bestdappgames|交通运输行业年报及一季报总结：航运景气向好 出行板块持续修复

Transportation plate: the performance of the transportation plate increased compared with the same period last year, and the performance within the plate was differentiated. The performance of airports, shipping ports, express delivery and railways increased, while the performance of roads, public transport and logistics declined. In terms of performance, affected by the decline in revenue from logistics, shipping and other sectors, the transportation sector achieved business income of 3.4866 trillion yuan in 2023, year-on-year-0Bestdappgames.9%. 1Q2024, affected by the revenue growth of aviation and other sectors, the transportation sector achieved business income of 809.4 billion yuan, + 1.7% compared with the same period last year. Affected by the performance repair of the travel chain plate, the transportation sector achieved a net profit of 168.7 billion yuan in 2023, + 83% of the same period last year. 1Q2024, the performance of the travel chain plate continued to repair, the aviation sector substantially reversed losses, and the transportation plate achieved a net profit of 46.1 billion yuan, + 31.5% compared with the same period last year. In terms of profitability, the gross profit margin of the 1Q2024 shipping sector is 11.9%, and the net profit rate is 6.3%, an increase of 1.9pct and 1.3pct respectively over the same period last year, and an increase of 2.9pct and 4.1pct compared to 4Q2023. Express section: live e-commerce contribution increment, 1Q2024 express business volume to restore growth. The volume of express delivery above the scale of 1Q2024 is 37.1 billion, which is + 25.2% compared with the same period last year (calculated according to comparable caliber). Considering the rise of platforms such as live e-commerce, it is expected that the volume of express delivery will be more than 10% in 2023.BestdappgamesThe growth rate in the second half of the year will be lower than that in the first half of the year. The price of express ticket above 1Q2024 scale will be 8.50 yuan,-13% compared with the same period last year. Considering the head company's demand for share and profit, it is expected that the single ticket price for the whole year will continue to decline compared with the same period last year. 1Q2024 express sector revenue increased 11% year-on-year, home net profit increased 11% year-on-year. 1Q2024, SF Holdings revenue + 7%, Yuantong Express + 19%, Yunda shares + 7%, Shentong Express + 16%, Debang shares + 25%; in terms of return net profit, SF Holdings return net profit + 11%, Yuantong Express + 4%, Yunda shares + 15%, Shentong Express + 43%, Debang shares + 28%. Logistics sector: freight rates rise in the collection market, benefiting freight forwarders. 1Q2024, Hongchuan Wisdom + 1%, Xingtong + 14%, Sheng Hang + 29%, Jiayou International + 26%, long-term Logistics + 2%. Among them, affected by the Red Sea incident, the number of container ships on the Suez Canal decreased, the distance was lengthened due to detour, and the effective supply of the collection market decreased. The average 1Q2024 CCFI index was 1290.5 points, an increase of 18.8% over the same period last year, and a month-on-month increase of 51.2%. Freight forwarders benefited. 1Q2023 Milkewei revenue + 23%, Yongtai + 35%. Affected by the decline in revenue from the new energy business, 1Q2024 Haichen's revenue is-10 per cent. Airport: civil aviation passenger data continues to recover. From January to April 2024, the average number of daily flights across the country was 14653, an increase of 19.7 percent over the same period last year and returned to 102.7 percent in the same period in 2019. In terms of routes, the average number of daily flights on domestic routes was 12885, an increase of 10.2 percent over the same period last year, returning to 110.3 percent in the same period in 2019; the average daily number of flights on international routes was 1441, an increase of 286.8 percent over the same period last year, returning to 69 percent in the same period in 2019; and the average daily number of flights on routes was 327, an increase of 82.5 percent over the same period last year, returning to 65.1 percent in the same period in 2019. 1Q2024 aviation sector revenue increased 42 per cent year-on-year, home net profit increased 103 per cent year-on-year, airport sector revenue increased 56 per cent year-on-year, home net profit increased 1238 per cent year-on-year. In terms of plate performance, 1Q2024, China Eastern Airlines + 79%, China Southern Airlines + 140%, Spring and Autumn Airlines + 128%, auspicious Airlines + 125%, Huaxia Airlines + 109%, China Southern Airlines took the lead in making profits; in terms of the airport sector, Shanghai Airport, Baiyun Airport, Shenzhen Airport, Xiamen Airport and Hainan Airport all achieved 1Q2024 quarterly profits. Taking into account the continued recovery of aviation demand, the international line is expected to return to 80% in 2019, and the performance of the Aviation Division continues to grow. Shipping plate: driven by rising freight rates, revenue growth in a single quarter compared with the same period last year. 1Q2024's revenue is 101.5 billion yuan, + 8% compared with the same period last year, and the net profit is 12.4 billion yuan, + 3% compared with the same period last year. The growth is mainly due to the impact of the Red Sea event, and the gathering and transportation boom has rebounded, which has a great impact on the plate. 1Q2024, container transport plate, CCFI index averaged 1290.49 points, year-on-year + 18.8% CCFI index average 1126.6 points, year-on-year-26.8%. In the oil transportation sector, the average BDTI VLCC-TCE is 45322 US dollars per day, compared with the same period last year. The average BCTI index is 1066.35 points, which is + 16.7% compared with the same period last year. 1Q2024, Cosco Haiyou's net profit-5%, COSCO Hydro + 13%, China Merchants Steamship + 23%, Antong Holdings-38%, Cosco Haifa + 12%, China Merchants Nanyou + 65%, Cosco Haite-13%, Cosco Logistics-36%. Taking into account the small increase in the supply side, the conflict between Russia and Ukraine, the increase in the export share of the United States and Latin America, and the catalysis of geopolitical conflicts, the oil transport sector is expected to continue to thrive this year. Road and railway: passenger volume has increased significantly, while freight volume has remained stable. 1Q2024, railway passenger turnover of 3951 billion person-km, year-on-year + 24.2%; railway cargo turnover of 872.7 billion ton-km,-4.7% of the same period last year. Highway passenger turnover was 1190 billion person-km, + 66.5% year-on-year, and road cargo turnover was 1.6483 trillion ton-km, + 3.6% year-on-year. Thanks to the recovery of travel in the railway sector, 1Q2024 revenue was flat and net profit was + 5 per cent year-on-year. Due to the weak growth of truck traffic and the increase in the number of free days of Spring Festival holidays in the highway sector, 1Q2024 revenue is + 1% year-on-year, and net profit is-4% compared with the same period last year. Travel and freight transport are expected to continue to recover this year. It is recommended to pay attention to high dividends and oil transportation targets. 1. High dividend sector: the interest rate downward market tends to be defensive, and the dividend yield of high dividend stocks is higher than that of treasury bonds. 2. Oil transport sector: the increase in oil supply is small, the export share of the United States and Latin America has increased, and geopolitical conflicts constitute a catalyst. Cosco is recommended. 3. Logistics sector: with the economic recovery, factory operating rate increases, freight demand will continue to recover, recommend Sheng Hang shares, Xingtong shares, Jiayu International. Risk indicates that demand recovery is less than expected risk, macroeconomic growth rate is lower than expected risk, RMB exchange rate depreciation risk, oil price rise risk. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.