The three major airlines in May were heated than the passenger flow ring, and the securities firms expected the market to be repaired in 2024

Zhongxin Jingwei, June 16th. Many airline divisions operated data in May, and the passenger flow improved significantly from the previous month. Under the overall market shock, the aviation index rose slightly, of which Southern Airlines rose 1.91%, China National Airlines rose 1.28%, and China China Eastern Airlines rose 0.22%.

Since mid -June, many airlines such as Southern Airlines, Air China, and China Eastern Airlines have announced the operation data of May. 71.13%, 78.3%, 83.84%, rising 52.35%, 36.1%, and 74.2%month -on -month. Guoxin Securities stated that the airline rings in the aviation industry in May were significantly improved, and the demand was expected to continue to climb.

Data performance in May (Source: Guoxin Securities Delivery & Small and Small Disk Team)

In terms of business data, Southern Airlines's May income kilometers in May 57.8 million (53.81%from the previous month), income tons of 11.71 million (32.69%from the previous month), and the overall load rate of 62.18%(2.18%from the previous month); Air China income May in May 2824 million (36.7%month -on -month), 613 million yuan (11.3%from the previous month), 49.4%(3.2%); China Eastern Airlines in May of May (month -on -month) Increased by 72.21%), the income tons of 37 million (94.28%from the previous month), and the comprehensive carrying rate of 51.39%(0.34%from the previous month).

The cumulative data performance of each aircraft company from January to May (Source: Guoxin Securities Delivery & Small and Small Disk Team)

In terms of capacity, as of the end of May, Southern Airlines operated a total of 878 transport aircraft, and 28 navigat aircraft were operated. 301, 241 financing lease, 205 operations, can be used for 50.66 million kilometers, 783 million tons can be used; China East Airlines operates a total of 750 aircraft, including 264 own aircraft, 271 financial leasing, and operating leases 215, 36.86 million kilometers.

Guoxin Securities believes that despite the continuous disturbance of the Shanghai and Beijing outbreaks, as the epidemic in Shanghai fell, the end of the month was close to the gradual liberalization, and the epidemic situation in other major cities calmed down, and the civil aviation passenger flow gradually recovered. In the second half of May, the civil aviation subsidy policy was implemented to escort the safety of the industry and promote demand for recovery. The civil aviation passenger stream ring improved significantly from April.

Huachuang Securities Research Report believes that the transportation power of various airlines and passenger turnover have been recovered from the previous month, but the overall is still at a low level. Among them, the three major airlines can use a total of 68.1%year -on -year in May (ASK), which increases by 44.7%. Compared with 19 years, 75.7%; income -income kilometers (RPK) decreased by 75.3%year -on -year, 52.5%from the previous month, and 82.2%from 19 years; 21.8%.

According to the domestic aspects, with the overall planning of Shanghai and Beijing to promote resumption of business and resumption, the recent civil aviation bureau has issued a rescue policy to strengthen the normal guarantee operation of the civil aviation passenger transport market, and the under probability of domestic aviation travel demand at the bottom. Internationally, with the relaxation of epidemic prevention control and entry policies around the world, the global aviation travel sector has a high probability of ushered in a trend recovery trend.

BOC Securities believes that my country's international route recovery process is uncertain and depends on the optimization of epidemic prevention strategies. It is expected that my country is expected to complete the air market restoration in 2024. It is recommended to actively deploy investment opportunities for air travel regression and reversal.

Guoxin Securities also stated that it will continue to be optimistic about the general direction of civil aviation supply and demand after the influence of the epidemic. In continuous low transportation, fare reforms, and the resonance stimulation of historical high -check rates, the performance of civil aviation is expected to reach a record high. (Zhongxin Jingwei APP)

(The views in the article are for reference only, do not constitute investment suggestions, have risks in investment, and need to be cautious to enter the market.)

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