Securities Times News, Guotai Junan Securities Research Report believes that the recovery of the aviation market has accelerated after the Spring Festival, the off-season performance is stable, and the trend in the follow-up peak season is improving. The capital market is expected to gradually drop to a low level. On the one hand, top-down worries about residents’ consumption. On the other hand, there are worries about the lack of room for valuation under the logic of short-lived profits after the epidemic. We recommend actively grasping the low point of market expectations and laying out the aviation super cycle. It is confirmed that the profit center of the airline company will rise, and the persistence of the high prosperity will exceed market expectations. The peak season performance can be expected, which is expected to catalyze market expectations towards optimism. Maintain “overweight” ratings for Air China, Juneyao Airlines, China Southern Airlines, China Eastern Airlines, Spring Airlines, and China Civil Aviation Information Network. Benefit from the target shares of Beijing Capital Airport.
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