Since the beginning of this year, the demand for domestic transportation and logistics has recovered rapidly, and a number of railway and aviation companies have announced their operating results in the first three quarters, and the highest pre-profit of the Beijing-Shanghai high-speed railway is 9.662 billion yuan, equivalent to a daily income of 35.39 million yuan.
Source: Photogram
Railway transportation of passengers and goods is booming, and the performance of 100 billion central enterprises has soared 60 times
Recently, the Beijing-Shanghai high-speed railway (601816. SH) disclosed the third quarter performance forecast, and is expected to achieve a net profit attributable to the parent of 8.253 billion yuan to 9.662 billion yuan in the first three quarters, equivalent to a daily profit of 30.23 million yuan to 35.39 million yuan, compared with 152 million yuan in the same period of the previous year, an increase of 53 times to 63 times.
According to the regular report, the company achieved net profit attributable to the parent of 2.226 billion yuan and 2.910 billion yuan in the first and second quarters of 2023, respectively, and based on this calculation, the third quarter is expected to be 3.117 billion yuan to 4.526 billion yuan, an increase of about 7% to 56% from the second quarter.
The company said that the safety of high-speed rail in the pipeline continued to be stable in the first three quarters, and the domestic passenger transport market showed a steady recovery trend. In the face of the favorable situation, the company continues to study the law of passenger flow changes, improve the compatibility between capacity delivery and passenger flow demand, promote the improvement of passenger service level of station trains, promote and drive consumption with high-quality supply, and achieve good business performance with obvious revenue recovery and reasonable and controllable costs.
The Beijing-Shanghai high-speed railway is the main investment, construction and operation of the Beijing-Shanghai high-speed railway and the stations along the line. According to the company's official website, the Beijing-Shanghai high-speed railway runs through Beijing, Tianjin, Hebei, Lu, Anhui, Jiangsu and Shanghai 7 provinces and cities, with a total length of 1,318 kilometers, including 1,060 kilometers of main line bridges, 16 kilometers of tunnels, 242 kilometers of roadbed, 24 stations, design and operation speed of 350 kilometers per hour, connecting the two major economic zones of Bohai Rim and Yangtze River Delta, and is a high-speed railway artery connecting Northeast China, North China and East China.
Iron Dragon Logistics (600125. SH) also announced an announcement of pre-results. The company expects to achieve a net profit attributable to the parent of 454 million yuan to 457 million yuan in the first three quarters, an increase of 16.4% to 17.2% year-on-year. According to the regular report, the company achieved a net profit attributable to the parent of 172 million yuan and 148 million yuan in the first and second quarters of 2023, respectively, and based on this calculation, the third quarter is expected to be 134 million yuan to 137 million yuan, a slight decrease from the second quarter.
Regarding the reasons for the pre-increase in performance, Iron Dragon Logistics said that the company continued to concentrate its superior resources on its main business, steadily increased the shipment volume of major white goods categories, continuously expanded the scope of market development, upgraded the efficiency of intelligent services, and further improved the quality of operation.
It is reported that Iron Dragon Logistics is the first A-share listed company in China Railway System, and its business includes railway special container business, railway freight and port logistics business. In the first half of 2023, the company completed a total of 864,500 TEU, an increase of 3.42% from 835,900 TEU in the same period of the previous year.
In terms of the industry, according to the person in charge of the transportation department of China Railway Group, during this year's summer transportation (July 1 to August 31), the demand for railway transportation was booming, and the national railway sent a total of 830 million passengers, setting a record high for summer passengers; the national railway sent a total of 640 million tons of goods, and the cargo transportation maintained stable operation.
From the overall performance of the first three quarters, according to the statistics of the National Railway Administration, the number of railway passengers sent nationwide from January to September completed 2.933 billion, an increase of 1.552 billion person-times, an increase of 112.4%, and an increase of 42.7% over the same period in 2021; Passenger turnover reached 1,154,542 million person-kilometers, an increase of 608,171 million person-kilometers year-on-year, an increase of 111.3%, and an increase of 50.1% over the same period in 2021.
