Financial Performance - The company's operating revenue for Q1 2024 was RMB 3,029,379,846.52, representing a year-on-year increase of 40.61%[4] - The net profit attributable to shareholders for the same period was RMB 385,764,035.91, with a net profit excluding non-recurring gains and losses of RMB 382,416,938.66[4] - The basic earnings per share for Q1 2024 was RMB 0.16, with a weighted average return on equity increasing by 1.2 percentage points to 0.95%[5] - The net profit for Q1 2024 was CNY 460,751,602.45, a significant improvement compared to a net loss of CNY 57,253,858.98 in Q1 2023[49] - Basic and diluted earnings per share for Q1 2024 were both CNY 0.16, compared to a loss of CNY 0.04 per share in the same period last year[50] - The total comprehensive income attributable to the parent company for Q1 2024 was CNY 385,764,035.91, compared to a loss of CNY 99,346,473.86 in Q1 2023[49] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to RMB 70,610,669,970.02, reflecting a 1.63% increase compared to the end of the previous year[5] - The company's total assets reached CNY 70,610,669,970.02, up from CNY 69,480,530,979.72 at the end of 2023, indicating a growth of approximately 1.6%[41] - Total liabilities increased to CNY 28,123,346,573.22 from CNY 27,453,959,185.37, marking a rise of about 2.4%[36] - Total current assets as of March 31, 2024, were CNY 19,187,068,821.03, compared to CNY 17,726,389,804.34 at the end of 2023, reflecting an increase of about 8.2%[32] - The total assets as of March 31, 2024, were CNY 16,942,251,669.16, compared to CNY 15,820,153,696.94 at the end of 2023[56] - The total liabilities increased to ¥23,498,446,367.50 in Q1 2024, compared to ¥22,783,625,460.86 in Q1 2023, reflecting a rise of approximately 3.1%[61] Cash Flow - The net cash flow from operating activities was RMB 490,141,672.53, with no applicable comparison data[1] - The company's cash and cash equivalents increased to CNY 15,935,707,395.56 from CNY 14,615,345,937.25, showing a growth of approximately 9%[24] - Operating cash flow for Q1 2024 was CNY 490,141,672.53, recovering from a negative cash flow of CNY 33,041,140.33 in Q1 2023[51] - The net cash flow from operating activities for Q1 2024 was $360,608,005.22, compared to $557,848,894.88 in the previous year, indicating a decrease of approximately 35.4%[68] - The net cash flow from investment activities was -$612,324,486.00, a decline from -$1,687,915,912.36 year-over-year, reflecting a 63.7% improvement[68] - The net increase in cash and cash equivalents for Q1 2024 was $1,204,297,031.69, compared to $600,397,142.15 in the previous year, showing a growth of about 100.5%[68] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 216,065, with the top ten shareholders holding significant stakes[7] - Shanghai Airport (Group) Co., Ltd. held 58.38% of the shares, making it the largest shareholder[7] Business Operations - The company is focused on expanding its operations and enhancing its service offerings in the airport sector[6] - The company reported advertising contract revenue of CNY 162 million during the reporting period[23] - Duty-free contract revenue amounted to CNY 347 million, contributing to the company's efforts to strengthen its market position in the duty-free business[23] - The company plans to enhance its advertising business through a new contract with Shanghai Airport De Gao Momentum Advertising Co., Ltd.[23] - The company is focusing on expanding its duty-free operations to maintain a competitive edge in the market[23] - The company is focusing on expanding its market presence and enhancing its product offerings as part of its strategic initiatives[65] Non-Recurring Gains and Losses - The company reported non-recurring gains and losses totaling RMB 3,347,097.25 for the period, primarily from government subsidies and other income[6] - The company reported a decrease in impairment losses, with credit impairment losses recorded at CNY 0.00 for Q1 2024[49] Audit Status - The financial report for Q1 2024 was not audited, indicating that the figures are preliminary and subject to change[3]

证券代码：600009 证券简称：上海机场 公告编号：临 2024-018 上海国际机场股份有限公司 关于增补选举第九届监事会职工监事 的公告 1 简 历 因年龄原因，原职工监事刘红女士不再担任公司第九届监事会职 工监事职务。 特此公告。 上海国际机场股份有限公司 监 事 会 2024 年 4 月 26 日 本公司监事会及全体监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。 近日，通过职工代表大会无记名投票方式选举，殷亮先生当选为 公司第九届监事会职工监事。 ●殷亮先生，1976 年 3 月出生，中共党员，研究生学历，现任 上海国际机场股份有限公司职工监事、上海国际机场股份有限公司浦 东国际机场工会主席。 殷先生于 2001 年 7 月参加工作，曾担任上海国际机场股份有限 公司党委办公室副主任，上海国际机场股份有限公司航站区管理部党 委副书记、纪委书记、工会主席、党委书记、副总经理，上海国际机 场股份有限公司党委办公室主任等职务。 殷先生未受过中国证监会及其他有关部门的处罚和证券交易所 惩戒，目前未持有公司股票。 2 ...

