吉祥航空（603885）：业绩略有下滑，其他收益支撑盈利

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a slight decline in performance, with Q1 2025 revenue at 5.72 billion yuan, a year-on-year increase of 0.05%, while net profit attributable to shareholders was 350 million yuan, down 7.9% year-on-year [2][6]. - The company faced pressure on revenue due to a high base from the previous year, with a 4.7% year-on-year decline in unit revenue, although the decline was less than that of comparable companies in the industry, indicating resilient demand [11]. - Financial expenses have been reduced, and other income has supported profitability, with a 73 million yuan increase in other income year-on-year in Q1 2025 [11]. Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved an ASK growth of 6.7% and an RPK growth of 5.0%, with a passenger load factor of 84.1%, down 1.4 percentage points year-on-year [11]. - The company recorded a non-oil cost increase of 3.1% due to engine maintenance and aircraft downtime, which affected profitability [11]. Financial Outlook - The company is expected to see a gradual improvement in profitability due to ongoing operational enhancements and cash flow improvements, with projected net profits of 1.651 billion, 2.295 billion, and 2.788 billion yuan for 2025, 2026, and 2027 respectively [11]. - The current market valuation reflects a PE ratio of 16.52, 11.88, and 9.78 for the years 2025, 2026, and 2027, indicating attractive investment value [11].