民生证券给予吉祥航空推荐评级

Group 1 - The core viewpoint of the report is that Minsheng Securities recommends Jixiang Airlines (603885.SH) based on several positive factors affecting its performance [1] - The anticipated decrease in oil prices by Q2 2025 is expected to offset the non-oil cost increases due to aircraft grounding, while focusing capacity on high-yield routes will enhance passenger revenue [1] - The scale operation of international long-haul routes is showing significant improvement in passenger load factors, which is expected to contribute to the company's long-term profitability [1] - The stable profit performance of Jiuyuan Airlines in the first half of 2025 is noted, with expectations for aircraft deliveries to resume growth [1] - Continuous improvement in financial expenses is highlighted, with attention on the progress of the repair of the Puhui engines [1]