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Tencent Finance author Zhang Qin
On June 29, during the summer of 2017 in Davos, Wang Qi, chairman of Spring Airlines (601021.SH), accepted an exclusive interview with Tencent Finance. This day happens to be Wang Hao’s father who took the baton for three months from the founder of Chunqiu Airlines, Wang Zhenghua.
Previously, Spring Airlines announced that Mr. Wang Zhenghua, the chairman of the board of directors, submitted a resignation report on the resignation of the company's chairmanship on March 29, and the second meeting of the third board of directors held on the same day agreed to be the eldest son of Wang Zhenghua and the former president of Spring Airlines. Wang Hao took over.
Wang Hao, who previously served as vice president and president of Spring Airlines, mentioned in his three months of experience that the difference is not big, "because the company is operating smoothly according to the system."
As the first low-cost airline in China, Spring Airlines was deeply imprinted by the soul figure Wang Zhenghua, and was widely circulated for the cost reduction. And going to the UK for a business trip to the basement, the simple decoration of the office... For the new head, Wang Hao is more advocating the “individualized air travel†based on inheriting and carrying forward his father’s entrepreneurial spirit.
In Wang Wei's view, although China has encountered some bottlenecks in airspace resources and ground infrastructure, China has a very broad space for development in the future low-cost aviation market.
Low-cost aviation will have a lot to do in China
Wang Wei mentioned that low-cost aviation currently accounts for about 8% of the Chinese market.
From the development history of low-cost aviation in Europe and the United States, 70-80% of the short- and medium-haul aviation market in 2-3 hours has been occupied by low-cost airlines. In this regard, low-cost aviation will have a lot to do in the Chinese market.
On the one hand, government departments attach great importance to the development of low-cost aviation. In 2014, the “Several Opinions of the State Council on Promoting Tourism Reform and Development†specifically mentioned that supporting low-cost aviation and tourism aviation development is an important measure to promote tourism development. The Civil Aviation Administration issued the "Guiding Opinions of the Civil Aviation Administration on Promoting the Development of Low-Cost Aviation" also proposed to allow low-cost aviation to properly simplify services and to establish low-cost and simple terminals.
On the other hand, in 2005, China’s real low-cost airlines, namely Spring Airlines. After many years of cultivation, the Chinese source market is gradually growing.
He predicted that with the upgrade of consumption, 80% of aviation travels were due to public affairs more than a decade ago, and today, 60 years later, 60% of air travel is private.
At the same time, in Wang Tao's view, more and more people's consumption concepts will also usher in a change. For passengers, safety and punctuality are core requirements. For short- and medium-haul routes, two or three hours, you don't need to be extravagant, because it's too late to enjoy.
He believes that our consumers are becoming more and more rational. This is the cost leader. "No one will ever go out with their own money." At the same time, the common needs also reflect the individual needs, including luggage, meals, on-board products, hotels, tickets and all aspects of the tourism industry chain. Passengers are required to design and decide on their own. From this perspective, Low-cost airlines are very "individualized" airlines, "to meet the core needs and individual needs of passengers", and the future market for low-cost airlines will be very broad.
Low cost aviation under the influence of multiple factors
The "new head" Wang Hao's succession is faced with the situation that Chunqiu Airlines' net profit has declined for the first time since its listing. According to the financial report data, the net profit attributable to shareholders of listed companies in 2016 was down by nearly 30% year-on-year. In the first quarter of 2017, the net profit attributable to shareholders of listed companies decreased by 17.30%.
In this regard, Wang Wei explained that the 2015 oil price bonus was abundant, the whole industry performance was blown out, and Spring Airlines also achieved rapid growth.
However, in 2016, major changes in the international geopolitics of the external environment have brought challenges to the civil aviation industry. Whether it is China, Hong Kong, Macao and Taiwan, or Japan, South Korea and Southeast Asia, there have been relatively large changes. Even Thailand, which has a relatively stable outbound travel market, has been continuously affected by low-cost travel and the death of Thai King, resulting in a decrease in passengers’ willingness to travel. Spread the aviation travel market.
On the other hand, Spring Airlines has encountered many "unfortunately". He mentioned that in June 2016, Spring Airlines introduced eight aircraft in more than two weeks. At that time, Hongpu two (Shanghai Hongqiao Airport, Shanghai Pudong Airport) were limited at the time, no new route time was added.
