证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 机场 ＃investSuggestion＃ ＃ ＃d白yCo云mpa机ny＃场 （ 600004 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 2023 全年业绩扭亏，T1 出境免税合同落地 ange＃ ＃createTime1＃ 2024年5月6日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  白云机场发布2023年年报、2024年一季报。2023年实现营业收入64.31亿 日期 2024-4-30 元，同比增长61.95%；实现归母净利润4.42亿元，同比扭亏。2024年一季 收盘价（元） 10.35 度公司实现归母净利润1.88亿元，同比扭亏。 总股本（百万股） 2367  运营情况：1）2023年白云机场完成飞机起降架次、旅客吞吐量和货邮吞吐 流通股本（百万股） 2367 量分别为 45.6 万架次、6317 万人次和 203.1 万吨，分别同比增长71.1%、 净资产（百万元） 17789 142%、7.8%，分别恢复到2019年同期的92.9%、86.1%、105.8 ...

证券代码：600004 股票简称：白云机场 公告编号：2024-020 广州白云国际机场股份有限公司 2024 年 4 月生产经营数据快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 三、上述运输生产数据源自公司内部统计，仅供投资者参考。 广州白云国际机场股份有限公司董事会 2024 年 5 月 7 日 项目 月度 累计 本月数 同比增长 累计数 同比增长 一、起降架次（架次） 35,447.00 -5.74% 167,413.00 17.23% 其中：国内航线 27,226.00 -15.48% 134,847.00 6.26% 地区航线 396.00 10.31% 1,532.00 68.72% 国际航线 7,825.00 55.47% 31,034.00 106.99% 二、旅客吞吐量（人次） 5,275,216.00 2.86% 24,874,334.00 32.17% 其中：国内航线 4,132,691.00 -9.18% 20,501,074.00 17.79% 地区航线 58,360.00 47.61% 21 ...

Investment Rating - The report gives an "Accumulate" rating for the company [7][20]. Core Views - The company has shown a significant recovery in passenger traffic, leading to a substantial increase in revenue and profitability. In 2023, the company reported a revenue of 6.431 billion yuan, a year-on-year increase of 62.0%, and a net profit of 442 million yuan, marking a return to profitability [3][10]. - The first quarter of 2024 continued this trend, with revenue reaching 1.66 billion yuan, up 22.4% year-on-year, and a net profit of 188 million yuan, reflecting a remarkable growth of 319.4% [3][10]. - The company has effectively controlled costs, with operating costs for 2023 at 5.07 billion yuan, only a 2.9% increase year-on-year, and a further reduction in costs observed in the first quarter of 2024 [5][16]. Summary by Sections Company Overview - The latest closing price is 10.35 yuan, with a total market capitalization of 24.5 billion yuan and a P/E ratio of 54.47 [1][3]. Financial Performance - In 2023, the company achieved a total revenue of 6.431 billion yuan, with a growth rate of 61.95% [9]. - The projected revenues for 2024, 2025, and 2026 are estimated at 7.372 billion yuan, 8.393 billion yuan, and 9.042 billion yuan, respectively, with year-on-year growth rates of 14.6%, 13.9%, and 7.7% [20][22]. Passenger Traffic and Revenue Breakdown - The company reported a total passenger throughput of 63.17 million in 2023, with domestic traffic nearly back to 2019 levels and international traffic recovering to 43.7% of 2019 levels [4][13]. - The breakdown of revenue shows aviation-related income at 2.49 billion yuan, up 102.2%, and non-aviation income at 3.94 billion yuan, up 43.8% [4][13]. Cost Management - The company has maintained good cost control, with a significant reduction in various cost components, leading to a decrease in expense ratios [5][16]. Future Outlook - The company anticipates continued growth in passenger traffic and revenue, with the potential opening of the T3 terminal in late 2025 or early 2026, which may impact revenue and cost structures [20].

