春秋航空(601021)

RPK growth slowed further: SPA’s reven u e pa ssen ger ki l ometers (RPK) growthn orma l i zed to +1 5.6% YoY i n Au g- 1 7 , f rom +1 8. 7 % i n Ju l - 1 7 . Sl owi n g momen tumwa s f ou n d ma i n l y on domesti c rou tes (+23.5% vs. +28.4%), wh i l e growth oni n tern a ti on a l rou tes (+1 .3% vs. +1 .4%) a n d regi on a l rou tes (+1 0 .3% vs. +1 0 .0%)rema i n ed l a rgel y sta bl e.

I n th e f i rst ei gh t mon th s of 20 1 7 , RPK growth a ccel era ted to +25.6% YoY, f rom+1 0 .3% i n th e same peri od of 20 1 6, du e to h i gh er ca pa ci ty i n pu t. Speci f i ca l l y,domesti c a n d regi on a l RPKs sh owed si gn i f i ca n t rebou n ds of +37 . 1 % a n d +9.3%,respecti vel y, YoY (vs. - 4.3% a n d - 1 1 .8% i n th e same peri od of 20 1 6). Du e toca pa ci ty pu l l ba cks, i n tern a ti on a l RPK growth sl owed drama ti ca l l y to +6.6% YoY,f rom +57 . 7 % i n th e same peri od of 20 1 6.

Lower PLFs: Gi ven a n +1 8. 1 % YoY i n crea se i n ASK, SPA’s pa ssen ger l oa d f a ctor(PLF) di pped 2.0 ppt YoY to 92.6% i n Au g- 1 7 . I n pa rti cu l a r, a s domesti c a n dregi on a l ASK i n crea sed by +27 .4% a n d +1 5.2%, respecti vel y, YoY, PLFs dropped to93. 1 % (- 2.9ppt YoY) a n d 90 .6% (- 4.0 ppt YoY). As i n tern a ti on a l ASK rose +1 .8%YoY, PLF di pped sl i gh tl y to 91 . 7 % (- 0 .4ppt YoY).

YTD, overa l l PLF f el l 1 .6ppt YoY to 91 . 7 %, wi th wea kn ess on a l l rou tes: domesti c(- 1 . 7 ppt YoY to 93.4%), i n tern a ti on a l (- 1 .8ppt YoY to 88.3%) a n d regi on a l (- 5.6pptYoY to 88.8%).