Core Viewpoint - The report maintains a "Buy" rating for China Civil Aviation Information Network (00696), citing the recovery of the civil aviation industry, increased marketing investments, and improved operational efficiency as key factors for growth [1] Group 1: Company Overview - China Civil Aviation Information Network is a leading supplier of IT solutions for the aviation travel industry, deeply involved in the construction, technological iteration, and service upgrades of civil aviation information systems since its inception [1] - The company is the largest GDS supplier in China and ranks among the top three globally, with a market share of approximately 28% worldwide and about 95% domestically [1] Group 2: Industry Growth - The civil aviation industry is experiencing stable growth in both volume and price, with a strong correlation between the company's performance and the industry's growth [2] - The number of passengers is expected to reach new highs, with the company's ETD system projected to handle 732 million flight bookings in 2024, surpassing the peak in 2019 [3] - Over the next decade, the average number of flights per person in China is expected to double, with a CAGR of approximately 6%, and the number of airports increasing from 263 to 400, with a CAGR of around 4% [3] Group 3: Market Opportunities - The launch of the "Civil Aviation Official Direct Sales Platform" in July 2025 marks the company's entry into the trillion-yuan OTA market, addressing airlines' over-reliance on traditional OTAs [4] - Airlines are expected to return to near breakeven in 2024, which will positively impact the company's average selling price (ASP) [3] - The increase in visa-free policies is expected to boost the volume of cross-border tourists, leading to an improvement in ASP [3]