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華泰證券:看好航空板塊供需改善兑現,機場等待流量變現能力提升

華泰證券研報指出,基本面來看,10月航司客座率表現良好,或由於航司偏向於以價換量策略,並使得票價表現較弱,淡季或將維持低位。往後展望,雖然機隊引進仍較慢,但利用率進一步提升空間大幅縮小,供給同比增速有望明顯下降;同時一攬子政策或將提振需求,供需結構及收益水平或將好轉,疊加油價下跌降低航司燃油成本,推薦有望進入盈利週期的航空板塊。機場板塊淡季流量和板塊股價彈性或受到抑制,仍需觀察國際線流量及免税客單價恢復情況,中長期機場盈利潛力的恢復,仍有賴於免税等非航業務變現能力的提升。

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