大行评级｜高盛：内地航空业暑假表现逊预期 上调三大航空股目标价

Core Viewpoint - Goldman Sachs research report indicates a strong rebound in the mainland aviation industry in Q2, but the performance during the summer holiday is not as ideal, with domestic air travel demand remaining weak due to the slow recovery of business travel [1] Group 1: Industry Analysis - International ticket prices have significantly dropped mainly due to oversupply on Japan-China routes, as airlines overestimated demand during the Japan Expo [1] - Future outlook suggests that airlines have further slowed down fleet expansion, with net demand growth rates projected at 3%, 1%, and 1% for 2025 to 2027, leading to a significant narrowing of the year-on-year decline in international ticket prices [1] - Domestic ticket prices may improve starting from September, supported by a decline in oil prices, which will positively impact airline profitability [1] Group 2: Company Recommendations - Goldman Sachs is optimistic about Air China, as it holds a significant share in profitable routes and will benefit the most if ticket prices rise; the target price for Air China H-shares is raised from HKD 6.5 to HKD 7.3, and A-shares from HKD 8.6 to HKD 9.6, with a "Buy" rating [1] - China Eastern Airlines H-shares target price is increased from HKD 3.3 to HKD 3.7, and A-shares from HKD 4.6 to HKD 5.1, both with a "Buy" rating [1] - China Southern Airlines H-shares target price is raised from HKD 4.1 to HKD 4.6, with a "Buy" rating, while A-shares target price is increased from HKD 5.5 to HKD 6.2, with a "Neutral" rating [1]