SA(SH:601021) Sou Hu Cai Jing·2025-09-01 00:18Group 1 - The core viewpoint of the report is that Minsheng Securities recommends Spring Airlines (601021.SH, latest price: 53.35 yuan) based on several factors [1] - Domestic routes are experiencing pressure on ticket prices due to changes in industry demand structure and competition, while international routes, particularly to Japan and South Korea, are seeing an increase in capacity share, enhancing revenue performance [1] - A decline in oil prices is leading to a reduction in unit costs, and the recovery in aircraft utilization is alleviating the pressure from rising unit fuel costs [1] - The company has initiated a new round of share buybacks aimed at employee stock ownership, which enhances the long-term incentive mechanism, and mid-term dividends are expected to improve shareholder returns [1] Group 2 - Risks include the potential for business travel demand recovery to fall short of expectations, significant increases in oil prices, and slower-than-expected progress in pilot recovery [1]