航空行业2024年三季报综述：24Q3七家上市航司盈利均超19年同期，三大航合计盈利超19年18.2%

Investment Rating - The report maintains a "Recommended" investment rating for the aviation industry [2]. Core Insights - In Q3 2024, seven listed airlines reported profits exceeding those of the same period in 2019, with the three major airlines collectively achieving a profit increase of 18.2% compared to 2019 [2][5]. - Total revenue for the seven airlines in Q1-3 2024 reached 455.75 billion, representing a year-on-year growth of 16.5% and a 14.4% increase compared to 2019 [5][6]. - The report highlights that the aviation sector is a classic cyclical investment, with strong price elasticity expected as demand increases and supply grows slowly [2][5]. Financial Data Summary - Q1-3 2024 Financial Performance: - Total revenue for the seven airlines was 455.75 billion, with all but Hainan Airlines reporting revenue growth compared to 2019 [5]. - Notable revenue growth rates include Spring Airlines (+38.2%), Juneyao Airlines (+34.5%), and China Southern Airlines (+15.4%) [5]. - Profitability was strong, with Spring Airlines reporting a net profit of 2.6 billion, a 51.5% increase from 2019 [5][11]. - Q3 2024 Financial Performance: - The seven airlines achieved a total operating revenue of 171.45 billion, a 5.2% year-on-year increase and a 15.5% increase compared to 2019 [6][19]. - The total profit for Q3 2024 was 15.08 billion, a 14.0% decrease from the previous year but a 46.6% increase compared to 2019 [7][19]. Operational Data Summary - Capacity and Traffic: - In Q3 2024, all airlines except Hainan Airlines exceeded 2019 levels in terms of Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) [2][5]. - Spring Airlines led the industry with a passenger load factor of 92.7%, showing a year-on-year increase [5]. - Unit Revenue and Cost: - The report indicates a decline in unit revenue for Q3, with notable performances from Huaxia and Spring Airlines [5]. - Unit costs for Q3 showed that several airlines, including Spring Airlines, had lower unit fuel costs compared to 2019 [5]. Investment Recommendations - The report suggests focusing on airlines that are expected to benefit from demand recovery and operational efficiency, particularly Huaxia Airlines and Spring Airlines [2][5]. - It emphasizes the potential for strong price elasticity in the aviation sector as demand increases and supply remains constrained [2][5].