Shanghai International Airport Co.Ltd(600009) 3 on 16, the transportation and production briefing in February 2022 was released. In February, 29000 aircraft took off and landed, an increase of 45.88% year-on-year; The passenger throughput was 2.5573 million person times, with a year-on-year increase of 89.42%. The cargo and mail throughput was 265400 tons, a year-on-year decrease of 8.10%.
The operating data of February disclosed by Air China Limited(601111) , China Eastern Airlines Corporation Limited(600115) , China Southern Airlines Company Limited(600029) and China Southern Airlines Company Limited(600029) show that in February, including the traditional peak season of Spring Festival transportation, the three major state-owned airlines have increased in passenger transportation volume, passenger capacity investment, passenger seat rate and passenger turnover compared with the same period last year.
However, the passenger traffic volume of the whole industry has not yet returned to the pre epidemic level in 2019. According to the data of the air transport industry in February 2022, the passenger traffic volume of the whole industry in February was 31.294 million, a year-on-year increase of 30.7%, a month-on-month rise of 6.0%, and a recovery to 58.1% in the same period in 2019. From January to February, the cumulative transportation volume of the industry was 60.81 million person times, a year-on-year increase of 12.3%, equivalent to 57% in the same period of 19 years.
In March 15th, the national health and Health Commission issued the New Coronavirus pneumonia diagnosis and treatment plan (trial version ninth), China International Capital Corporation Limited(601995) research report pointed out that the adjustment of the treatment plan may help partially relieve the medical pressure, and provide protection for the remote trip repair under the epidemic situation. Everbright Securities Company Limited(601788) also believes that with the continuous promotion of covid-19 vaccine / treatment technology, the demand for air passenger transport will gradually recover, and the revaluation of relevant companies is a deterministic event.
However, Huachuang Securities pointed out in the research report that since March, affected by the epidemic in many places, the industry demand has been relatively low, superimposed on the impact of rising oil prices, and the aviation sector has been adjusted. However, it is expected that the logic of the reversal of industry supply and demand from 2023 has not been destroyed, and it is expected to show strong resilience after the current round of epidemic is effectively controlled.
