交通运输行业周报：中远海特2024年业绩创历史新高，顺丰2024年归母净利润突破100亿元-2025-03-31

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - COSCO Shipping Specialized Carriers achieved a record high performance in 2024, with revenue of 16.78 billion yuan, a year-on-year increase of 37.57%, and a net profit of 1.531 billion yuan, up 43.82% [3][14] - Beijing Capital International Airport reported a revenue of approximately 5.492 billion yuan in 2024, with significant growth in passenger and cargo throughput [3][16] - SF Express surpassed a net profit of 10 billion yuan in 2024, marking a successful year for the company [3][25] Summary by Sections 1. Industry Hot Events - COSCO Shipping Specialized Carriers' 2024 revenue reached 16.78 billion yuan, with a net profit of 1.531 billion yuan, driven by participation in the Belt and Road Initiative [3][14] - Beijing Capital International Airport's revenue for 2024 was approximately 5.492 billion yuan, with passenger throughput increasing by 27.4% and cargo throughput by 29.3% [3][16] - SF Express reported a revenue of 284.42 billion yuan in 2024, with a net profit exceeding 10 billion yuan, highlighting its successful market expansion [3][25] 2. Industry High-Frequency Data Tracking - In February 2025, the express delivery business volume increased by 58.75% year-on-year, with revenue rising by 30.43% [4][52] - The shipping price index showed an increase, while dry bulk freight rates decreased [4][41] - The average daily flight operations in the international sector increased by 22.27% year-on-year in March 2025 [4][84] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [5] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [5]