Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [5][12]. Core Views - The company reported a revenue of 17.2 billion yuan for the first three quarters of 2025, a decrease of 2.4% year-on-year, with a net profit attributable to shareholders of 2.0 billion yuan, down 3.2% year-on-year [1]. - The decline in revenue for Q3 2025 was primarily due to a temporary decrease in fleet utilization, with an average utilization of 12.8 hours per aircraft, down 13.3% year-on-year [1][2]. - The company anticipates a rebound in both volume and pricing in Q4, driven by the traditional peak season for consumption in Europe and the U.S. [3]. Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 5.99 billion yuan, down 6.2% year-on-year, and a net profit of 710 million yuan, down 9.8% year-on-year [1]. - The gross margin improved despite the revenue decline, attributed to a decrease in other income related to subsidy recognition [1]. - The ground service business saw revenue growth of 9.2% year-on-year, with a gross margin of 43.7%, reflecting improved operational efficiency [3]. Market Dynamics - The impact of U.S. tariffs has shifted some revenue from comprehensive logistics solutions to air express services, with air express revenue increasing by 23% year-on-year [2]. - The company expects stable profits from ground services as new stations come online and operational costs are managed effectively [3]. Future Outlook - The report projects net profits for 2025-2027 to be 2.81 billion, 3.09 billion, and 3.45 billion yuan, respectively, with corresponding P/E ratios of 9x, 8x, and 7x [4][10]. - The anticipated seasonal price increases in Q4 are expected to significantly boost profitability compared to the previous year [3].