Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 16.90 [6][7]. Core Views - The company's FY24 results met expectations, with operating revenue of RMB 22.095 billion, a year-on-year increase of 9.9%, and a net profit attributable to shareholders of RMB 914 million, up 21.7% [1][4]. - Despite a significant drop in oil prices in Q4 2024, the company reported a net loss of RMB 357 million, which was a slight improvement of 6.7% year-on-year [1][3]. - The company is expected to benefit from improved industry supply-demand dynamics, resource optimization, and increased utilization of wide-body aircraft, leading to an upward shift in profitability and ROE levels [1][2]. Summary by Sections Financial Performance - In FY24, the company achieved an operating revenue of RMB 22.095 billion, reflecting a 9.9% increase year-on-year, while the net profit attributable to shareholders was RMB 914 million, marking a 21.7% increase [1][5]. - The company’s operating costs rose to RMB 18.978 billion, a 10.5% increase, while gross profit increased by RMB 233 million (8.1%) to RMB 3.117 billion [3][5]. Capacity and Utilization - The company focused on increasing capacity on international routes in 2024, resulting in a 17.3% increase in supply and a 19.9% increase in demand, with an overall passenger load factor of 84.6%, up 1.8 percentage points [2][3]. - The average aircraft utilization increased by 1.2 hours to 11.5 hours, contributing to a decrease in unit costs [3][5]. Profitability Forecast - The company’s net profit forecasts for 2025 and 2026 have been adjusted downwards by 20% and 8% to RMB 1.533 billion and RMB 2.330 billion, respectively, due to anticipated delays in aircraft deliveries and ongoing weak revenue levels [4][24]. - The target price has been revised to RMB 16.90, based on a PB ratio of 3.7x for 2025, reflecting a decrease from the previous estimate of 4x [4][6].

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported a revenue of 22.095 billion yuan in 2024, representing a year-on-year increase of 9.95%, and a net profit attributable to shareholders of 914 million yuan, up 17.52% year-on-year [2] - The increase in revenue is attributed to a rise in turnover volume, with a total turnover volume growth of 19.9% in 2024, while the unit revenue per passenger kilometer decreased by 9.6% [2] - Domestic passenger load factor remains high, while the load factor for international routes has room for improvement [2] - The fleet size expanded to 127 aircraft by the end of 2024, with an increase in fleet utilization to 11.53 hours, which is higher than the level in 2019 [2] - Unit costs decreased due to falling oil prices and improved utilization rates, with the unit cost per available seat kilometer down by 5.8% year-on-year [2] - The company is expected to achieve net profits of 1.284 billion, 1.725 billion, and 2.049 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 40.4%, 34.4%, and 18.8% [2] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 22.095 billion yuan, a 9.95% increase year-on-year, and a net profit of 914 million yuan, reflecting a 17.52% increase year-on-year [4] - The quarterly net profit for 2024 was 3.7 million, 1.15 million, 7.8 million, and -3.6 million yuan, with year-on-year changes of +127%, +212%, -27%, and +6.7% respectively [2] - The company’s gross margin for 2024 was 14.1%, with a projected gross margin increase to 15.4% in 2025 [4] Operational Metrics - The company’s domestic passenger load factor reached 87.1%, an increase of 2.7 percentage points year-on-year, while the international load factor was 76.4%, with potential for further improvement [2] - The fleet utilization rate improved by 1.19 hours year-on-year, surpassing pre-pandemic levels [2] Cost Management - The average fuel price decreased by 7.0% year-on-year, contributing to a reduction in unit costs [2] - The unit cost per available seat kilometer was 0.339 yuan, down 5.8% year-on-year, with fuel costs at 0.123 yuan, a decrease of 7.4% [2] Future Projections - The company is projected to achieve net profits of 1.284 billion yuan in 2025, with a year-on-year growth of 40.4%, and further growth expected in subsequent years [2][4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total operating revenue of 22.095 billion yuan in 2024, representing a year-on-year growth of 9.95%. The net profit attributable to shareholders reached 914 million yuan, up 17.52%, aligning with expectations [6] - The company plans to increase shareholder returns through a cash dividend of 0.1 yuan per share, totaling 414 million yuan, which constitutes 45% of the net profit. Additionally, the company has repurchased shares worth 121 million yuan, with the combined total of repurchases and dividends accounting for 78.13% of net profit [6] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 20.096 billion yuan in 2023 to 22.855 billion yuan in 2025, with a compound annual growth rate of approximately 3.4% [5][7] - The net profit attributable to shareholders is expected to increase from 778 million yuan in 2023 to 1.619 billion yuan in 2025, reflecting a significant growth rate of 77.1% in 2025 [5][7] - The earnings per share (EPS) is forecasted to rise from 0.34 yuan in 2023 to 0.74 yuan in 2025 [5][7] - The company’s return on equity (ROE) is projected to improve from 8.9% in 2023 to 15.7% in 2025 [5][7] Operational Data - The company’s capacity (ASK) is expected to grow by 17.3% year-on-year in 2024, with a recovery to 177.9% of the 2019 levels for international routes [6] - The passenger load factor is anticipated to increase by 2.0 percentage points compared to 2023, indicating improved operational efficiency [6]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company benefited from an increase in turnover, achieving a revenue of 22.095 billion yuan in 2024, a year-on-year increase of 9.95%, and a net profit attributable to shareholders of 914 million yuan, up 17.52% year-on-year [2] - The domestic passenger load factor remains high, while there is still room for improvement in the load factor of international routes [2] - The fleet size has expanded, with utilization rates exceeding pre-2019 levels [2] - Unit costs have decreased due to falling oil prices and improved utilization rates [2] - The impact of tariff policies has increased uncertainty regarding industry supply and costs [2] - Profit forecasts indicate net profits of 1.284 billion, 1.725 billion, and 2.049 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 40.4%, 34.4%, and 18.8% [2] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 22.095 billion yuan, a 9.95% increase year-on-year, and a net profit of 914 million yuan, reflecting a 17.52% increase year-on-year [4] - The quarterly net profits for 2024 were 370 million, 115 million, 780 million, and -360 million yuan, showing significant fluctuations [2] - The company’s total turnover increased by 19.9% year-on-year, while unit revenue per passenger kilometer decreased by 9.6% [2] Operational Metrics - The passenger load factor reached 84.6%, up 1.8 percentage points year-on-year, with domestic routes showing a load factor of 87.1%, an increase of 2.7 percentage points year-on-year [2] - The fleet size grew to 127 aircraft by the end of 2024, with a net increase of 10 aircraft [2] - Fleet utilization improved to 11.53 hours, an increase of 1.19 hours year-on-year [2] Cost Structure - The unit cost per available seat kilometer decreased by 5.8% year-on-year, with fuel costs down by 7.4% [2] - The average price of aviation fuel fell by 7.0% year-on-year, contributing to the reduction in unit costs [2] Future Outlook - The company is expected to achieve net profits of 1.284 billion, 1.725 billion, and 2.049 billion yuan for 2025, 2026, and 2027, with corresponding earnings per share of 0.58, 0.78, and 0.93 yuan [4] - The current price-to-earnings ratios for the next three years are projected to be 22.13, 16.47, and 13.87 times, respectively [4]

