交通运输：Q3客运量创新高，收益水平环比增长

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [1] Core Insights - The aviation industry has shown a positive recovery trend, with Q3 passenger volume reaching a historical high and revenue levels increasing quarter-on-quarter [1][2] - The overall flight operation efficiency continues to improve, and with the ongoing recovery of international routes, the supply-demand balance in the industry is expected to enhance further [1][2] - Key recommended stocks include Huaxia Airlines, Spring Airlines, and China Southern Airlines, with a focus on Shanghai Airport and Guangzhou Airport [1][9] Summary by Sections 1. Key Recommendations - Recommended stocks include: - Jixiang Airlines: Expected P/E ratios for 2024-2026 are 14.53X, 8.56X, and 7.89X, benefiting from strong demand and operational improvements [9] - Spring Airlines: Expected P/E ratios for 2024-2026 are 15.46X, 12.22X, and 11.47X, leading in the low-cost carrier segment with significant market share [9] - Huaxia Airlines: Expected P/E ratios for 2024-2026 are 23.55X, 10.05X, and 8.52X, entering a performance rebound phase with government subsidies providing stability [9] - China Southern Airlines: Expected P/E ratios for 2024-2026 are 32.76X, 12.17X, and 9.26X, focusing on building comprehensive international hubs [9] - China Eastern Airlines: Expected P/E ratios for 2024-2026 are 38.27X, 11.29X, and 8.67X, with advantages in major city routes and international flights [9] - Shanghai Airport: Expected P/E ratios for 2024-2026 are 42.21X, 32.47X, and 25.36X, benefiting from synergies with Hongqiao Airport [9] 2. Aviation Data Tracking - Q3 passenger flights totaled 1.467 million, a 6.2% increase year-on-year, with passenger transport volume exceeding 200 million, up 12.3% year-on-year [1][2] - Cargo transport volume reached 231.6 thousand tons, a 19.4% increase year-on-year [1][2] - The average aircraft utilization rate was 9.5 hours per day, an increase of 0.6 hours year-on-year, with an overall passenger load factor of 85%, up 4.6 percentage points year-on-year [1][2] 3. Market Performance - The transportation sector index rose by 0.1% this week, underperforming the broader market [1] - The top-performing sub-sectors included the bus index (3.6%), logistics composite index (2.9%), and highway index (1.9%) [1] - The aviation sub-sector saw mixed performance, with notable gains in stocks like CITIC Hainan Airlines (14.8%) and Huaxia Airlines (5.2%), while Spring Airlines experienced a decline of 7.1% [1]