國泰海通證券：航空暑運迎首個客流高峰 票價盈利同比上升可期

CATHAY PAC AIR Securities research report indicates that with primary and secondary schools on vacation, the summer travel season has recently reached its first peak, and it is expected that the passenger load factor will continue to rise year-on-year, with domestic ticket prices rapidly increasing. It is anticipated that summer travel extra flights will be limited while family trips remain strong, leading to optimistic supply and demand expectations, with both passenger load factor and ticket prices expected to rise year-on-year. Considering that the ex-factory price of aviation fuel in July has decreased by 13% year-on-year, the profitability performance during the summer travel season is promising. Chinese aviation has entered an era of low supply growth, and demand has consistently outperformed market concerns since April. In the next two years, supply and demand will continue to improve, and the decline in oil prices will accelerate the recovery of ticket prices and profitability. It is recommended to seize the opportunity of oil price fluctuations to layout long-term logic in aviation