Xin Lang Cai Jing·2025-11-01 12:29Core Insights - The company reported a significant increase in net profit for Q3 2025, with a year-on-year growth of 34%, exceeding previous expectations [1] - The company achieved a total revenue of 1,064 billion yuan in the first three quarters of 2025, reflecting a 3.7% year-on-year increase [1] Revenue Analysis - In Q3 2025, the company generated revenue of 396 billion yuan, up 3.1% year-on-year, with a net profit of 35.3 billion yuan, marking a 34% increase compared to the same period last year [1] - The decline in passenger revenue was attributed to falling ticket prices, with unit revenue per RPK at 0.538 yuan, down 5.3% year-on-year [2] - The unit cost of revenue per ASK decreased to 0.403 yuan, a 4.3% year-on-year decline, primarily due to lower oil prices [2] Capacity and Performance Metrics - The company’s fleet size reached 820 aircraft by the end of Q3 2025, with a net increase of 16 aircraft in the first three quarters [1] - The passenger load factor for Q3 was 86.9%, an increase of 2.3 percentage points year-on-year [1] - International routes saw a 13% increase in ASK and an 84.3% load factor, while domestic routes had a 3% increase in ASK with an 88.2% load factor [1] Industry Outlook - The supply-demand relationship in the industry is improving, with expectations for a strong Q4 despite seasonal trends, as ticket prices have been rising since September [2] - The company anticipates that supply chain constraints will continue to limit industry supply, which may enhance profitability in the long term [2] Profit Forecast and Investment Recommendation - The company’s projected net profits for 2025, 2026, and 2027 are 9.5 billion yuan, 36.1 billion yuan, and 79.5 billion yuan, respectively, maintaining a "buy" rating [3]