Investment Rating - The airport industry is rated with a stable outlook due to robust domestic passenger demand growth and ongoing recovery in international passenger demand [16]. Core Insights - The airport industry is a crucial part of China's transportation infrastructure, closely linked to macroeconomic development and the aviation sector [2][4]. - As of the end of 2023, there are 259 certified civil airports in China, with a notable increase in the number of airports handling over 10 million passengers annually [7][11]. - The industry has seen a significant rebound in operational metrics in 2023, with passenger throughput recovering to 93.20% of 2019 levels, driven by strong domestic travel demand [8][14]. Industry Overview - The airport industry is categorized into three classes based on business volume, with revenue derived from both aviation and non-aviation services [3][4]. - The current regulatory environment restricts adjustments to aviation service fees, while non-aviation service fees are gradually becoming market-driven, enhancing revenue structure [4][5]. Policy Environment - Various supportive policies have been implemented since 2022 to alleviate financial pressures on airport enterprises, including increased funding for civil aviation infrastructure [4][5]. - The "14th Five-Year Plan" emphasizes the expansion of the airport network, aiming to increase the number of civil transport airports from 241 to at least 270 by 2025 [12][14]. Operational Performance - In 2023, domestic passenger throughput reached 1.212 billion, fully recovering to 2019 levels, while international passenger throughput remains at 33.73% of 2019 levels [8][14]. - The number of airports with passenger throughput exceeding 10 million increased to 38, accounting for 81.30% of total domestic airport passenger throughput [11][12]. Supply and Demand Dynamics - The airport industry has significant growth potential, with plans to increase the number of transport airports to around 450 by 2035 [12][14]. - Capacity utilization and airspace resource constraints are critical factors influencing the deployment of new flight slots [12][13]. Future Development - The airport industry is expected to continue its rapid development, supported by substantial fixed asset investments and favorable policy conditions [15][16]. - The focus for 2023 to 2025 is on expanding the domestic market and restoring international markets, with ongoing investments in airport infrastructure [15][16].
2024年机场行业分析
联合资信·2024-05-28 09:35