JUNEYAOAIR(603885)2024-11-01 07:31Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company achieved a net profit of 7.82 billion yuan in Q3 2024, aligning with expectations [1]. - For the first three quarters of 2024, the company reported total operating revenue of 17.492 billion yuan, a year-on-year increase of 10.15%, and a net profit attributable to shareholders of 1.271 billion yuan, up 12.08% year-on-year [2]. - The company’s passenger transport volume for January to September 2024 reached 18.5611 million domestic passengers, 2.3334 million international passengers, and 267,000 regional passengers, representing 128.21%, 123.89%, and 89.46% of the 2019 levels, respectively [1]. Financial Summary - The company’s operating revenue for Q1, Q2, and Q3 of 2024 was 5.719 billion yuan, 5.236 billion yuan, and 6.536 billion yuan, respectively, with Q3 marking the highest quarterly revenue of the year due to strong demand during the summer travel season [2]. - The operating cost for the first three quarters of 2024 was 14.42 billion yuan, a year-on-year increase of 12.41%, with a gross margin of 17.56%, showing slight improvement compared to 2019 [2]. - The company maintained a fleet of 124 aircraft, focusing on a unified aircraft model to enhance operational efficiency [3]. Earnings Forecast - The company is expected to achieve EPS of 0.61, 0.78, and 0.95 yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 21.56X, 16.78X, and 13.81X [4][9].