航空行业12月数据点评：12月民航旅客周转量同比双位数增长，国际航班量环比提升

Industry Investment Rating - The report maintains a "Overweight" rating for the aviation industry, indicating a positive outlook for the sector [2] Core Views - The aviation industry is in a recovery phase, with domestic demand showing stable growth and international demand continuing to recover [3] - The report highlights that the aviation sector is in a favorable stage of supply and demand fundamentals, with long-term supply-demand gaps being highly certain [3] - The report recommends key players in the aviation market, including China Southern Airlines, China Eastern Airlines, Spring Airlines, Juneyao Airlines, and China National Aviation Holding Corporation [3] Summary by Sections Industry Performance - In December, domestic airlines saw a 12.4% YoY increase in passenger traffic compared to 2023, and a 7.8% increase compared to 2019 [3] - International flights reached 55,000 flights, recovering to 80% of 2019 levels, with Southeast Asia and East Asia accounting for 77.2% of international departures [3] - Daily aircraft utilization in December was 7.6 hours, with wide-body aircraft utilization at 8.6 hours, narrow-body at 7.6 hours, and regional aircraft at 5.0 hours [3] Airline Performance - China Southern Airlines reported a 3% YoY increase in ASK (Available Seat Kilometers) and a 10% YoY increase in RPK (Revenue Passenger Kilometers) [3] - China Eastern Airlines saw a 7% YoY increase in ASK and a 17% YoY increase in RPK [3] - Spring Airlines led in passenger load factor at 90.8%, followed by China Southern Airlines at 84.6% and China Eastern Airlines at 83.5% [3] Domestic Market - Domestic ASK for China Southern Airlines decreased by 2% YoY, while China Eastern Airlines saw a 4% YoY decrease [3] - Domestic RPK for China Southern Airlines increased by 3% YoY, and China Eastern Airlines saw a 5% YoY increase [3] International Market - Spring Airlines and Juneyao Airlines led in international market growth, with Juneyao Airlines reporting a 113% YoY increase in ASK and a 137% YoY increase in RPK compared to 2019 [3] Regional Market - China National Aviation Holding Corporation led in regional market growth, with a 13% YoY increase in ASK and a 9% YoY increase in RPK compared to 2019 [3] Valuation and Recommendations - The report provides valuation metrics for key aviation companies, with China Southern Airlines trading at a PB of 3.0 and China Eastern Airlines at a PB of 4.4 [6] - Spring Airlines is highlighted with a PB of 2.9 and a PE of 21 for 2024 [6] - The report recommends buying Juneyao Airlines and holding other major airlines like China Southern Airlines, China Eastern Airlines, and China National Aviation Holding Corporation [6]