航空机场2月数据点评：国内线供给端挤水分，国际淡旺季差异依旧较大

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - The domestic airline capacity supply is experiencing a "water squeezing" process, which is expected to last for a considerable time. As international demand recovers, excess capacity in domestic routes is anticipated to gradually alleviate, leading to improvements in passenger load factors and ticket prices [3][15][54] - The overall performance of the civil aviation industry is under pressure, but the fundamentals are gradually improving, with profit performance expected to significantly exceed last year [3][54] Summary by Sections Domestic Routes - In January and February, the listed airlines' domestic route capacity supply contracted by approximately 1.1% year-on-year, with a notable decline of about 6.3% in February compared to the previous year and a 7.9% decrease compared to January [2][16] - The overall passenger load factor for listed companies improved by 3.7 percentage points month-on-month in February, and increased by approximately 1.6 percentage points year-on-year [2][33] - Among the airlines, Hainan Airlines had the smallest reduction in capacity at 1.3%, while Juneyao Airlines saw a significant contraction of 14.5% [18][22] International Routes - In February, the international route capacity supply exceeded that of the same period in 2019, with a year-on-year increase of approximately 23.0%. However, there was a noticeable contraction of 14.8% compared to January [3][50] - The passenger load factor for international routes decreased by 0.5 percentage points month-on-month and by 1.6 percentage points year-on-year in February [3][50] - The recovery of international routes indicates a high overall recovery level, but the seasonal differences between peak and off-peak periods remain significant, with off-peak routes still facing demand shortages [3][54] Airport Throughput - Major airports saw an increase in international passenger throughput in February, with Shanghai, Beijing, Guangzhou, and Shenzhen airports experiencing year-on-year growth of 15%, 14%, 16%, and 22% respectively. Compared to 2019, the throughput reached 98%, 56%, 86%, and 111% of the levels from that year [63][70]