The Zhitong Finance App learned that Capital Securities released a research report saying,After the season change at the end of March, international flight volume will be restored at an accelerated pace, domestic supply will be loosened and tighter, and the upward trend in ticket prices is expected to continue to improve.Recommended attention: Air China (601111.SH), China Southern Airlines (600029.SH), China Eastern Airlines (). 600115.SH Airlines with excellent cost control can increase profits when revenue increases. It is recommended to pay attention to: Juneyao Airlines (603885.SH) and Spring Airlines (601021.SH).
▍ The main views of Capital Securities are as follows:
The total number of weekly air traffic hours for domestic routes during the 23 summer/autumn season was 218,000 pcs/-9% year on year, +18% compared to the same period in '19.
The total number of hours increased compared to before the 2019 epidemic; since the epidemic prevention and control was relaxed, the time divided from international to domestic during the epidemic was re-switched back to international routes, leading to a decrease in domestic flight schedules and an increase in international flight volume; in the future, domestic flight supply will be tight, and supply will be insufficient to boost performance, and a rebound in the number of international routes will lead to increased performance.
Total number of domestic flight times of listed airlines per week:
Air China's domestic hourly growth reflects its focus on domestic capacity; Spring Airlines and Juneyao Airlines mainly have domestic routes, operated steadily during the pandemic, and increased the layout of international routes after prevention and control was liberalized.
China Southern Airlines: 47314 items/-9% year on year, up 8% from the same period in 2019; China Eastern Airlines: 39688/year on year -9%, up 5% from the same period in 2019; Air China: 36255/-3%, up 14% from the same period in 2019; Auspicious: 6814 pcs/year on year -11%, up 6% from the same period in 2019; Spring and autumn: 6580 pcs/year on year -23%, up 31% from the same period in 2019.
Total number of domestic flight times for Tier 1 and 2 airports per week:
Tier 1 airports: 45,489 per cent over the same period in 2019, up 13% from the same period in 2019; Class II A: 72,260, -7% year on year, up 1% over the same period in 2019; Class II B: 37505/-11% year on year, up 7% from the same period in 2019.
Total number of domestic flights and times at major domestic airports per week:
Beijing Daxing Airport opened in the winter and spring of '19, and Tianfu Airport of Chengdu opened in the winter and spring of '21, diverting the number of hours between Beijing Capital Airport and Chengdu Shuangliu Airport, but overall, domestic flight volume between Beijing and Chengdu has increased dramatically.
Guangzhou Baiyun: 8,805/YoY -4%, same as 2019; Chengdu Tianfu: 7,660 pcs/year on year 32%; Beijing capital: 6895/year on year -3%, compared to 2019 -37%; Shanghai Pudong: 6858/ -16% compared to 2019; Beijing Daxing: 6218/year on year -2%; Shanghai Hongqiao: 5095 pcs/year on year -4%, same as 2019; Chengdu Shuangliu: 3958/ -1% YoY, -42% compared to 2019.
Risk warning:
The recovery situation and industry demand fell short of expectations, and oil prices and exchange rates fluctuated greatly.