证券代码：600004 证券简称：白云机场 公告编号：2024-019 广州白云国际机场股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 会议主题： 2023 年度暨 2024 年第一季度业绩说明会 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 5 月 7 日(星期二) 至 5 月 13 日(星期 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 （https://roadshow.sseinfo.com/questionCollection.do）或通 过公司邮箱 600004@gdairport.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 广州白云国际机场股份有限公司（以下简称"公司"）已于 2024 年 4 月 27 日发布公司 2023 年年度报告及 2024 年第一季度报 告，为便于广大投资者更全面深入地了解公司 2023 年度及 2024 年 第一季度经营成果、财务状况，公司计划 ...

上 市 公 司 交通运输 2024年04月30日 白云机场 (600004) 公 司 研 究 ——公告 23 年及 24Q1 业绩，盈利能力持续回暖 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持） ⚫ 事件：白云机场公布2023全年以及24Q1业绩。2023年公司经营业绩扭亏为盈，实现 归属于上市公司股东的净利润为4.4亿元，接近业绩预告下限，符合预期。公司2024Q1 证 市场数据： 2024年04月30日 券 实现归母净利润1.9亿元，同比+319%，实现业绩逐季改善，环比23Q4利润增长12%， 收盘价（元） 10.35 研 一年内最高/最低（元） 15.34/8.99 符合预期。 究 市净率 1.4 报 息率（分红/股价） - ⚫ 白云机场一季度经营持续改善，整体客流已超过 19 年，国际恢复至疫情前七五成左右。 告 流通A股市值（百万元） 24496 根据公司公告，受益于国内航空市场基本恢复正常，春运旺季常态化进行，1-3 月白云机 上证指数/深证成指 3104.83/9587.13 场旅客吞吐量达到1960万人次，恢复至19年同期的108%，同比2023年Q1增长43%， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported a significant recovery in its financial performance, with a 62% year-on-year increase in operating revenue for 2023, reaching 6.43 billion yuan, and a return to profitability with a net profit of 440 million yuan [2] - The recovery in air travel demand has led to increased aviation service revenue, with passenger throughput in 2023 reaching approximately 63.17 million, a 142% increase year-on-year [2] - The company is focusing on comprehensive reforms to enhance commercial management efficiency, resulting in a 44% increase in non-aviation revenue to 3.94 billion yuan in 2023 [2] - Cost control measures have led to a rapid improvement in gross margin, with the gross margin for aviation services turning positive at 21.1% in 2023, compared to -24.1% in 2022 [2] - The likelihood of further adjustments to the current duty-free agreement is low, which bodes well for future growth potential in the duty-free business [2] - The investment outlook remains positive, with a projected net profit of 1.1 billion yuan for 2024, despite a downward revision of 27% for 2024 and 35% for 2025 due to slower recovery in overseas routes [2] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 6.43 billion yuan, a 62% increase year-on-year, and a net profit of 440 million yuan, marking a turnaround from losses [2] - For Q1 2024, the company reported approximately 1.9 billion yuan in operating revenue, a 22.3% increase year-on-year, and a net profit growth of 319% [2] Aviation Services - The number of aircraft takeoffs and landings in 2023 was approximately 456,000, a 71% increase year-on-year, recovering to 93% of the levels seen in 2019 [2] - Passenger throughput for 2023 was about 63.17 million, recovering to 86% of 2019 levels, with domestic, international, and regional passenger numbers recovering to 101%, 43%, and 63% respectively [2] Non-Aviation Revenue - Non-aviation revenue reached 3.94 billion yuan in 2023, a 44% increase, with rental and franchise income contributing 1.34 billion yuan, up 23.9% [2] Cost Management - The company's operating costs increased by only 2.9% to approximately 5.07 billion yuan in 2023, leading to a significant improvement in gross margin for aviation services [2] Future Outlook - The report anticipates continued recovery in air passenger demand and profitability, with a projected net profit of 1.1 billion yuan for 2024 and 1.43 billion yuan for 2025 [2]

