丨证券研究报告丨 公司研究丨点评报告丨吉祥航空（603885.SH） [Table_Title] 业绩略有下滑，其他收益支撑盈利 报告要点 [Table_Summary] 吉祥航空发布 2025 年一季报，2025Q1 公司实现营业收入 57.2 亿元，同比增加 0.05%，实现 归属净利润 3.5 亿元，同比下降 7.9%。 分析师及联系人 research.95579.com 1 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% 吉祥航空（603885.SH） cjzqdt11111 [Table_Title2] 业绩略有下滑，其他收益支撑盈利 [Table_Summary2] 事件描述 吉祥航空发布 2025 年一季报，2025Q1 公司实现营业收入 57.2 亿元，同比增加 0.05%，实现 归属净利润 3.5 亿元，同比下降 7.9%。 事件评论 丨证券研究报告丨 2025-05-07 公司研究丨点评报告 [T ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a total revenue of 22.09 billion yuan for 2024, an increase of 9.95% year-on-year, and a net profit attributable to shareholders of 914 million yuan, up 17.52% year-on-year. In Q4 2024, the company achieved a revenue of 4.6 billion yuan, a year-on-year increase of 9.2%, with a net profit of -360 million yuan, reducing losses by 19 million yuan year-on-year [5][6]. Financial Performance Summary - In Q4 2024, the company experienced a 15.4% year-on-year increase in Available Seat Kilometers (ASK) and a 16.2% increase in Revenue Passenger Kilometers (RPK), with a load factor of 83.6%, up 0.6 percentage points year-on-year [13]. - The unit revenue decreased by 6.0% year-on-year due to significant capacity increases in the industry, but the revenue still grew [13]. - The company recorded a unit non-fuel cost of 0.226 yuan/ASK in Q4 2024, a decrease of 12.5% compared to Q4 2019 and a decrease of 1.5% compared to Q4 2023, primarily due to an agreement with Pratt & Whitney regarding engine compensation [13]. - The company benefited from a significant drop in fuel prices, with a year-on-year decrease of 24.2%, leading to a fuel cost of 1.485 billion yuan in Q4 2024, a 22.9% decrease year-on-year [13]. - The gross profit for Q4 2024 was 50 million yuan, an increase of 50 million yuan compared to Q4 2019, indicating a significant improvement in core profitability [13]. - Financial expenses were reduced to 290 million yuan in Q4 2024, a decrease of 70 million yuan year-on-year, as the company improved cash flow and reduced debt exposure [13]. - The company expects to achieve net profits of 1.651 billion yuan, 2.285 billion yuan, and 2.778 billion yuan for the years 2025 to 2027, respectively, with corresponding price-to-earnings ratios of 16.85, 12.17, and 10.02 times, indicating strong investment value [13].