8 listed airlines predetermined over 64 billion yuan in the air industry or welcomed local integration in the first half of the year

Affected by the epidemic, the civil aviation industry fell into a trough in the first half of this year. As of July 16, the first half of the performance trailers issued by eight listed airlines including Air China, China Eastern Airlines, China Southern Airlines, HNA, and Shanhang showed that all eight listed airlines had a pre -loss, with a total pre -losses exceeding 64 billion yuan.

In fact, all the airlines are facing the dual development dilemma of the impact of the epidemic and the rise in aviation oil. When this is the civil aviation industry, how should the civil aviation industry respond? Will domestic airlines usher in a new round of integration?

8 listed airlines are all pre -losing losses

As of July 16, the eight listed airlines all released the results of the first half of this year, all of which were pre -losing. Among them, China Air China had a pre -loss of 18.5 billion yuan to 21 billion yuan, Southern Airlines had a pre -loss of 10.2 billion yuan to 12.1 billion yuan, China Eastern Airlines had a pre -loss of 17 billion yuan to 19.5 billion yuan,*ST Shanhang B pre -losses of 2.96 billion yuan to 36.2 36.2 100 million yuan. From the perspective of the performance forecast, the pre -loss amount of the above -mentioned airline company has reached or exceeded the loss of the whole year last year.

It is worth noting that the first half of last year, Huaxia Airlines, Spring and Autumn Airlines, and Auspicious Airlines, which were profitable in the first half of last year, also fell into a loss in the first half of this year. The announcement shows that in the first half of this year, Huaxia Airlines had a pre -loss of 850 million yuan to 1.05 billion yuan, and the profit of 11.6596 million yuan in the same period last year; Spring and Autumn Airlines had a pre -loss of 1.2 billion yuan to 1.3 billion yuan, and the profit of 10.4073 million yuan in the same period last year; Jixiang Airlines pre -losses 1.62 billion yuan to 1.92 billion yuan, profit of 102 million yuan in the same period last year.

On July 15th, ST HNA, which has just completed the bankruptcy and reorganization, also issued a preview of performance. It is expected that the net profit loss in the first half of the year is 11.95 billion yuan to 12.96 billion yuan. The company also announced that the net assets attributable to shareholders of listed companies by listed companies by the financial department were -32.5 billion yuan to -426 billion yuan. This means that ST HNA will not debt again.

Regarding the cause of the general loss of airline performance, a number of civil aviation companies stated in the announcement that the domestic epidemic in the first half of the year was frequent, and the demand for passenger source declined significantly. Passengers' reservations were newly low. Industry development is facing challenges. At this year's National Aviation New Year's Work Conference, Song Zhiyong, director of the Civil Aviation Administration, revealed that due to the repeated impact of the epidemic, the civil aviation transportation operations fell into the trough in the first half of this year. When the number of Japanese Airlines had the lowest volume, it was only 2967, only 17.8%of the same period in 2019.

What makes the aviation industry worse is that the change in cost factor further aggravated the operating burden on the airline. Han Tao, a researcher at the China Aviation Transport Association, said in an interview with the Securities Daily: "The rise in oil prices is also the reason for the huge losses of airlines. At present, the factory price of aviation oil is 9845 yuan/ton, which is more than twice the same period last year."

In the face of the current dilemma, the relevant person in charge of the Civil Aviation Administration said that the Civil Aviation Administration coordinated the relevant departments of the Civil Aviation Administration to introduce a number of policies to help enterprises. For example, the Civil Aviation Administration each strived for 3 billion yuan for the three companies including Air China, China Eastern, and China Southern Airlines to injection of 2 billion yuan in capital airport groups. In terms of tax reduction and exemption, the value -added tax refund of civil aviation companies in the first half of this year reached 12.5 billion yuan.

How should airlines deal with the current dilemma? Han Tao believes that "on the one hand, airlines should take advantage of the window period of the epidemic control to seize the peak summer season and continue to increase income; on the other hand, airlines should further increase cost control and increase the premise of ensuring aviation safety, increase the improvement of aviation safety, improve the aviation safety, improve the aviation safety, improve the aviation safety, improve the aviation safety, improve the aviation safety, improve the aviation safety, improve the aviation safety, improve the aviation safety, improve the aviation safety, improve the aviation safety, and improve the aviation safety. Operating efficiency, realize higher aircraft daily utilization and guest rate. "

The civil aviation industry ushered in a new round of integration?

As of the end of 2021, there were 65 transport airlines in my country, including 39 state -owned controlled airlines, 26 private or private control airlines. Affected by the epidemic, the civil aviation industry has suffered serious losses and high debt.

Recently, a new round of integration in the civil aviation industry is often mentioned. Among them, Oriental Securities pointed out in the research report that under the pressure of the epidemic, the civil aviation industry or a new round of changing bureau, and the industry has the possibility of integrating clearing.

Some insiders analyzed: "The aviation industry of networked operations has a natural scale effect and density economy. Theoretically, the merger of airlines can enhance competitiveness, gain and profitability. At this time, mergers and integrations often improve the efficiency of the industry, and it is easier to obtain the permission from the regulatory authorities. "

Earlier, China's civil aviation industry has experienced two rounds of integration. The first round was a large -scale civil aviation industry in 2002, and the three -legged pattern of China Southern Airlines, Air China, and China Eastern Airlines were initially formed. The second round was from 2009 to 2010. A large number of private airlines and local airlines were integrated into the three major voyages or bankruptcy, and the industry competition pattern continued to shuffle.

In the first half of this year, the number of airlines that did not debt had increased to 12. With the announcement of Shanhang at the end of May that the intended to invest in Air China, many people felt that the integration of the civil aviation industry was getting closer and closer.

However, during the interview of reporters, many civil aviation people said that there may be local integration in the civil aviation industry, but the scale of integration will not be too large.

Bai Xiaoyong, a lawyer of Beijing Bosheng Law Firm, believes that "merger and integration is a way to solve the current dilemma of some airlines, but it cannot solve the fundamental problem of airlines."

According to Han Tao, the domestic airlines are currently divided into three categories: three major central enterprise airlines, local medium airlines, and other private small and medium -sized airlines. Among them, the first two types of airlines account for more than 90%of the market.

"At present, small and medium -sized airlines may face the situation of merging and integration. In fact, some small and medium -sized airlines are being integrated, but the possibility of merging and integration of listed companies is relatively small." Han Tao said.Wu Gangliang, a researcher at the Chinese Enterprise Reform and Development Research Association, also believes that the market concentration of the civil aviation industry is relatively high. The market share of the three major central enterprises and airlines has reached more than 60%, and the possibility of large -scale mergers and reorganization is unlikely.However, it does not rule out that some business integration and equity cooperation between central enterprises and local airlines are not ruled out, that is, the "Central Land Cooperation" model.

Reporter Zhao Binbin

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