航空运输行业回顾及展望：行业发展稳中向好，经营业绩持续改善

Investment Rating - The report indicates a positive outlook for the aviation transportation industry, with continuous improvement in operational performance [1]. Core Insights - The aviation transportation industry is experiencing robust demand in both passenger and cargo markets, with domestic routes supporting passenger traffic and international routes showing rapid recovery [2][3]. - In the first nine months of 2024, the total transportation turnover reached 110.66 billion ton-kilometers, a year-on-year increase of 27.4%, surpassing 2019 levels [2]. - Passenger turnover for the same period was 974.39 billion passenger-kilometers, up 27.5% year-on-year, with domestic routes accounting for 79.67% of the total [2]. - Cargo turnover also saw a significant increase, with a total of 25.66 billion ton-kilometers, reflecting a 27.9% year-on-year growth [3]. Industry Operation Analysis - The passenger market remains strong, with a total of 552 million passengers transported, marking a 19.1% increase year-on-year [2]. - The average ticket price for economy class on domestic routes decreased by 15.9% to 745.5 yuan, indicating increased competition and a balanced supply-demand situation [21]. - The operational efficiency of airlines improved, with a daily aircraft utilization rate of 9.0 hours and a passenger load factor of 83.2%, up 5.6 percentage points year-on-year [3]. Corporate Performance Analysis - Major airlines have reported improved financial performance, with most achieving profitability in the first three quarters of 2024 [21]. - Despite increased passenger volume, revenue growth has lagged due to falling average ticket prices, with only China Eastern Airlines and Shenzhen Airlines not returning to profitability [25]. - The cash flow from operating activities remained positive, but significant capital expenditures and debt repayments continue to pressure financing [27]. Debt Burden and Repayment Indicators - The overall debt burden in the aviation sector remains high, with many airlines relying on bank loans for financing [33]. - As of September 2024, the debt-to-asset ratios for most airlines are concentrated between 60% and 90%, indicating a heavy reliance on debt [40]. - The report highlights that short-term debt constitutes over 40% of total debt for several major airlines, reflecting a need for careful management of short-term liabilities [42]. Social Responsibility and Environmental Impact - Major airlines are actively implementing ESG principles, focusing on sustainable development and reducing carbon emissions [31]. - Despite an increase in fuel consumption due to higher capacity, airlines are adopting measures to improve fuel efficiency and reduce emissions [31].