机场行业回顾及展望：需求加速恢复，偿债指标有望继续改善

Investment Rating - The report maintains a stable outlook for the airport industry, indicating a positive trend in recovery and growth [30]. Core Insights - The domestic demand for air travel has normalized, and international demand is accelerating, leading to a significant recovery in passenger and cargo throughput at airports [2][5]. - By the end of 2024, the airport industry is expected to see continued growth in operational indicators, with passenger throughput recovering to 93.2% of 2019 levels and cargo throughput reaching 98.4% of 2019 levels [2][5]. - The report highlights the importance of government support and investment in infrastructure, with plans to increase the number of civil transport airports from 241 in 2020 to at least 270 by 2025 [10][30]. Summary by Sections Industry Overview - In the first three quarters of 2024, the airport industry has shown a rapid growth in operational indicators compared to the same period in 2019, with significant recovery in both domestic and international travel [2][5]. - The Northeast and Western regions of China have outperformed the industry average in passenger recovery rates, driven by increased tourism and business travel [7][8]. Financial Performance - In 2023, airport enterprises reported a total operating revenue of 90.715 billion yuan, a year-on-year increase of 38.17%, with a notable reduction in losses compared to 2022 [15][19]. - The average operating profit margin for airport enterprises improved in 2024, although it remains below the levels seen in 2019 [17][19]. Debt and Cash Flow - The airport industry continues to face rising debt levels, with total interest-bearing debt reaching 265.5 billion yuan by the end of 2023, reflecting a significant increase [23][25]. - Short-term debt repayment indicators have shown improvement, with many airport enterprises demonstrating strong cash flow relative to short-term obligations [26][29]. Future Outlook - The report anticipates ongoing growth in domestic air travel demand and a faster recovery of international routes, supported by favorable policies and increased flight availability [30]. - The establishment of a new international aviation hub framework is expected to enhance operational efficiency and profitability for airport enterprises [30].