From January to September, the total national railway freight shipment volume reached 3.736 billion tons, an increase of 11.85 million tons year-on-year, an increase of 0.3%, and an increase of 6.4% over the same period in 2021; The total cargo turnover reached 2,694,505 million tonne-km, an increase of 36,715 million ton-km, an increase of 1.4%, and an increase of 11.2% over the same period in 2021.
From January to September, the national railway completed fixed asset investment of 508.9 billion yuan, compared with 475 billion yuan in the same period last year.
Aviation transport production continued to recover, with airlines reducing losses and increasing profits by RMB137.1 billion year-on-year in the first nine months
In aviation, according to the China Air Transport Association, transportation production continued to recover in the third quarter, and production efficiency continued to improve.
The number of passenger flights increased compared with the second quarter, with the total number of passenger flights from July to September being 471,000, 479,000 and 423,000 respectively, an increase of 9.7% over the same period in 2019.
The total number of passengers transported reached 180 million. Among them, the number of domestic passengers transported reached 170 million, an increase of 8.9% over the same period in 2019; International passenger traffic was 10.241 million, recovering to 52% of the same period in 2019.
The load factor continued to recover, with 81.2%, 81.5% and 78.5% respectively from July to September, and the overall load factor in the third quarter was 80.4%, up 5.4 percentage points from the second quarter and 3.7 percentage points lower than the same period in 2019 (84.1%).
From July to September, the revenue of seat kilometers increased by 22.7%, 21.4% and 4.9% year-on-year, respectively, and the average monthly passenger revenue in the third quarter exceeded 61 billion yuan, a significant increase of 126% year-on-year.
In terms of freight, the cargo and mail transportation volume from July to September was 601,000 tons, 636,000 tons and 702,000 tons, respectively, recovering to 100.2% of the same period in 2019, of which August and September increased by 06,800 tons and 12,000 tons respectively compared with the same period in 2019.
According to the circular, the operating efficiency of airlines has improved significantly, and the operating income of airlines in July increased by 79.6% year-on-year, coupled with the year-on-year decline in aviation fuel prices and foreign exchange gains, airlines achieved a profit of 18.33 billion yuan, with 25 airlines making profits; in August, they achieved continuous profits with a profit of 9.57 billion yuan, and 23 airlines made profits. In September, 11 airlines turned profitable as the recovery of air transport eased as the summer season ended, and oil prices rose.
From January to September, airlines achieved a cumulative profit of 9.64 billion yuan, a year-on-year decrease of 137.12 billion yuan, and 14 airlines achieved a cumulative profit.
It is worth mentioning that the top three airlines in terms of passenger traffic in the third quarter were China Southern Airlines (600029. SH), China Eastern (600115. SH) and Air China (601111.SH), all three companies have disclosed their September key operating data announcements.
China Southern Airlines announced that it operated a total of 903 transport aircraft as of the end of September. From January to September, passenger capacity input (in terms of available seat kilometers) increased by 85.91% year-on-year, and passenger turnover (in terms of revenue passenger kilometers) increased by 117.12% year-on-year. The load factor was 77.46%, up 11.13 percentage points year-on-year, and the number of passengers carried was 105 million, up 104.83% year-on-year.
From January to September, freight capacity input (in terms of available tonne-kilometers - cargo and mail transport) increased by 23.46% year-on-year, and cargo and mail turnover (in terms of revenue tonne-kilometers - cargo and mail transportation) increased by 2.91% year-on-year; The cargo and mail load rate was 48.62%, down 9.71 percentage points year-on-year.
China Eastern operated a total of 781 aircraft as of the end of September. From January to September, passenger capacity investment (in terms of available seat kilometers) increased by 133.73% year-on-year, and passenger turnover (in terms of passenger kilometers) increased by 171.30% year-on-year; The passenger load factor was 73.66%, up 10.20 percentage points year-on-year, and the number of passengers was 84,995,600, a year-on-year increase of 151.58%.
