JUNEYAOAIR(603885) 信达证券·2025-04-22 08:23Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported a revenue of 22.095 billion yuan in 2024, representing a year-on-year increase of 9.95%, and a net profit attributable to shareholders of 914 million yuan, up 17.52% year-on-year [2] - The increase in revenue is attributed to a rise in turnover volume, with a total turnover volume growth of 19.9% in 2024, while the unit revenue per passenger kilometer decreased by 9.6% [2] - Domestic passenger load factor remains high, while the load factor for international routes has room for improvement [2] - The fleet size expanded to 127 aircraft by the end of 2024, with an increase in fleet utilization to 11.53 hours, which is higher than the level in 2019 [2] - Unit costs decreased due to falling oil prices and improved utilization rates, with the unit cost per available seat kilometer down by 5.8% year-on-year [2] - The company is expected to achieve net profits of 1.284 billion, 1.725 billion, and 2.049 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 40.4%, 34.4%, and 18.8% [2] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 22.095 billion yuan, a 9.95% increase year-on-year, and a net profit of 914 million yuan, reflecting a 17.52% increase year-on-year [4] - The quarterly net profit for 2024 was 3.7 million, 1.15 million, 7.8 million, and -3.6 million yuan, with year-on-year changes of +127%, +212%, -27%, and +6.7% respectively [2] - The company’s gross margin for 2024 was 14.1%, with a projected gross margin increase to 15.4% in 2025 [4] Operational Metrics - The company’s domestic passenger load factor reached 87.1%, an increase of 2.7 percentage points year-on-year, while the international load factor was 76.4%, with potential for further improvement [2] - The fleet utilization rate improved by 1.19 hours year-on-year, surpassing pre-pandemic levels [2] Cost Management - The average fuel price decreased by 7.0% year-on-year, contributing to a reduction in unit costs [2] - The unit cost per available seat kilometer was 0.339 yuan, down 5.8% year-on-year, with fuel costs at 0.123 yuan, a decrease of 7.4% [2] Future Projections - The company is projected to achieve net profits of 1.284 billion yuan in 2025, with a year-on-year growth of 40.4%, and further growth expected in subsequent years [2][4]