JUNEYAOAIR(603885) 申万宏源证券·2025-04-22 08:14Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total operating revenue of 22.095 billion yuan in 2024, representing a year-on-year growth of 9.95%. The net profit attributable to shareholders reached 914 million yuan, up 17.52%, aligning with expectations [6] - The company plans to increase shareholder returns through a cash dividend of 0.1 yuan per share, totaling 414 million yuan, which constitutes 45% of the net profit. Additionally, the company has repurchased shares worth 121 million yuan, with the combined total of repurchases and dividends accounting for 78.13% of net profit [6] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 20.096 billion yuan in 2023 to 22.855 billion yuan in 2025, with a compound annual growth rate of approximately 3.4% [5][7] - The net profit attributable to shareholders is expected to increase from 778 million yuan in 2023 to 1.619 billion yuan in 2025, reflecting a significant growth rate of 77.1% in 2025 [5][7] - The earnings per share (EPS) is forecasted to rise from 0.34 yuan in 2023 to 0.74 yuan in 2025 [5][7] - The company’s return on equity (ROE) is projected to improve from 8.9% in 2023 to 15.7% in 2025 [5][7] Operational Data - The company’s capacity (ASK) is expected to grow by 17.3% year-on-year in 2024, with a recovery to 177.9% of the 2019 levels for international routes [6] - The passenger load factor is anticipated to increase by 2.0 percentage points compared to 2023, indicating improved operational efficiency [6]