交运/航空机场行业周报：国庆出行需求旺盛，运行量年同比提升

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [1] Core Insights - The transportation sector saw a weekly increase of 7.0%, underperforming the broader market. The top-performing sub-sectors included the bus index (9.1%), logistics composite index (8.4%), and airport index (7.8%) [1] - The demand for air travel during the National Day holiday was robust, with a year-on-year increase in operational volume. From October 1 to 3, the total number of passengers transported by civil aviation reached 6.88 million, with daily averages of 2.29 million, reflecting growth of 11.6%, 11.7%, and 12.5% compared to the same days in 2023, and increases of 37.8%, 20.1%, and 16.7% compared to 2019 [3] Summary by Sections 1. Key Targets - Recommended stocks include: - Jixiang Airlines: Projected P/E ratios for 2024-2026 are 16.40X, 9.66X, and 8.90X, benefiting from a dual-brand strategy and strong demand [9] - Spring Airlines: Projected P/E ratios for 2024-2026 are 17.99X, 14.22X, and 13.35X, leading in the low-cost carrier segment with significant market share [9] - Huaxia Airlines: Projected P/E ratios for 2024-2026 are 22.67X, 9.68X, and 8.20X, positioned for growth in the regional airline market [9] - China Southern Airlines: Projected P/E ratios for 2024-2026 are 36.56X, 13.58X, and 10.33X, focusing on building comprehensive international hubs [9] - China Eastern Airlines: Projected P/E ratios for 2024-2026 are 43.77X, 12.91X, and 9.91X, with strong advantages in major city routes [9] - Shanghai Airport: Projected P/E ratios for 2024-2026 are 46.60X, 35.85X, and 27.99X, benefiting from synergies with Hongqiao Airport [9] 2. Airline and Airport Data Tracking 2.1 Airlines - Daily average flight operations from September 30 to October 4 showed increases for major airlines, with Spring Airlines seeing a 11.20% week-on-week increase [3][21] - Average aircraft utilization rates varied, with Spring Airlines achieving a 9.20 hours/day utilization, a 10.84% increase week-on-week [3][30] 2.2 Airports - Daily average flight operations for domestic routes showed mixed results, with Shenzhen Bao'an Airport increasing by 1.48% and Beijing Capital Airport decreasing by 0.82% [3] - Passenger throughput for major airports as of August 31 included Shenzhen Airport at 5.58 million, Shanghai Airport at 11.79 million, and Guangzhou Baiyun Airport at 7.03 million, all showing year-on-year increases [38]