证券代码：603885 证券简称：吉祥航空 公告编号：临 2024-102 上海吉祥航空股份有限公司 关于控股股东股份解除质押及质押的公告 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"）控股股东上海均瑶（集 团）有限公司（以下简称"均瑶集团"）持有公司股份 1,020,862,080 股， 占公司股份总数的 46.42%，均瑶集团累计质押公司股票（含本次）81,430 万股，占其所持公司股份数的 79.77%，占公司股份总数的 37.03%。 公司于近日收到公司控股股东均瑶集团通知，获悉其将所持有公司的部分股 份办理了解除质押及质押业务，具体事项如下： 一、本次股东股份解除质押基本情况： 三、股东累计质押股份情况 截至公告披露日，上述股东及其一致行动人累计质押股份情况如下： 单位：万股 股东 名称 是否为 控股股 东 本次质 押股数 是否为限售 股（如是， 注明限售类 型） 是否补 充质押 质押起 始日 质押到 期日 质权人 占其所 持股份 比例 占公司总 股本比例 ...

Investment Rating - The report assigns a "Buy" rating to Juneyao Airlines (603885 SH) with a target PE valuation of 32x 15x and 11x for 2024 2025 and 2026 respectively [3] Core Views - Juneyao Airlines' profit curve is characterized by a jumpy growth pattern rather than a steady linear one driven by its unique business model and entrepreneurial style [3] - The company is expected to benefit from both industry recovery and its own capital expenditure cycle leading to accelerated profit growth [3] - Juneyao Airlines' dual-brand strategy (full-service and low-cost) differentiates it from peers like Spring Airlines resulting in higher gross margins but also higher operating expenses [7][8] Business Model Analysis - Juneyao Airlines operates a dual-brand strategy with its main brand focusing on full-service operations targeting mid-to-high-end business and leisure travelers while its subsidiary JiuYuan Airlines adopts a low-cost model [7][8] - The company's profit model can be summarized as "high gross margin + low subsidies + high expenses" essentially earning from "resources" compared to Spring Airlines' cost-focused model [7][8] - Historical profitability has been impacted by two major capital expenditure cycles in 2011-2012 and 2017-2019 leading to increased costs and reduced utilization [8][9] Industry Outlook - The aviation sector is expected to see a cyclical recovery driven by rigid supply constraints and demand recovery signals [8] - Industry profitability is projected to improve due to supply-demand dynamics and cost reductions (fuel and FX) [8] - Historical data shows that aviation stocks have outperformed during bull markets with significant absolute returns in past cycles [8][115] Company-Specific Advantages - Juneyao Airlines benefits from its positioning in first and second-tier cities with competitive revenue advantages [9] - The company's private ownership structure allows for greater efficiency and flexibility [9] - Expansion into long-haul international routes and improved utilization of wide-body aircraft (B787) provide additional growth potential [9] - Capital expenditure has peaked leading to reduced financial burdens and improved cash flow [9] Financial Projections - The report forecasts Juneyao Airlines' net profit attributable to shareholders to reach RMB 1 03 billion RMB 2 2 billion and RMB 2 9 billion in 2024 2025 and 2026 respectively [3] - Corresponding PE valuations are projected at 32x 15x and 11x for the same periods [3] Historical Performance - Juneyao Airlines has historically underperformed Spring Airlines in terms of profitability and valuation with a 30% average PE discount during 2017-2019 [7] - The company's ROE averaged 22 3% from 2011-2019 ranking second among major Chinese airlines behind Spring Airlines [44] - Profitability has been volatile due to capital expenditure cycles with significant impacts from aircraft acquisitions and investments in China Eastern Airlines [8][9]

证券代码：603885 证券简称：吉祥航空 公告编号：临 2024-101 特此公告。 上海吉祥航空股份有限公司董事会 2024 年 11 月 28 日 上海吉祥航空股份有限公司 关于吸收合并全资子公司注销完成的公告 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"）于 2024 年 4 月 7 日召开 第五届董事会第七次会议，审议通过了《关于公司对全资子公司增资并对其吸收 合并的议案》，同意公司以债转股方式向全资子公司上海吉道航企业管理有限公 司（以下简称"吉道航企业管理"）增资人民币 216,616.12 万元，完成上述增 资后，由公司吸收合并吉道航企业管理，吉道航企业管理资产、负债全部并入公 司，并注销吉道航企业管理。具体内容详见公司 2024 年 4 月 9 日披露于上海证 券交易所网站（www.sse.com.cn）的《上海吉祥航空股份有限公司关于对全资 子公司增资并对其吸收合并的公告》（公告编号：临 2024-029）。 近日，公司收到了中国（上海）自由贸易试验区市场监督管 ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2024-100 上海吉祥航空股份有限公司 2024 年 10 月主要运营数据公告 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"吉祥航空"或"公司"）及所属子 公司九元航空有限公司（以下简称"九元航空"）2024 年 10 月份合并主要运营 数据： （一）运营情况 2024 年 10 月，公司客运运力投入（按可用座位公里计）同比上升 17.49%， 其中国内、国际和地区航线客运运力投入同比变动分别为 0.64%、133.29%和- 1.77%；旅客周转量（按收入客公里计）同比上升 19.26%，其中国内、国际和地 区航线旅客周转量同比变动分别为 3.87%、158.11%和 3.75%；客座率为 85.17%， 同比上升 1.27%，其中国内、国际和地区航线客座率同比变动分别为 2.78%、7.00% 和 4.37%。 2024 年 10 月，公司国内客运运力投入（按可用座位公里计）较上月环比上 升 6.16%，国内旅客周转量（按 ...

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]

基本状况 报告摘要 吉祥航空于 2024 年 10 月 30 日发布 2024 年三季报： 吉祥航空（603885.SH） 航空机场 证券研究报告/公司点评报告 2024 年 11 月 03 日 Q3 量增价减，业绩同比下滑 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|-----------------|--------------------------------------------------|---------------|-------------|-------------| | 评级： 买入（维持） | 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 8,210 | 20,096 | 22,358 | 25,385 | 28,260 | | 分析师：杜冲 | 增长率 yoy% | | | | | | | 执业证书编号： S074 ...

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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 ...