交通运输行业航空重构繁荣系列之五：数观中报，拐点临近，重构繁荣

2020.9.9 S1010519040004 2020Q213%29.7%Q315%12021 Q213%Q3Q212229.7%17.7%6.7%44%~77%24%~32%890%75%Q315% 612021 APP80%87% Q2Q3Q2Boeing AirBus77%73%20219202196--10.8%18.4% ARJ212~71220202%20217 (RPK-ASK)-5.5%~-7.5% 2020Q213%29.7%17.7%6.7%Q315%612% EPS PE 19A20E 21E 19A 20E 21E 6.28 0.17-0.47 0.77 37 NA 8 5.09 0.20-0.38 0.51 25 NA 10 7.52 0.44-0.50 0.65 17 NA 11 48.11 2.010.34 2.31 24 NA 21 12.30 0.54 -0.27 0.44 23 NA 28 Wind 202097 2020.9.9 13% ................................................... 1 Q213%48% ............................................. 1 13pcts30% ....................... 3 .................................................... 5 ................................... 5 80%87% ...................................... 7 ...................................................................... 9 .................................................... 9 ................................................................ 10 .................................................................... 12 ............................................................. 12 .................................................................................................................... 14 ................................................................................................... 14 ............................................................................................................. 15 2020.9.9 12020H146.6%~57.3%43.4%............................ 1 2 2020H173.9% 48.1% 50.1%43.6% .................................................................................................................................... 1 32020H181.7~94.44.1 ............................. 1 42~717.1% .................................................... 2 5Q224%~32%40% ................................. 2 62020H1105%~180% ................................. 3 72020H17.4~13.7pcts .................................................. 3 82019H132%2020H119% ........................ 3 9 20205~667%7~940% ................................................................................................................................. 3 102020H119% .................................. 4 112020H159.3%49.0%56.5%.................. 4 122020H10.4% ................... 4 132020H14.14.33.2 .......................... 5 1429.7%17.7%6.7% . 5 15737.6%3699.6 ....................................... 5 16890% ........................................ 5 17201944.1% .............................................. 6 18201952.2% .......................................... 6 197ASK41.3%~52.1%8.4% ..................................... 7 207RPK48.8%~58.0%17.7% ................................... 7 21771.7%~72.8%82.1% ............................. 7 2270% ............................. 8 252020Q2-5.9~38.00.24 ......................... 9 262020Q136~13925.2 ........................ 10 272020H13.6pcts5.4pcts .................