交运行业周报：五一小长假催化，持续看多航空机场

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [1]. Core Views - The aviation sector is expected to benefit from the upcoming May Day holiday, with a strong demand-supply balance anticipated, leading to potential price increases and stock performance improvements [1][2]. - The report highlights the overall positive trend in the aviation industry, with a forecasted recovery in performance as international markets stabilize and domestic demand improves [1]. - The report emphasizes the undervaluation and high dividend attractiveness of the road, rail, and port sectors, suggesting a value discovery trend in these areas [1]. Summary by Sections 1. Core Views and Investment Recommendations - The report notes that Huaxia Airlines exceeded market expectations in its quarterly earnings, leading to a 23.52% increase in its stock price. Other airlines also saw significant stock price increases, with China Eastern Airlines and China Southern Airlines rising by 8.31% and 7.33%, respectively [1]. - The report recommends focusing on investment opportunities in airlines such as Spring Airlines and major state-owned airlines, as well as airports like Shanghai Airport, due to the expected recovery in air travel demand [1]. 2. Key Targets - Recommended stocks include: - Jixiang Airlines: Expected P/E ratios of 15.09X, 8.89X, and 8.19X for 2024-2026, with a projected net profit of 6.8 to 8.8 billion yuan for 2023 [12]. - Spring Airlines: Expected P/E ratios of 25.33X, 16.99X, and 13.43X for 2023-2025, with a projected net profit of 21 to 24 billion yuan for 2023 [12]. - Shanghai Airport: Expected P/E ratios of 33.19X, 23.01X, and 21.19X for 2024-2026, with a projected net profit of 9.1 to 10.8 billion yuan for 2023 [12]. - China Eastern Airlines: Expected P/E ratios of 12.52X, 6.63X, and 6.17X for 2024-2026, benefiting from its strong position in major city routes [12]. 3. Aviation Data Tracking - As of March 31, the civil aviation passenger volume was 57 million, a month-on-month decrease of 8.08% but a year-on-year increase of 25.66% [15]. - The civil aviation passenger turnover reached 999.80 billion passenger-kilometers, reflecting a month-on-month decrease of 9.03% but a year-on-year increase of 36.75% [15]. 4. Shipping and Port Data Tracking - The Shanghai Containerized Freight Index (SCFI) increased by 9.67% to 1940.63 points, indicating a positive trend in container shipping rates [3]. - The Baltic Dry Index (BDI) decreased by 10.32% to 1721.00 points, reflecting fluctuations in bulk shipping rates [3]. 5. Road and Rail Data Tracking - The report highlights the attractiveness of low-valuation, high-dividend stocks in the road and rail sectors, suggesting a potential for value appreciation [1].