公司研 究 证 券研究 报 告 机场 2024年04月28日 白 云机场（600004）2023年报及 2024年一季报点评 强 推 （维持） 23 年盈利 4.42 亿；24Q1 盈利 1.88 亿，同比 目标价：12.78元 增长 319%，股东回报计划彰显长期信心 当前价：10.58元  公司公告2023年报及2024年一季报： 华创证券研究所 财务数据:1）2023年：营收64.31亿，同比+62.0%，较19年同比-18.3%，盈 利4.42亿（22年同期亏损10.71亿），扣非后盈利3.83亿。分部业务中：航空 证券分析师：吴一凡 性收入 24.9亿，同比+102.2%；非航收入 39.4亿，同比+43.8%，其中租赁特 电话：021-20572539 许综合收入13.4亿，同比+23.9%。2）23Q4：营收18.23亿，同比+174.9%； 23Q4 归母净利为 1.68 亿（22 年同期亏损 4.44 亿），Q1~Q4 扣非净利分别为 邮箱：wuyifan@hcyjs.com 0.38、1.01、1.09和1.34亿。3）24Q1：营收16.63亿，同比+22.4%；24Q1归 执业编号： ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown significant recovery in its operations, with a 61.95% year-on-year increase in revenue for 2023, reaching 6.43 billion RMB, and a return to profitability with a net profit of 440 million RMB compared to a loss of 1.07 billion RMB in the previous year [1]. - The first quarter of 2024 continued this positive trend, with a 22.4% increase in revenue to 1.66 billion RMB and a remarkable 319.4% increase in net profit to 188 million RMB [1]. - The recovery in air travel demand has been robust, with passenger throughput reaching 63.17 million in 2023, a 142% increase year-on-year, and a recovery to 108% of 2019 levels in Q1 2024 [1]. - The company has improved its gross margin to 21.13%, a 45.25 percentage point increase year-on-year, while its expense ratio decreased by 4.21 percentage points to 9.62% [1]. Summary by Sections Performance Overview - In 2023, the company achieved 45.6 million aircraft takeoffs and landings, with cargo throughput of 203.1 thousand tons, reflecting a recovery to 93% and 105.8% of 2019 levels, respectively [1]. - The company’s net profit margin improved to 6.87%, an increase of 33.85 percentage points year-on-year, marking a successful turnaround from losses [1]. Operational Analysis - The company has seen a continuous recovery in flight routes since the beginning of 2024, with Q1 2024 passenger throughput increasing by 43% year-on-year [1]. - The resumption of international flights, particularly to the US, is expected to further enhance the company's performance, with new agreements allowing for increased flight frequencies [1]. Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been adjusted to 1.41 billion RMB and 1.56 billion RMB, respectively, with a new forecast for 2026 set at 800 million RMB [1].

广州白云国际机场股份有限公司 董事会审计委员会对关联交易的书面审核意见 根据《上海证券交易所股票上市规则》《上海证券交易所上市 公司自律监管指引第 5 号——交易与关联交易》等法律法规的规 定，公司董事会审计委员会认真全面审查了《关于 2024 年度日常关 联交易预计的议案》及相关资料，发表以下书面审核意见： 公司与相关关联方的日常关联交易为公司正常经营需要，符合 《上海证券交易所股票上市规则》等相关法律、法规的规定，交易 定价公允、合理，不会对公司独立性产生影响，未损害公司及全体 股东（特别是中小股东）的利益。 同意将《关于 2024 年度日常关联交易预计的议案》提交公司第 七届董事会第十一次（2023 年度）会议审议。 董事会审计委员会委员： 陆正华 王利亚 邢益强 广州白云国际机场股份有限公司董事会审计委员会 2024 年 4 月 18 日 ...

