交通运输仓储行业周报：多家快递物流公司业绩增长，外贸集运运价环比上升

Investment Rating - The industry investment rating is "Buy" with a maintained rating, expecting an upward movement exceeding the market by more than 15% in the next 3-6 months [45]. Core Views - The transportation index increased by 1.1% during the week, underperforming the CSI 300 index which rose by 1.2% [5]. - The express delivery sector showed significant growth, with Shentong Express reporting a revenue of 40.924 billion yuan in 2023, up 21.54% year-on-year, and a net profit of 341 million yuan, up 18.41% [5][9]. - The logistics market is expanding, particularly in hazardous materials logistics, with companies like Shenghang Co. and Xingtong Co. showing promising performance [5][9]. - The aviation sector is recovering, with Baiyun Airport reporting a revenue increase of 61.95% year-on-year in 2023, and a net profit turnaround from a loss to a profit in Q1 2024 [5][9]. - The shipping and port sector is experiencing a rebound in freight rates, with the SCFI index increasing by 9.7% week-on-week [5][9]. Summary by Sections 1. Market Review - The transportation index rose by 1.1%, while the aviation sector saw the highest increase at 5.1%, and the port sector experienced the largest decline at 2.7% [5][6]. 2. Industry Fundamentals Tracking 2.1 Shipping and Ports - The CCFI index for export container freight was 1,193.64 points, up 0.6% week-on-week and 26.7% year-on-year [9]. - The SCFI index for Shanghai export container freight was 1,940.63 points, up 9.7% week-on-week and 87.7% year-on-year [9]. 2.2 Aviation Airports - Domestic air passenger volume in March 2024 reached 52.57 million, approximately 113% of 2019 levels [26]. - Baiyun Airport reported a revenue of 6.43 billion yuan in 2023, a 61.95% increase year-on-year, and a net profit of 440 million yuan in Q1 2024, up 319.4% year-on-year [5][9]. 2.3 Rail and Road - National railway passenger volume in March 2024 was 321 million, up 14.56% year-on-year, while road passenger volume was 964 million, up 6.45% year-on-year [35][37]. 2.4 Express Logistics - The express delivery sector's revenue reached 112.83 billion yuan in March 2024, a 13.2% increase year-on-year, with a total volume of 13.849 billion packages, up 20.1% [40][42].