转自：澎湃新闻 4月19日，澎湃新闻记者从上海申铁获悉，近期，由上海申铁负责投资建设、中铁电气化局承建的市域铁路机场联络线供电工程又传来好消息，西段虹桥 站至三林南站区间接触网热滑试验顺利完成。 上海机场联络线供电工程西段接触网热滑试验顺利完成 。上海申铁提供 热 ...

证券代码：600009 证券简称：上海机场 公告编号：临 2024-017 上海国际机场股份有限公司 2024年3月运输生产情况简报 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。 | 浦东国际机场 | 飞机起降量（架次） | | 旅客吞吐量（万人次） | | 货邮吞吐量（万吨） | | | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 同比±% | 本月 | 同比±% | 本月 | 同比±% | | 总计 | 43,265 | 34.30 | 610.28 | 69.50 | 32.42 | 9.49 | | 境内航线 | 26,247 | 14.64 | 367.16 | 32.82 | 2.69 | 42.33 | | 境外航线 | 16,795 | 88.50 | 243.12 | 190.74 | 29.73 | 7.25 | | -国际航线 | 14,073 | 118.52 | 205.70 | 319.62 | 26.07 | 7.77 | | -港澳台 ...

证券代码：600009 证券简称：上海机场 公告编号： 临 2024-016 上海国际机场股份有限公司 关于召开 2023 年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。 重要内容提示： 会议召开时间：2024 年 4 月 19 日(星期五) 上午 11:00-12:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） （一） 会议召开时间：2024 年 4 月 19 日 上午 11:00-12:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 4 月 12 日(星期五) 至 4 月 18 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@shairport.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。 上海国际机场股份有限公司（以下简称"公司"）已于 20 ...

Investment Rating - The report maintains a "Recommended" rating for Shanghai Airport [9] Core Views - In 2023, Shanghai Airport achieved revenue of 11.05 billion yuan, a year-on-year increase of 101.6%, and turned a profit with a net income of 829 million yuan, recovering from a loss of 3.076 billion yuan the previous year [8] - The recovery in passenger traffic, particularly in international routes, is expected to drive significant revenue growth in 2024 [8] - The company’s non-aeronautical revenue, including duty-free sales, is projected to continue growing, although returning to pre-pandemic levels may be challenging [8] Financial Performance Summary - **Revenue Growth**: - 2022: 5.48 billion yuan - 2023: 11.05 billion yuan (growth of 101.57%) - 2024E: 13.91 billion yuan (growth of 25.92%) [4] - **Net Profit**: - 2022: -2.99 billion yuan - 2023: 934 million yuan (growth of 75.05%) - 2024E: 2.34 billion yuan (growth of 150.15%) [5] - **Return on Equity**: - 2022: -7.56% - 2023: 2.30% - 2024E: 5.54% [6] - **Earnings Per Share (EPS)**: - 2022: -1.26 yuan - 2023: 0.38 yuan - 2024E: 0.94 yuan [6] Passenger Traffic and Revenue Insights - In 2023, Pudong Airport's passenger throughput reached 54.48 million, recovering to 71.5% of the 2019 level, with domestic traffic exceeding 2019 figures [8] - International passenger volume is expected to continue increasing significantly in 2024, contributing to higher revenues [8] Non-Aeronautical Revenue - Non-aeronautical revenue reached 6.671 billion yuan in 2023, a year-on-year increase of 82.3%, with duty-free sales showing substantial growth [8] - Duty-free revenue was 1.788 billion yuan in 2023, up from 363 million yuan in 2022, but still below the 5.21 billion yuan level in 2019 [8]

[Table_Page] 年报点评|航空机场 证券研究报告 [上Table_海Title] 机场（600009.SH） [公Tab司le_I评nves级t] 增持 当前价格 36.74元 走出低谷，盈利逐季改善 合理价值 50.75元 报告日期 2024-04-02 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 事件：上海机场发布 2023 年年报。全年营业收入 110.47 亿元 /yoy+101.57%；归母净利润 9.34 亿元，同比扭亏，22 年亏损 29.95 2% 04/23 06/23 08/23 09/23 11/23 01/24 03/24 亿元。扣非归母净利润8.29亿元，同比扭亏，22年亏损30.76亿元。 -8% -19% ⚫ 客流稳健增长，业务逐渐恢复： 23年上海两场旅客吞吐量9696.91万 -29% 人次，恢复至19年的8成，其中浦东、虹桥为19年72%、93%。伴 -40% 随客流恢复，公司全年航空业务和非航业务收入同比分别增加25.54亿 -50% 元、30.12亿元，其中免税租金17.88亿元，同比增加14.25亿 ...

