JUNEYAOAIR(SH:603885) Shenwan Hongyuan Securities·2025-10-31 13:49Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the supply side is constrained, and the market is waiting for an improvement in the supply-demand balance [7] - The company reported a revenue of 6.413 billion yuan in Q3 2025, a year-on-year decrease of 1.88%, and a net profit attributable to shareholders of 584 million yuan, down 25.29% year-on-year [7] - The report anticipates that the company's net profit will improve in the coming years, with estimates of 1.229 billion yuan for 2025, 1.662 billion yuan for 2026, and 2.385 billion yuan for 2027 [7] Financial Data Summary - Total revenue for 2025 is estimated at 22.281 billion yuan, with a year-on-year growth rate of 0.8% [5] - The net profit attributable to shareholders for 2025 is projected to be 1.229 billion yuan, reflecting a year-on-year growth rate of 34.4% [5] - The earnings per share for 2025 is expected to be 0.56 yuan [5] - The company's gross margin for 2025 is estimated at 13.8% [5] - The return on equity (ROE) for 2025 is projected to be 12.4% [5]