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 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a net profit of 440 million yuan for 2023, aligning with expectations, and a significant year-on-year increase of 319% in Q1 2024 net profit to 190 million yuan [7] - Passenger traffic has surpassed pre-pandemic levels, with a total of 19.6 million passengers in Q1 2024, representing a recovery to 108% of the same period in 2019, and a 43% increase year-on-year [7] - The company has improved its profitability quarter by quarter, with Q4 2023 achieving the highest quarterly profit of 168 million yuan, followed by Q1 2024 with 188 million yuan [7] - Cost control measures have been strengthened, with a reduction in employee numbers and a 22.6% decrease in other operating costs year-on-year [7] - The company has adjusted its profit forecasts for 2024E-2025E to 1.178 billion yuan and 1.337 billion yuan respectively, reflecting slower-than-expected recovery in international passenger traffic [7] Summary by Sections Market Data - Closing price: 10.35 yuan - Market capitalization: 24,496 million yuan - Price-to-book ratio: 1.4 [3] Financial Data - Net asset per share: 7.52 yuan - Debt-to-asset ratio: 32.36% [4] Revenue and Profit Forecast - Total revenue for 2023: 6,431 million yuan, with a year-on-year growth of 61.9% - Expected total revenue for 2024E: 7,626 million yuan, with a growth rate of 18.6% [8] - Expected net profit for 2024E: 1,178 million yuan, reflecting a year-on-year increase of 166.7% [8] Profitability Metrics - Gross margin for Q1 2024: 25.6% - Return on equity (ROE) for 2024E: 6.3% [8]

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].

广州白云国际机场股份有限公司董事会 根据证监会《上市公司独立董事管理办法》、上海证券交易 所《股票上市规则》《上市公司自律监管指引第 1 号——规范运 作》等要求，广州白云国际机场股份有限公司（以下简称"公司"） 董事会，就公司 2023 年度任职独立董事覃章高先生、王利亚先 生、邢益强先生、李孔岳先生、陆正华女士的独立性情况进行评 估并出具如下专项意见： 2024 年 4 月 25 日 广州白云国际机场股份有限公司 经核查独立董事覃章高先生、王利亚先生、邢益强先生、李 孔岳先生、陆正华女士的任职经历以及签署的相关自查文件，上 述人员未在公司担任除独立董事以外的任何职务，也未在公司主 要股东公司担任任何职务，与公司以及主要股东之间不存在利害 关系或其他可能妨碍其进行独立客观判断的关系。 董事会对独立董事独立性自查情况的专项报告 公司董事会认为：公司独立董事符合《上市公司独立董事管 理办法》《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》中对独立董事独立性的相关要求。 ...