Huachuang Securities·2025-05-16 15:17Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating an expectation of outperforming the benchmark index by more than 5% in the next 3-6 months [6][54]. Core Insights - The overall air traffic volume for five listed airlines in April continues to recover, with international routes showing high growth [1]. - Domestic demand remains resilient, supported by endogenous growth and ongoing recovery in international routes [6]. - The report highlights the positive impact of falling oil prices on operational costs, further enhancing profitability for airlines [6]. Summary by Sections Airline Data Analysis - In April, the ASK (Available Seat Kilometers) growth year-on-year was led by Spring Airlines (12.5%), followed by Eastern Airlines (9.7%), Southern Airlines (8.8%), Air China (5.3%), and Juneyao Airlines (2.8%) [1]. - The RPK (Revenue Passenger Kilometers) growth year-on-year was highest for Eastern Airlines (15.6%), followed by Southern Airlines (12.1%), Spring Airlines (9.3%), Air China (8.6%), and Juneyao Airlines (6.3%) [1]. Domestic and International Routes - For domestic routes in April, ASK growth was led by Spring Airlines (11.2%), while Juneyao Airlines saw a decline of 10.3% [2]. - In contrast, international routes showed significant growth, with Juneyao Airlines leading at 60.0% ASK growth year-on-year [2]. Fleet and Capacity - As of April 2025, the total fleet of the five listed airlines increased by 3 aircraft, representing a year-on-year growth of 3.0% [4]. - The report indicates that the supply remains constrained, which could support pricing power for airlines [6]. Load Factor - In April, the load factor was highest for Spring Airlines at 88.2%, while Air China had the lowest at 81.3% [3]. - Cumulative data for the first four months shows Spring Airlines maintaining a load factor of 90.0%, indicating strong operational efficiency [3]. Market Performance - The total market capitalization of the aviation sector is reported at 730.725 billion yuan, with a relative performance of -3.3% over the past month [5]. - The report emphasizes the potential for recovery in the aviation sector, particularly for low-cost carriers and those with strong international routes [6].