From January to September, freight capacity input (in terms of available cargo tonne-kilometers) increased by 7.01% year-on-year, and cargo and mail turnover (in terms of tonne-kilometers of cargo and mail) decreased by 13.12% year-on-year; The cargo and mail load rate was 32.52%, down 7.54 percentage points year-on-year.
Air China operated a total of 899 aircraft by the end of September. From January to September, passenger capacity investment (in terms of available seat kilometers) increased by 137.5% year-on-year, and passenger turnover (in terms of revenue passenger kilometers) increased by 170.6% year-on-year. The average load factor was 72.6%, up 8.9 percentage points year-on-year, and the number of passengers was 95,620,600, up 149.1% year-on-year.
From January to September, freight capacity input (in terms of available freight tonne-kilometres) decreased by 5.4% year-on-year, and cargo and mail turnover (in terms of revenue freight tonne-kilometers) decreased by 32.3% year-on-year. The cargo and mail load factor was 29.3%, down 11.6 percentage points year-on-year.
In addition, Juneyao Airlines (603885. SH) disclosed that passenger capacity investment (in terms of available seat kilometers) from January to September increased by 101.18% year-on-year, and passenger turnover (in terms of revenue passenger kilometers) increased by 143.97% year-on-year; The passenger load factor was 82.74%, up 14.51 percentage points year-on-year; the number of passengers was 18,686,900, a year-on-year increase of 132.31%.
From January to September, freight capacity input (in terms of available freight tonne-kilometers) increased by 77.95% year-on-year, and cargo and mail turnover (in terms of revenue freight tonne-kilometers) increased by 17.76% year-on-year; The cargo and mail load factor was 15.86%, down 8.11 percentage points year-on-year.
Spring Airlines (601021. SH) From January to September, passenger capacity investment (in terms of available seat kilometers) increased by 46.49% year-on-year, and passenger turnover increased by 75.35% year-on-year; The passenger load factor was 89.42%, an increase of 14.71 percentage points year-on-year, and the total number of passengers was 18,016,500, a year-on-year increase of 65.11%.
From January to September, freight capacity input (in terms of available tonne-kilometers) increased by 46.68% year-on-year, and cargo and mail turnover decreased by 0.13% year-on-year; The cargo and mail load rate was 43.66%, down 21.75 percentage points year-on-year.
In terms of airports, Shenzhen Airport (000089. SZ) passenger throughput from January to September reached 38.158 million person-times, a year-on-year increase of 135.59%; cargo and mail throughput was 1.1515 million tons, a year-on-year increase of 2.03%; There were 287,400 takeoffs and landings, a year-on-year increase of 60.51%.
Hainan Airport (600515. SH) passenger throughput from January to September was 19,513,400, a year-on-year increase of 127.21%; cargo and mail throughput was 95,300 tons, a year-on-year increase of 59.90%; There were 133,000 takeoffs and landings, a year-on-year increase of 84.28%.
According to Shanghai Airport (600009. From January to September, Pudong Airport guaranteed a total of 312,200 aircraft takeoffs and landings, with a passenger throughput of 38,732,500 person-times and a cargo and mail throughput of 2,491,000 tons; Hongqiao Airport guaranteed a total of 198,600 aircraft takeoffs and landings, with a passenger throughput of 31,251,800 person-times and a cargo and mail throughput of 250,800 tons.
According to this calculation, Shanghai Airport handled 69,984,300 passengers, 2,741,800 tons of cargo and mail, and 510,800 aircraft takeoffs and landings from January to September, compared with 28,890,000, 3,301,700 tons and 327,000 respectively in 2022.
Guotai Junan Securities Research Report believes that China's aviation demand has recovered rapidly since 2023, and the suppressive demand in the peak season has been released intensively. Benefiting from fare marketization and active revenue management, the fare hub has risen.