交通运输行业周报：运力持续恢复，重点推荐华夏航空

Industry Rating - The report maintains an "Overweight" rating for the industry [1] Core Views - The transportation sector fell by 3.3% this week, outperforming the broader market. Among the sub-sectors, only the bus index rose by 2.0%, while the top decliners were the aviation index (-9.2%), express delivery index (-4.5%), and logistics composite index (-3.7%) [1] - Airline capacity continues to recover, with key recommendations including Spring Airlines, Juneyao Airlines, and China Southern Airlines. International routes are also recovering, with China Eastern Airlines and China Southern Airlines' available seat kilometers (ASK) reaching 98% and 90% of 2019 levels, respectively [1] - Airport operations are benefiting from the recovery in air travel demand, with both aviation and non-aviation revenues expected to improve significantly [1] Airline Data - Daily flight operations for major airlines showed mixed week-over-week changes. For example, China Southern Airlines operated 2,135 flights daily, a decrease of 0.07% week-over-week, while Hainan Airlines increased its daily flights by 1.79% to 679.20 flights [1] - Average aircraft utilization rates declined week-over-week for most airlines, with China Southern Airlines at 7.40 hours/day, down 1.33%, and China Eastern Airlines at 7.30 hours/day, down 1.35% [1] Airport Data - Domestic and international flight operations at major airports showed mixed trends. For instance, Shenzhen Bao'an Airport handled 995.40 domestic flights daily, down 0.76% week-over-week, while Guangzhou Baiyun Airport saw a 0.98% increase in international flights to 224.60 daily [1] - Passenger throughput at major airports increased month-over-month, with Shenzhen Airport handling 5.67 million passengers, up 14.60%, and Shanghai Airport handling 10.92 million passengers, up 8.01% [63] Key Recommendations - Juneyao Airlines: Recommended with a 24-26 year P/E of 26.65X/15.97X/11.93X. The company's dual-brand and dual-hub strategy is expected to cover high, medium, and low-end passengers, with strong performance during the summer travel season [15] - Spring Airlines: Recommended with a 24-26 year P/E of 21.93X/17.88X/14.02X. As a leading low-cost carrier, the company has strong cost control and profitability, with significant market share in several regional airports [15] - China Express Airlines: Recommended with a 24-26 year P/E of 27.01X/11.53X/9.77X. As the only independent regional airline in China, the company is expected to benefit from policy support and increasing demand for regional air travel [15] - China Southern Airlines: Recommended with a 24-26 year P/E of 67.96X/20.73X/14.37X. The company is focusing on building comprehensive international hubs in Guangzhou and Beijing, with strong recovery in operations [15] - China Eastern Airlines: Recommended due to its strong presence in domestic and international routes, particularly in Japan, South Korea, and Thailand, with significant recovery potential in business and international routes [15] - Shanghai Airport: Suggested for attention with a 24-26 year P/E of 44.01X/33.86X/26.44X. The airport is expected to benefit from the recovery in aviation and non-aviation revenues, particularly from duty-free operations [15] Market Performance - The transportation sector fell by 3.3% this week, outperforming the broader market. Among the sub-sectors, only the bus index rose by 2.0%, while the top decliners were the aviation index (-9.2%), express delivery index (-4.5%), and logistics composite index (-3.7%) [145] - In the aviation and airport sector, only Juneyao Airlines (0.7%) and Xiamen Airport (0.3%) saw gains, while the top decliners were Hainan Airlines (-24.2%), CITIC Offshore Helicopter (-20.0%), and China Express Airlines (-4.0%) [149]