6家航空公司客座率同比多数增长，环比均有所下滑。 同比增幅方面，南方航空、中国东航3月客座率同比增幅较高，较去年3月分别增长2.4个百分点、2.92个百分点。吉祥航空3月客座率同比出现下滑，较去年3 月下降0.89个百分点。 | | | 航空公司3月客座率及同比变动 | | | | --- | --- | --- | --- | --- | | 名标 | 3月客座率 (%) | 同比（百分点） | 1-3月客座率 (%) | 同比(百分点 | | 春秋航空 | 89.74 | 0.08 | 90 ...