Financial Performance - The company's operating revenue for 2023 reached CNY 6,430,868,267.12, representing a 61.95% increase compared to CNY 3,970,959,862.12 in 2022[17]. - The net profit attributable to shareholders for 2023 was CNY 441,905,715.29, a significant recovery from a loss of CNY 1,071,204,611.73 in the previous year[17]. - The net cash flow from operating activities increased by 171.69% to CNY 2,359,665,123.90, compared to CNY 868,506,661.92 in 2022[17]. - The basic earnings per share for 2023 was CNY 0.19, a turnaround from a loss of CNY 0.45 per share in 2022[18]. - The weighted average return on equity for 2023 was 2.54%, recovering from -6.03% in 2022[18]. - The company reported a total of CNY 59,301,815.23 in non-recurring gains for the year, with significant contributions from government subsidies and asset disposals[22]. - The total comprehensive income for the year increased, with undistributed profits rising from ¥2,528,825,848.77 in 2022 to ¥2,971,415,201.88 in 2023, an increase of approximately 17.5%[177]. - The company reported a profit distribution of -49,677,799.73 RMB, indicating a loss allocation to shareholders[186]. Assets and Liabilities - The total assets of the company as of the end of 2023 were CNY 26,190,045,631.21, a decrease of 2.79% from CNY 26,940,788,268.14 at the end of 2022[17]. - The net assets attributable to shareholders increased by 2.34% to CNY 17,593,268,620.81 from CNY 17,190,503,490.42 in 2022[17]. - Total current assets increased to ¥4,026,233,590.38 in 2023 from ¥3,484,403,758.13 in 2022, representing a growth of approximately 15.6%[172]. - Total non-current assets decreased to ¥22,163,812,040.83 in 2023 from ¥23,456,384,510.01 in 2022, a decline of about 5.5%[173]. - Total liabilities decreased from ¥9,532,186,368.95 in 2022 to ¥8,383,702,747.10 in 2023, a reduction of approximately 12.1%[174]. - The total owner's equity at the end of the year was 17,408,601,899.19 RMB, with a decrease of 5,024,145.47 RMB during the year[186]. Operational Highlights - The total passenger throughput for the company reached 63.17 million, representing a year-on-year growth of 142%[27]. - The cargo and mail throughput was 203.1 thousand tons, with a year-on-year increase of 7.8%[27]. - The company achieved a peak hour capacity increase to 83 aircraft movements, enhancing operational efficiency[27]. - The company launched over 100 new, restored, and increased international and regional passenger routes during the reporting period[27]. - The average on-bridge rate for flights improved by 10%, reaching over 80%, ranking second nationally[27]. Shareholder and Governance - The company held 3 shareholder meetings during the reporting period, ensuring compliance with relevant regulations and equal treatment of all shareholders[68]. - The board of directors convened 9 meetings, enhancing decision-making through the establishment of four specialized committees[68]. - The company has established a performance evaluation system for senior management, aiming to refine evaluation standards and incentive mechanisms[69]. - The company has independent directors with extensive experience in various sectors, including finance and management[82]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 5.7675 million yuan[85]. Risk Management - The company has outlined potential risks in its future development strategies, which are detailed in the management discussion section[4]. - The company faces macroeconomic risks due to global uncertainties and domestic economic recovery challenges[66]. - The aviation industry is subject to policy risks that may impact future performance due to government policy adjustments[66]. - The domestic aviation market is experiencing intense competition, particularly from Hong Kong and Shenzhen airports, as well as the high-speed rail network[66]. Environmental and Social Responsibility - The company invested RMB 27.82 million in environmental protection during the reporting period[115]. - The total nitrogen discharge was 42.57 tons per year, with a concentration of 5.38 mg/L[117]. - The airport's sewage treatment facility has been operational since 2004 and underwent a process upgrade in 2017, achieving compliance with national and local wastewater discharge standards[118]. - The company implemented carbon reduction measures, resulting in a reduction of 678 tons of CO2 equivalent emissions[127]. - The environmental, social, and governance (ESG) report for 2023 is available for public access, detailing the company's sustainability efforts[130]. Future Plans - The company aims to achieve a passenger throughput target to maintain the top position among domestic airports for five consecutive years[65]. - The company plans to expand its international routes, focusing on Southeast Asia, South Asia, the Middle East, Australia, New Zealand, and Africa markets[65]. - The company is committed to building a world-class airport by improving its hub competitiveness, brand influence, and system innovation capabilities[64]. - The company plans to increase investment in digital infrastructure to enhance operational efficiency and reduce labor costs[97].