交运行业2024年及2025Q1业绩综述：外部不确定性加大，内需延续以价换量

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [14] Core Insights - The transportation industry is experiencing external uncertainties while domestic demand continues to shift towards price-driven volume [2] - The performance of various segments within the transportation industry shows mixed results, with airlines facing revenue pressure, airports recovering from low bases, and express delivery experiencing intensified competition [2][6] Summary by Segment Airlines - Airlines are facing sustained revenue pressure with significant profit fluctuations. In 2024, the industry saw high growth in passenger volume, but revenue was impacted by macroeconomic factors and competition. Cost pressures from fuel and exchange rates have eased, leading to a reduction in losses year-on-year [6][21][22] Airports - Airport companies are benefiting from the normalization of travel, showing gradual increases in traffic and stable costs, resulting in continuous profit improvement [7][45] Express Delivery - The express delivery sector is witnessing intensified competition, particularly among franchise operations, while direct delivery services show varied profitability. The overall volume growth has exceeded expectations, but demand recovery remains weak [7][8] Cross-Border Logistics - Cross-border logistics are under pressure due to external disturbances, with performance affected by geopolitical factors and fluctuating shipping prices. However, air freight remains robust due to strong demand from cross-border e-commerce [8] Bulk Supply Chain - The bulk supply chain is adjusting operations due to insufficient demand and external pressures, with performance gradually stabilizing as companies refine their strategies [9] Maritime Transport - The maritime sector is experiencing a reversal in supply-demand dynamics, with container shipping benefiting from external demand resilience, while oil and bulk shipping face challenges due to weak domestic demand [10] Ports - Port operations are under pressure from domestic demand, although external demand continues to grow, leading to improved profitability in foreign trade throughput [11] Highways - The highway sector shows a stable profit base, with a return to growth in profitability expected as freight traffic recovers in 2025Q1 [12] Railways - Railway passenger transport growth is slowing, while freight volumes on key lines are gradually recovering, indicating potential improvements in the near future [13]