Investment Rating - The report maintains a "Recommend" rating for Shanghai Airport (600009) with a target price of 43.8 CNY, indicating a potential upside of 20% from the current price of 36.65 CNY [2][3]. Core Views - The report highlights a significant recovery in the company's financial performance, with a total revenue of 11.047 billion CNY in 2023, a year-on-year increase of 101.6%. The net profit reached 934 million CNY, recovering from a loss of 2.991 billion CNY in 2022 [1][5]. - The report emphasizes the long-term value of the hub airport, particularly in the context of the ongoing recovery of international travel and the strategic partnership with China Duty Free Group to enhance sales [1][5]. Financial Performance Summary - **2023 Financial Results**: - Total revenue: 11.047 billion CNY, up 101.6% year-on-year - Net profit: 934 million CNY, compared to a loss of 2.991 billion CNY in 2022 - Non-recurring profit: 8.3 billion CNY, recovering from a loss of 3.08 billion CNY in 2022 [1][5]. - **Quarterly Breakdown**: - Q4 2023 revenue: 3.126 billion CNY, up 131.4% year-on-year - Q4 2023 net profit: 440 million CNY, with quarterly non-recurring profits of 3.7 billion CNY [1][5]. - **Investment Income**: - Total investment income for 2023: 660 million CNY, a year-on-year increase of 274.4% [1][5]. Business Segment Performance - **Aviation Business**: - Aviation revenue for 2023: 4.376 billion CNY, up 140.2% year-on-year [1]. - **Non-Aviation Business**: - Non-aviation revenue for 2023: 6.67 billion CNY, up 82.34% year-on-year, with notable growth in commercial catering (2.43 billion CNY, up 333.97%) and logistics services (1.48 billion CNY, up 8.5%) [1][5]. Operational Data - **Pudong Airport**: - Total takeoffs and landings in 2023 increased by 112.2% year-on-year, with passenger throughput up 284.2% year-on-year [1][5]. - **Hongqiao Airport**: - Total takeoffs and landings increased by 78.5% year-on-year, with passenger throughput up 141.03% year-on-year [1][5]. Future Earnings Forecast - The report adjusts the profit forecasts for 2024 and 2025 to 3.29 billion CNY and 4.36 billion CNY, respectively, and introduces a 2026 forecast of 4.86 billion CNY. The corresponding EPS for these years are projected at 1.32, 1.75, and 1.95 CNY, with PE ratios of 28, 21, and 19 [1][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 36.26 CNY [2] Core Views - The company achieved a net profit of 934 million CNY in 2023, turning from a loss in 2022, with a significant increase in both quarterly and annual performance [4] - The recovery of the civil aviation industry in 2023 has led to a substantial increase in passenger volume and flight operations, with the company benefiting from improved operational conditions and asset integration effects [5] - The forecast for 2024 indicates accelerated recovery in international routes, with expected net profits of 2.82 billion CNY and 4.06 billion CNY for 2024 and 2025 respectively, supported by favorable policies and resource integration [5][6] Financial Summary - **Revenue Forecast**: - 2022A: 5,480 million CNY - 2023A: 11,047 million CNY - 2024E: 13,939 million CNY (growth rate of 102%) - 2025E: 15,761 million CNY (growth rate of 13%) - 2026E: 16,706 million CNY (growth rate of 6%) [2][6] - **Net Profit Forecast**: - 2022A: -2,995 million CNY - 2023A: 934 million CNY - 2024E: 2,820 million CNY (growth rate of 202%) - 2025E: 4,062 million CNY (growth rate of 44%) - 2026E: 4,410 million CNY (growth rate of 9%) [2][6] - **Earnings Per Share (EPS)**: - 2022A: -1.20 CNY - 2023A: 0.38 CNY - 2024E: 1.13 CNY - 2025E: 1.63 CNY - 2026E: 1.77 CNY [2][6] - **Valuation Ratios**: - P/E ratios for 2024E, 2025E, and 2026E are 32.0, 22.2, and 20.5 respectively [2][6] Operational Highlights - In 2023, Pudong Airport's passenger throughput reached 54.48 million, recovering to 72% of 2019 levels, while Hongqiao Airport's throughput reached 42.49 million, recovering to 93% of 2019 levels [5] - The company generated 1.788 billion CNY in duty-free revenue in 2023, with expectations for future growth following new agreements [5]

Investment Rating - The report maintains a "Hold" rating for the company with a target price of 41.61 CNY based on a 2025 earnings multiple of 18 times PE [3]. Core Insights - The company reported a significant revenue increase of 101.6% year-on-year in 2023, reaching 11.05 billion CNY, and a net profit of 930 million CNY, up 131.2% year-on-year [2]. - Business recovery is evident with key metrics such as aircraft takeoffs and landings, passenger throughput, and cargo volume showing substantial growth compared to pre-pandemic levels [2]. - The international passenger flow recovery has positively impacted the duty-free business, with contract revenue increasing by 392.6% year-on-year [2]. - The outlook for 2024 remains strong, with continued recovery in business volumes expected [3]. Financial Data and Valuation - Financial performance for 2023 shows a revenue of 11,047 million CNY, with a growth rate of 102% compared to the previous year [1]. - The net profit for 2023 is projected at 934 million CNY, marking a 131% increase year-on-year, with an EPS of 0.38 CNY [1]. - The company’s P/E ratio is expected to decrease from 96.6 in 2023 to 11.6 by 2026, indicating improving profitability [1]. - The net asset value per share is reported at 16.29 CNY, with a projected decline in the P/B ratio from 2.2 in 2023 to 1.6 in 2026 [1].