民生证券给予华夏航空“推荐”评级，2025年三季报点评：25Q3盈利同比高增长，延续经营改善趋势

Group 1 - The core viewpoint of the report is that Minsheng Securities has given Huaxia Airlines (002928.SZ, latest price: 10.56 yuan) a "recommended" rating based on several positive indicators [1] Group 2 - In Q3 2025, the company experienced an increase in revenue through price adjustments, with both capacity and passenger load factor improving year-on-year, although passenger kilometer revenue declined [1] - The recovery in utilization rates and a decrease in oil prices have improved unit costs, and adjustments in fleet structure may still provide room for further cost improvements [1] - The company is continuing to recover from credit impairment losses, which is a positive sign for its financial health [1] - Institutional purchases of capacity are providing a floor for unit revenue during the off-peak season, and the performance of tourism routes during this period is expected to enhance overall unit revenue for the year [1]