JUNEYAOAIR(603885)2024-11-01 00:42Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a net profit of 782 million yuan for Q3 2024, a year-on-year decrease of 27.21%, slightly below expectations. The total revenue for Q3 was 6.536 billion yuan, a minor decline of 0.2% year-on-year. For the first three quarters of 2024, the net profit reached 1.271 billion yuan, reflecting a 10.1% increase compared to the same period in 2023 [1] - The international business has shown significant growth, with the overall Available Seat Kilometers (ASK) increasing by 40% compared to 2019, and Revenue Passenger Kilometers (RPK) up by 38% compared to 2019. The domestic ASK and RPK have recovered to 134% of the 2019 levels [1] - The fleet size has expanded to 124 aircraft, marking a 36.3% increase compared to 2019 and a 7.8% increase compared to 2023, outpacing the industry average [1] - The report indicates that the company is adjusting its revenue growth forecast for domestic passenger kilometers to -6% for 2024, down from the previous estimate of -3%, due to ongoing low ticket prices and slower-than-expected international recovery [1] Financial Data Summary - For 2024, the total revenue is projected to be 21.955 billion yuan, with a year-on-year growth rate of 9.3%. The net profit is expected to be 1.016 billion yuan, reflecting a significant year-on-year growth of 35.3% [2] - The earnings per share (EPS) for 2024 is estimated at 0.46 yuan, with a gross margin of 13.6% [2] - The return on equity (ROE) is projected to be 10.8% for 2024, with a price-to-earnings (PE) ratio of 29 [2] Market Data - The closing price of the stock is 13.11 yuan, with a one-year high of 14.90 yuan and a low of 9.92 yuan. The market capitalization is approximately 29.026 billion yuan [3] - The company has a price-to-book ratio of 3.4 and a dividend yield of 1.21% [3] Basic Data - As of September 30, 2024, the company's net asset per share is 4.19 yuan, with a debt-to-asset ratio of 80.06% [4]