JUNEYAOAIR(603885) Xinda Securities·2024-11-04 08:47Investment Rating - The investment rating for the company is "Accumulate" [1]. Core Views - The company's revenue in Q3 2024 was 6.54 billion, a slight decrease of 0.2% year-on-year, but an increase of 32.2% compared to the same period in 2019. The net profit attributable to the parent company was 782 million, down 27.2% year-on-year, but up 18.9% compared to 2019 [1]. - The company is increasing investment in international routes, with significant room for improvement in passenger load factors. In Q3 2024, the company's ASK and RPK increased by 13.4% and 12.7% year-on-year, respectively, with a passenger load factor of 85.74%, up 0.6 percentage points year-on-year [1]. - The unit revenue decreased significantly year-on-year, while the unit cost saw a notable decline. The unit RPK revenue in Q3 2024 was 0.509 yuan, down 11.4% year-on-year, and the unit ASK cost was 0.346 yuan, down 3.7% year-on-year [1]. Financial Performance Summary - For the first three quarters, the company achieved a revenue of 17.49 billion, an increase of 10.15% year-on-year, and a net profit of 1.271 billion, up 10.1% year-on-year [1]. - The forecast for net profit attributable to the parent company for 2024-2026 is 1.161 billion, 1.825 billion, and 2.419 billion, representing year-on-year growth of 54.5%, 57.2%, and 32.5%, respectively [2]. - The earnings per share (EPS) for the same period are projected to be 0.53, 0.83, and 1.10 yuan, with corresponding price-to-earnings (P/E) ratios of 24.09, 15.32, and 11.56 [2].