Q1成功扭亏，经营持续向好

Investment Rating - The report maintains a rating of "Accumulate" for the company [12]. Core Views - The company has successfully turned losses into profits in Q1 2024, indicating a continuous improvement in operations [5]. - The company is expected to benefit from policy support for regional aviation development, positioning it as a unique independent regional airline in China with significant growth potential [12]. Financial Summary - Revenue Forecast: The company is projected to achieve revenues of 5,151 million in 2023, increasing to 7,790 million in 2024, and further to 9,095 million in 2025 [7]. - Net Profit: The net profit is expected to recover from a loss of 965 million in 2023 to a profit of 406 million in 2024, reaching 952 million in 2025 [7]. - Earnings Per Share (EPS): EPS is forecasted to improve from -0.75 in 2023 to 0.32 in 2024, and further to 0.75 in 2025 [7]. - Return on Equity (ROE): ROE is anticipated to rise from -31% in 2023 to 12% in 2024, and 21% in 2025 [7]. Operational Insights - The company has increased its fleet size by 5 aircraft in 2023, contributing to a recovery in operational performance [12]. - The passenger load factor has improved, with a notable increase in revenue from personal distribution channels [12]. - The company’s operational cash flow is projected to turn positive, indicating a recovery in cash generation capabilities [7].