交通运输行业周报：2024年上海港出口汽车同比增长26.6%，申通预计2024年归母净利润同比大幅增长

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [1]. Core Insights - In 2024, China's shipbuilding industry maintained its global leadership for the 15th consecutive year, with a completion rate of 55.7%, holding 63.1% of global orders and 74.1% of new orders [2][15]. - Shanghai's automobile exports are projected to grow by 26.6% year-on-year in 2024, with over 1.66 million vehicles exported [2][16]. - The number of inbound and outbound travelers in China is expected to reach 610 million in 2024, a 43.9% increase year-on-year [2][17]. - Shentong Express anticipates a significant increase in net profit for 2024, estimated between 950 million to 1.05 billion yuan, reflecting a growth of 178.84% to 208.19% compared to the previous year [2][22]. Industry Dynamics Shipbuilding - China's shipbuilding industry continues to dominate with over half of the global ship deliveries in 2024, and a significant increase in green energy ship orders [2][15]. - The profitability of the shipbuilding sector has improved, with a profit margin of 7.52% reported by November 2024 [15]. Logistics and Express Delivery - The express delivery sector is experiencing a peak in demand, particularly during the Spring Festival, with daily volumes exceeding 5.5 billion packages [2][23]. - In November 2024, the express delivery business volume increased by 26.15% year-on-year, with revenues rising by 15.18% [52]. Air Travel - The average daily flights in China have increased, with a 42.25% year-on-year rise in international flights during the second week of January 2025 [80]. - The domestic flight utilization rate has also improved, indicating a recovery in air travel demand [80]. Port Operations - In 2024, China's ports handled 160.41 billion tons of cargo, marking a 10.6% increase year-on-year, with container throughput also rising [50]. Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [3]. - It also highlights investment opportunities in low-altitude economy sectors and cruise shipping [3][4].