Haitong Securities International·2025-04-10 05:30Investment Rating - The report suggests a positive investment outlook for Juneyao Airlines and Spring Airlines, with a recommendation to pay attention to China Eastern Airlines, Air China, and China Southern Airlines as well [3][11]. Core Insights - Overall airline turnover has increased compared to both 2019 and 2024, with significant growth in RPK for Juneyao and China Eastern Airlines [3][11]. - Ticket prices for the top ten routes show varied performance compared to 2024, generally lower than 2019, with China Eastern, Spring, and Juneyao showing year-on-year increases and better recovery [3][11]. - Passenger load factors for the top ten routes have risen overall from 2024, with China Eastern showing significant increases and Juneyao maintaining high levels [3][11]. Summary by Sections Airline Turnover - RPK for Air China, China Eastern, and China Southern from March 31 to April 6 was 30, 34, and 37 billion km, up 11.6%, 12.7%, and 12.3% from 2024 and 18.4%, 33.4%, and 19.3% from 2019 respectively [3][4]. - Juneyao's RPK for April was 6.0 billion km, up 3.8% from 2024 and 49.0% from 2019 [3][4]. - Spring Airlines' ASK for April was 9.5 billion km, up 12.8% from 2024 and 42.0% from 2019 [3][4]. Ticket Prices - Average pre-sale ticket prices for Air China, China Eastern, and China Southern were 956, 1001, and 731 RMB, down 13.7%, up 5.8%, and down 21.0% from 2024 and down 29.9%, down 0.9%, and down 23.9% from 2019 respectively [3][5]. - Average ticket prices on travel days for the same airlines were 908, 918, and 686 RMB, down 13.5%, up 4.4%, and down 19.8% from 2024 and down 28.2%, down 1.5%, and down 21.5% from 2019 respectively [3][5]. Passenger Load Factor - Average passenger load factors for Air China, China Eastern, and China Southern were 77.7%, 82.9%, and 82.4%, up 4.8, 6.4, and 2.9 percentage points from 2024 [3][5]. - Juneyao's average passenger load factor was 89.9%, up 3.1 percentage points from 2024 [3][5]. Investment Strategy - Smaller airlines Juneyao and Spring Airlines demonstrated greater flexibility and faster recovery in turnover, with better price increases [3][11]. - China Eastern Airlines led in turnover, price, and passenger load factor among major airlines [3][11].