JUNEYAOAIR(SH:603885) Xin Lang Cai Jing·2025-10-30 16:16Core Viewpoint - 吉祥航空 is a prominent private airline in China, established in 2006 and listed on the Shanghai Stock Exchange in 2015, known for its high-quality network and low-cost brand, 九元航空 [1] Financial Performance - In Q3 2025, 吉祥航空 reported a revenue of 17.48 billion yuan, ranking 5th among 8 companies in the industry, significantly lower than the top competitors, 南方航空 and 中国国航, which had revenues of 137.67 billion yuan and 129.83 billion yuan respectively [2] - The company's net profit for the same period was 1.089 billion yuan, placing it 6th in the industry, again trailing behind 南方航空 and 海航控股 [2] Financial Ratios - 吉祥航空's debt-to-asset ratio stood at 80.33% in Q3 2025, slightly up from 80.06% year-on-year, exceeding the industry average of 75.72%, indicating some pressure on debt repayment capabilities [3] - The gross profit margin was reported at 14.66%, down from 17.56% year-on-year, yet still above the industry average of 12.66% [3] Executive Compensation - The total compensation for the president, 于成吉, was 1.6753 million yuan in 2024, an increase of 482,700 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.09% to 24,200, with an average holding of 90,100 circulating A-shares, a decrease of 2.72% [5] Analyst Ratings - 国泰海通证券 maintains an "overweight" rating for 吉祥航空, highlighting the potential for profit growth driven by its high-quality network and stable performance of 九元航空 [6] - 国信证券 also maintains an "outperform" rating, adjusting profit forecasts downward due to macroeconomic pressures, with expected net profits of 1.35 billion yuan, 1.88 billion yuan, and 2.30 billion yuan for 2025 to 2027 [7]