民生证券给予吉祥航空“推荐”评级：单位非油成本拖累盈利，看好公司盈利修复弹性

Group 1 - Core viewpoint: Minsheng Securities has given a "recommend" rating to Juneyao Airlines (603885.SH, latest price: 12.91 yuan) based on several factors [1] Group 2 - Engine repair restrictions are limiting the company's capacity deployment, with an expected year-on-year decline of 1.4% in overall capacity by Q3 2025 [1] - In terms of unit profitability, the decrease in oil prices is offsetting the increase in non-oil costs due to aircraft downtime, and the focus on high-yield routes is helping the company achieve a relatively higher revenue growth [1] - Financial expenses are continuously improving, with interest expenses reduced by 230 million yuan in the first three quarters [1]