The original capacity of Chunqiu Airlines was mainly at Hongqiao and Pudong Airport. Affected by time constraints, eight aircraft were nowhere to be placed, and only the main temporary release was abroad. The geopolitical influence and the superposition of many factors have resulted in the performance of the fourth quarter of last year and the first quarter of this year.
It is not difficult to see that behind the example of the decline in Spring Airlines' performance, it also reflects some problems in the industry.
In Wang Yu’s view, the entire East China region accounts for almost 1/9 of China’s airspace, accounting for more than one-third of China’s capacity. Many flights, even if they are not from East China, are also passed through East China. The density and tension in East China are the highest in the civil aviation industry.
Wang Wei believes that the biggest advantage of China's low-cost aviation market is that the market is the largest. As for the disadvantages, first of all, the current airspace resources are relatively more restrictive. Second, from the ground resources, during the entire 12th Five-Year period, many of us Airport throughput has reached saturation and is accelerating expansion and expansion, and infrastructure development needs to be strengthened.
It is worth noting that, except for Spring Airlines, the net profit attributable to shareholders of listed companies in the first quarter of Air China, China Southern Airlines, Hainan Airlines and Jixiang Airlines has declined to varying degrees. China Airlines, China Southern Airlines and Hainan Airlines have dropped by about 40%.
The impact of oil prices and exchange rates is undoubtedly a common cause. According to the brokerage research report, in the first quarter of 2017, the average price of Brent crude oil rose by 54% year-on-year. As for the response plan, Wang Wei said that the current aviation fuel price is generally at a low level, and there is a certain time lag between the domestic aviation fuel pricing adjustment and the international aviation fuel. Therefore, Spring Airlines has not carried out the aviation fuel hedging, and the management is also studying it. Explore the feasibility of hedging a certain percentage of international jet fuel purchases.
As for the risk of the RMB exchange rate, Wang Wei said that in addition to foreign currency assets matching foreign currency liabilities to make exchange gains and losses remain neutral, Spring Airlines also uses a certain percentage of derivatives to lock prices against daily foreign currency cash expenditures to reduce the risk of exchange rate fluctuations. .
Carry out the low cost concept to the end
In terms of the current classification of low-cost airlines in China, one is an independent low-cost airline, represented by Spring Airlines; the other is a low-cost aviation subsidiary or subordinate company established by a traditional full-service airline. Airlines, including Jiuyuan Aviation Co., Ltd., Western Airlines Co., Ltd., China United Airlines Co., Ltd. and Yunnan Xiangpeng Aviation Co., Ltd., etc.
In Wang Wei’s view, from the current world, all full-service companies have run low-cost companies, but most of them have not succeeded.
"Full-service companies, they go out with other airlines to live in five-star hotels, equipped with special cars, their culture must be tall and luxurious." Wang Wei believes that this culture and low-cost ideas are completely different .
For example, Wang Wei said that every time he went to the UK to study, Wang Hao and his staff went to the basement. This is because the place where the UK meets is in the city center, the house is very expensive, even if it is a room in the basement, it costs almost 100 pounds.
However, Wang Wei said that every time the Spring and Autumn Airlines go, it will bring a lot of people, let everyone know more about the world development trend.
Wang Hao also cited another example: "The office building we used for 20 to 30 years, very old office building, there is no decoration after entering, some places are whitewashed, even lime is not brushed, cloth The line went in and used it."
Wang Wei said that in fact, this is not a trick, but the use of money in the most expensive place. Spring Airlines advocates the use of money in safety management, pilot training, etc., as well as the purchase of safe and advanced models, the recruitment of outstanding talents, and the cultivation of internal strengths.
Spring Airlines currently has a fleet size of 76 aircraft and 197 domestic and international routes. In addition to adopting a self-developed sales system and a departure system, Spring Airlines also mainly adopts a direct sales model to reduce sales expenses.
According to Wang Wei, the current sales of Spring Airlines through its own website, APP and other channels account for a high proportion, and the proportion of sales through OTA channels is actually not high. He mentioned that the sales channels of air tickets generally account for about 10% of the cost of airlines, and the choice of sales channels is to further reduce costs.
Regarding the future development of the civil aviation industry, Wang Wei believes that China's civil aviation industry is in a period of rapid development as the Spring and Autumn Period. At present, every company can still make money. The warring States period of China's aviation industry is far from coming, and it is unlikely that it will happen now. Merger and reorganization. Moreover, before the merger and reorganization, China still needs to go through a stage of airline segmentation. Of course, with the development of the industry, industry integration is inevitable in the future.
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