China Express(SZ:002928) Shenwan Hongyuan Securities·2025-10-31 03:50Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company has shown steady growth in its operations, with a significant increase in both revenue and net profit for the third quarter of 2025, exceeding expectations [6] - The company is focusing on optimizing its regional network and increasing flight volumes to meet the rising demand for personal travel, particularly in the domestic market [6] - The financial outlook for the company is positive, with projected net profits increasing significantly over the next few years, indicating strong growth potential [6] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 2.124 billion yuan, a year-on-year increase of 9.33%, and a net profit of 369 million yuan, up 31.60% year-on-year [6] - For the first three quarters of 2025, total revenue reached 5.734 billion yuan, reflecting an 11.25% year-on-year growth, while net profit was 620 million yuan, a substantial increase of 102.17% year-on-year [6] - The company’s available seat kilometers (ASK) for Q3 2025 reached 4.674 billion, a 15.42% increase year-on-year, and passenger turnover (RPK) was 4.036 billion, up 19.37% year-on-year [6] Future Earnings Forecast - Projected total revenue for 2025 is estimated at 7.978 billion yuan, with a year-on-year growth rate of 19.2% [5] - The forecasted net profit for 2025 is 710 million yuan, representing a significant increase of 165.1% compared to the previous year [5] - The company’s earnings per share (EPS) is expected to rise to 0.56 yuan in 2025, with a projected return on equity (ROE) of 17.5% [5]