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ID:39251806
大小:1.90 MB
页数:100页
时间:2019-06-28
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1、WhyreadthisreportuWeexplainwhywethinkChina’slow-costcarriers(LCCs)areinasweetspot;demandissettoboomasmasstourismincreasesandairfaresbecomeincreasinglyaffordableuTheoutlookforthesupplysideisimproving,too;theeasingofaviationregulations,airportgrowth,andfleetexpansionwillpowergrowthincap
2、acityuWeinitiatecoverageonthreeChineseLCCs,andweexplainwhywepreferSpringAirlines(Buy)It’snotjustthevastaddressablemarket,thesizeofthecountry,theincreaseindisposableincome,andtheeasingofaviationregulationsthataresoappealing.Whatwereallylikeisthestagethelow-costcarrier(LCC)industryhasre
3、achedinChina.TheUSandEuropeprovidegoodpointersforhowtheLCCindustrycandevelopinChina.ThesemarketstellusthatLCCsstarttoprosperwhenflyinglosestheluxurycachetassociatedwiththewealthyandbusinesstravel.Demandboomswhenmasstourismincreasesandairfaresbecomeincreasinglyaffordable.Thetwokeyindic
4、atorstowatchareGDPpercapitaandthepriceofairfaresasapercentageofaveragedisposableincome.Basedonthesemetrics,webelieveChina’sLCCsareinasweetspot.Wethinktheycantripletheirshareofthecountry’saviationmarketinthenextdecade.Theoutlookforthesupplyside,aprobleminthepast,isalsoimproving.Keyfact
5、orsincludetheeasingofaviationregulations,moreairportcapacity,whichwillcreatenewflightslots,andthemassproductionofadomesticaircraft.WeinitiatecoverageonSpringAirlines(Buy),JuneyaoAirlines(Buy)andChinaExpressAirlines(Buy).Theirbusinessmodelsvarybuttheyshouldallbenefitfromwhatweseeasbein
6、ga‘goldendecade’fortheLCCindustryinChina.ContentsWhyreadthisreport1Factsandfigures4Relatedresearch5Agoodflightplan6Thestartofa‘goldendecade’17Thesupplysideisimproving23Companysection29SpringAirlines(601021CH)30JuneyaoAirlines(603885CH)45ChinaExpressAirlines(002928CH)60Disclosureappend
7、ix78Disclaimer83TheriseofChina’slow-costcarrier(LCC)airlinesWebelievethegrowingpopularityofmasstravelandincreasinglyaffordableflightticketswilldrivethedemandforLCCs,whileeasingpressureonthesupplysidewillboosttransportcapacity.WeinitiatecoverageonSpringAirlines,JuneyaoAirlinesandChinaE
8、xpres
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