交通运输行业快评报告：8月航空数据跟踪点评

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][3] Core Viewpoints - August remains a peak season for summer travel, with total civil aviation turnover continuing to rise month-on-month. Both domestic and international passenger volumes are showing sustained growth. Due to the overlap of the Mid-Autumn Festival and National Day holidays in 2023, travel demand is high, leading to a higher base. However, the average daily passenger transport volume during the Mid-Autumn holiday is expected to decline year-on-year due to the impact of Typhoon "Bebinca." Looking ahead to the National Day holiday (October 1-7), the average daily passenger transport volume is expected to exceed 2.3 million, representing a year-on-year growth of 8.3%. The fourth quarter is expected to see a continued recovery in international routes and steady growth in domestic routes, maintaining the "Outperform the Market" rating for the industry [1]. Summary by Sections Industry Performance - In August 2024, total civil aviation turnover reached 140.6 billion ton-kilometers, a year-on-year increase of 21.1% and a month-on-month increase of 3.2%. Domestic routes grew by 10.7% year-on-year, while international routes saw a significant increase of 49.4%. From January to August 2024, total civil aviation turnover increased by 28.7% year-on-year, with passenger volume reaching 490 million, a year-on-year growth of 20.1%. Compared to the same period in 2019, the growth rate is 11.4% [1]. Passenger Volume and Load Factor - The passenger volume for international routes reached 42.275 million, a year-on-year increase of 175%. The passenger scale has recovered to 84.7% of the level in the same period of 2019. Domestic routes saw a year-on-year growth of 14.0%, with a 14.8% increase compared to 2019. The load factor for civil aviation from January to August was 83.1%, an increase of 0.6 percentage points compared to July. The load factor for six listed airlines in August was 86.3%, a month-on-month increase of 3 percentage points, with some airlines exceeding the load factor levels of the same period in 2019 [1]. Fleet Expansion - As of the end of August, the number of operational aircraft for six listed airlines increased by 11, totaling 3,217 aircraft, a 1.4% increase compared to the end of the previous year. The introduction of new aircraft is expected to maintain a slow growth rate [1].