Core Viewpoint - Shanghai Juneyao Airlines Co., Ltd. reported a revenue of 22.095 billion yuan for 2024, marking a year-on-year increase of 9.95%, with a net profit of 914 million yuan, up 17.52% from the previous year [1][2] Financial Performance - The company's gross profit margin for its main business was 13.51%, a decrease of 0.39 percentage points year-on-year [1] - Juneyao Airlines' subsidiary, Juneyao Air, achieved a revenue of 5.805 billion yuan, representing a nearly 60% year-on-year growth, and a net profit of 332 million yuan, up over 27% [1] Industry Context - The civil aviation industry saw a reduction in losses by 20.6 billion yuan last year, with expectations for further profitability improvements this year [4] - Major state-owned airlines reported record revenues but collectively incurred a net loss of 6.159 billion yuan, a significant reduction of over 50% in losses [4] Shareholder Returns - Juneyao Airlines repurchased 25.3795 million shares, accounting for 1.15% of the total share capital, with a repurchase amount nearing 300 million yuan [5] - The company plans to distribute a cash dividend of 1 yuan per 10 shares for the 2024 fiscal year, with a total cash dividend of 414 million yuan, representing a cash dividend ratio of 45.33% [5] Operational Highlights - The number of passengers increased by 12.26% year-on-year, with domestic, international, and regional passenger numbers growing by 4.74%, 142.21%, and 15.95%, respectively [6] - The overall seat occupancy rate reached 84.62%, an increase of 1.81 percentage points year-on-year, with international routes achieving a seat occupancy rate of 76.04%, up 5.65 percentage points [6] Strategic Developments - The company is expanding its international flight offerings, with nearly 40% of flights in the new season being international, and plans to increase its route network to over 300 routes covering 15 countries [7] - Juneyao Airlines aims to enhance its international marketing capabilities and develop a multi-dimensional ancillary product system, including optimized seat selection and pet travel products [8] Market Insights - The airline industry is experiencing price volatility due to market demand and competition, with a focus on flexible pricing strategies based on seasonal demand [9] - The departure of Fang Wei from the top ten shareholders of Juneyao Airlines was noted, with the chairman commenting on the company's focus on establishing a dual-brand strategy [9]

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-025 上海吉祥航空股份有限公司 第五届监事会第十四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 上海吉祥航空股份有限公司（以下简称"公司"）第五届监事会第十四次会 议于 2025 年 4 月 18 日以现场结合通讯方式召开。会议通知于 2025 年 4 月 8 日 以电子邮件、电话等形式发出。会议由公司监事会主席林乃机先生召集并主持， 公司全体监事认真审阅了会议议案，全部 3 名监事对会议议案进行了表决。会议 参与表决人数及召集、召开程序符合《公司法》和《公司章程》的有关规定，所 作决议合法有效。 二、监事会会议审议情况 本次监事会会议审议并通过了以下议案： （一）审议通过《关于公司 2024 年度监事会工作报告的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 此议案尚需提交股东会审议。 （二）审议通过《关于公司 2024 年年度报告全文及摘要的议案》 此议案尚需提交股东会审议。 （三）审议通过《关于公司 2 ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-024 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 上海吉祥航空股份有限公司（以下简称"吉祥航空"或"公司"）第五届董 事会第十六次会议于 2025 年 4 月 18 日以现场结合通讯方式召开。会议通知于 2025 年 4 月 8 日以电子邮件、电话等形式发出。会议由公司董事长王均金先生 召集并主持，公司全体董事认真审阅了会议议案，全部 9 名董事对会议议案进行 了表决。会议参与表决人数及召集、召开程序符合《公司法》和《公司章程》的 有关规定，所作决议合法有效。 二、董事会会议审议情况 本次董事会会议审议并通过了以下议案： （一）审议通过《关于公司 2024 年度总裁工作报告的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 （二）审议通过《关于公司 2024 年度董事会工作报告的议案》 上海吉祥航空股份有限公司 第五届董事会第十六次会议决议公告 表决结果：9 票同意，0 票反对，0 票弃权。 此议案尚需提交股东会审议。 （三 ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-026 上海吉祥航空股份有限公司 关于 2024 年度利润分配方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例：每股派发现金股利0.1元（含税） 本次利润分配以实施权益分派股权登记日的总股本扣除回购专用证券账 户中的股份为基数（以下简称"股份基数"），具体日期将在权益分派实施公告 中明确。 在实施权益分派的股权登记日前股份基数发生变动的，拟维持每股分配 金额不变，相应调整分配总额，并将在相关公告中披露。 上述利润分配方案尚需提交2024年年度股东会审议。 公司不触及《上海证券交易所股票上市规则》（以下简称"《股票上市 规则》"）第9.8.1条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案的内容 （一）利润分配方案的具体内容 经中审众环会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日， 上海吉祥航空股份有限公司（以下简称"公司"）母公司报表中未分配利润为人 民币 848,63 ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-031 上海吉祥航空股份有限公司 关于拟变更部分回购股份用途并注销的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、本次回购股份方案及实施情况 1、2024 年回购计划 2024 年 2 月 19 日，公司第五届董事会第六次会议审议通过了《关于以集中 竞价交易方式回购公司股份方案的议案》，同意公司以自有资金通过集中竞价交 易方式回购公司股份，并将回购股份全部用于员工持股计划或股权激励。回购资 金总额不低于人民币 1 亿元（含 1 亿元），不超过人民币 2 亿元（含 2 亿元）， 回购价格不超过人民币 15.00 元/股（含 15.00 元/股），回购期限为自董事会审 议通过回购股份方案之日起 6 个月内。有关本次回购股份事项具体情况详见公司 于 2024 年 2 月 20 日披露的《上海吉祥航空股份有限公司关于以集中竞价交易方 基于对未来发展前景的信心和对上海吉祥航空股份有限公司（以下简称"公 司"）长期价值的高度认同，为切实维护广大 ...