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吉祥航空(603885):2025年中报点评:负债端稳步改善,双轮战略布局渐入红利释放期

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company reported a revenue of 11.1 billion yuan for H1 2025, a year-on-year increase of 1.0%, and a net profit attributable to shareholders of 510 million yuan, up 3.3% year-on-year [3]. - The second quarter of 2025 saw a revenue of 5.34 billion yuan, a 2.1% increase year-on-year, with a net profit of 160 million yuan, reflecting a significant 36% year-on-year growth [3]. - The company is benefiting from a strategic focus on high-yield routes, with a notable improvement in international long-haul operations, which is expected to enhance long-term profitability [5]. Summary by Sections Financial Performance - In H1 2025, the company's overall passenger revenue decreased by 2.9% year-on-year, while the domestic ticket prices saw a reduction of 3.9% [4]. - The company’s overall fleet utilization rate showed a discrepancy of 18%, primarily due to the maintenance of the A320 engines, which affected operational efficiency [4]. - The financial expenses have been improving, and the company is actively working on reducing its debt levels [6]. Operational Insights - The international long-haul routes have shown significant improvement, with a passenger load factor of 81.0% in Q2 2025, up 4.9 percentage points from the previous quarter [5]. - The company has introduced several new international routes, which are expected to contribute positively to its operational performance [5]. Future Projections - The report forecasts the company's net profit attributable to shareholders to be 1.67 billion yuan in 2025, with expected growth rates of 82.7% and 37.0% for 2026 and 2027, respectively [7][12]. - The projected earnings per share for 2025 is 0.76 yuan, with a price-to-earnings ratio of 17 [7][12].