中邮证券指出，从结构上看，2024年国际航线同比明显修复，各航司运力由国内航线转移至国际航线，国内线运力投放同比基本持平，客座率整体明显提升，国际航线运力投放大幅增长，客座率整体亦有所修复。该行认为，尽管当下公商务需求复苏还需时间，但随着经济逐步恢复，民航供需关系有望不断改善，抬升行业盈利水平。Aviation/airlines industry collectively rose, as of the time of publication, Capital Airport (00694) rose by 7.59%, closing at 2.55 Hong Kong dollars; Meilan Airport (00357) rose by 6.72%, closing at 6.83 Hong Kong dollars; China Southern Airlines (01055) rose by 2.95%, closing at 2.44 Hong Kong dollars.
According to the Financial APP, aviation/airlines industry collectively rose, as of the time of publication, Capital Airport (00694) rose by 7.59%, closing at 2.55 Hong Kong dollars; Meilan Airport (00357) rose by 6.72%, closing at 6.83 Hong Kong dollars; China Southern Airlines (01055) rose by 2.95%, closing at 2.44 Hong Kong dollars; Air China Limited (00753) rose by 2.97%, closing at 3.12 Hong Kong dollars; Eastern Airlines (00670) rose by 1.73%, closing at 1.76 Hong Kong dollars.
On the news front, the Civil Aviation Administration disclosed the industry's operation data for August 2024. In August 2024, the domestic aviation passenger transportation volume was 72.93 million, a 14.0% year-on-year increase, including 59.98 million domestic routes passengers, a 5.8% year-on-year increase, and 6.47 million passengers on international routes, a 77.6% year-on-year increase. It is worth mentioning that in August, both the domestic aviation passenger transportation volume and the passenger load factor reached their highest single-month historical values. In addition, each airline disclosed its operational data for August 2024. Looking at the overall data, each airline's capacity deployment and business volume achieved certain growth year-on-year, with a significant increase in the passenger load factor for the three major airlines.
China Post Securities pointed out that from a structural perspective, there was a significant year-on-year recovery in international routes in 2024, with airline capacities shifting from domestic routes to international routes. The capacity deployment on domestic routes remained relatively stable year-on-year, with an overall significant increase in the passenger load factor. There was a substantial increase in capacity deployment on international routes, and the passenger load factor also showed signs of recovery overall. The bank believes that although the recovery of public and business demand will take time, as the economy gradually recovers, the aviation supply-demand relationship is expected to continuously improve, boosting the industry's profitability.
