公司研究 [Table_ReportType] 公司点评报告 [晨Ta光bl生e_物Sto(c3k0A0n1d3Ra8n)k] 投资评级 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 金隅大厦 B 座 邮编：100031 证券研究报告 [Table_Title] Q1 业绩大增，反转趋势确立 [Table_ReportDate] 2025 年 4 月 28 日 [T事ab件le：_S公um司ma公ry布] 2025 年一季报。25Q1，公司实现营业收入 17.16 亿元， 同比-0.92%；归母净利润 1.09 亿元，同比+183.69%；扣非归母净利润 9592 万元，同比+97.83%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 上次评级 邮 箱：zhaolei@cindasc.com 收入表现平稳，多款产品销量创历史新高。分板块看，Q1 植提业务实 现收入 8.67 亿元，同比+13.78%；棉籽业务实现收入 7.60 亿元，同比 -9.49%。植提业务中，多款产品以量补价，辣椒红收入同比+7%，销 量快速增长，销售价格随成本相 ...

Investment Rating - The report maintains a "Positive" investment rating for the aviation industry [8] Core Insights - The aviation industry is expected to benefit from a recovery in demand and tightening supply, leading to improved pricing and profitability. The report highlights that most companies are currently valued in the top 20% historical percentile, indicating strong investment appeal [2][7] - The report recommends A-share private airlines (Jixiang, Spring Airlines, and Huaxia) and the three major Hong Kong airlines, with a particular focus on the three major A-share airlines if PMI indicators show significant reversal [2][7] Demand Trends - The 2025 Spring Festival travel season shows a shift from explosive demand to moderate growth, with domestic passenger volume increasing by 5% compared to 2024, and international passenger volume rising by 33% [4][15] - The report identifies three key demand trends: active return home travel, a surge in tourism, and delayed resumption of work. The return home travel demand is particularly strong due to the early start of the Spring Festival travel season [5][29] - The average tourism spending during the Spring Festival is reported to have recovered to 109% of the 2019 level, indicating a strong recovery in consumer spending [5][36] Supply Changes - The report notes that the supply of aircraft is tightening, with a significant number of A320NEO aircraft grounded due to engine issues, which further constrains capacity. The grounded aircraft represent about 2.6% of the total industry capacity [6][58] - The aircraft utilization rate has returned to pre-pandemic levels, with narrow-body aircraft utilization exceeding 104% of 2019 levels during the Spring Festival travel season [6][52] - Future supply growth is expected to remain low, with projections indicating a supply growth rate of only 2.3% in 2025 and 1.5% in 2026, leading to a favorable supply-demand balance [6][69] Outlook for 2025 - The report anticipates that the aviation industry's odds will become increasingly attractive due to a combination of recovering demand, tightening supply, and improving cost structures. The industry is poised for a cyclical rebound [2][7] - The report emphasizes that the industry is accumulating upward momentum, suggesting a potential reversal in the current cycle [2][7]