Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-on-year growth in both revenue and net profit, driven by recovery in operations and strategic focus on international routes [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.84 billion yuan, representing a year-on-year increase of 10.8%, and a net profit of 468 million yuan, up 43% year-on-year [1]. - In Q3 2025, the company recorded a revenue of 1.31 billion yuan, an 8.0% increase year-on-year, and a net profit of 156 million yuan, which is a 2.2% increase year-on-year [1]. - The company's net profit margin improved significantly, with a non-recurring net profit of 403 million yuan for the first three quarters, reflecting a 62% year-on-year increase [1]. Operational Insights - Domestic passenger growth is slowing, leading to a strategic shift towards international routes, with Q3 2025 showing a 3.1% increase in passenger throughput at Shenzhen Airport [2]. - The airport's international flights increased by 11% year-on-year, while domestic flights saw a slight decline of 1.0% [2]. - The gross profit margin for Q3 2025 was 21.8%, showing a slight decline, attributed to higher cost growth compared to revenue growth [2]. Infrastructure Developments - The completion of the third runway at Shenzhen Airport in August 2025 is expected to enhance operational capacity, with ongoing construction of the T2 terminal and associated facilities [3]. - The company is advised to monitor the ramp-up progress of new capacities post-third runway operation and the involvement in T2 terminal and cargo area projects [3]. Investment Outlook - The company is optimistic about its position in the Greater Bay Area following the opening of the Shenzhen-Zhongshan Channel and Shenzhen-Jiangmen Railway, leading to an upward revision of net profit forecasts for 2025-2026 [3]. - The projected net profits for 2025 and 2026 are adjusted to 640 million yuan and 790 million yuan, respectively, while the 2027 forecast is slightly lowered to 780 million yuan due to the anticipated impact of the new terminal [3].