JUNEYAOAIR(603885) 中邮证券·2025-04-23 03:57Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][12]. Core Insights - In 2024, the company achieved an operating revenue of 22.1 billion yuan, a year-on-year growth of 10.0%, and a net profit attributable to shareholders of 914 million yuan, reflecting a 17.5% increase year-on-year [3][4]. - The company experienced a significant recovery in operations, with passenger capacity increasing by 17.3% year-on-year, and international routes seeing a remarkable growth of 141.1% [4]. - Despite the growth in business volume, the average fare per passenger decreased by 8.4% year-on-year due to high competition and a high base effect from the previous year [4]. Financial Performance Summary - The company's total operating costs reached 18.98 billion yuan, up 10.5% year-on-year, while the unit cost of non-fuel expenses decreased by 5.2% to 0.216 yuan [4]. - The projected net profits for 2025, 2026, and 2027 are estimated at 1.13 billion yuan, 1.69 billion yuan, and 2.24 billion yuan respectively, indicating a strong growth trajectory [5][8]. - The company’s earnings per share (EPS) is expected to rise from 0.42 yuan in 2024 to 1.02 yuan by 2027, reflecting a positive outlook on profitability [8][11].