Revenue and Profit Performance - Revenue for the third quarter was RMB 3,127,199,442.24, an increase of 2.46% compared to the same period last year[2] - Cumulative revenue from the beginning of the year to the end of the reporting period was RMB 9,190,859,564.62, a year-on-year increase of 16.03%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 386,750,539.79, up 6.16% year-on-year[2] - Cumulative net profit attributable to shareholders of the listed company from the beginning of the year to the end of the reporting period was RMB 1,201,623,638.29, a significant increase of 141.87% year-on-year[2] - Net profit increased to 1,430,649,327.85 RMB from 660,351,059.62 RMB[18] - Net profit attributable to parent company shareholders increased to 1,201,623,638.29 RMB from 496,800,930.14 RMB[18] - Minority shareholders' net profit increased to 229,025,689.56 RMB from 163,550,129.48 RMB[18] - Total revenue for the first three quarters of 2024 reached 5,179,071,751.66 RMB, a 16.8% increase compared to 4,435,693,649.01 RMB in the same period of 2023[27] - Net profit for the first three quarters of 2024 was 590,883,690.28 RMB, a significant increase from 127,705,553.89 RMB in the same period of 2023[28] Earnings Per Share and Return on Equity - Basic earnings per share for the third quarter were RMB 0.16, an increase of 6.67% compared to the same period last year[3] - Weighted average return on equity (ROE) for the third quarter was 0.95%, an increase of 0.04 percentage points year-on-year[3] - Basic earnings per share increased to 0.48 RMB from 0.20 RMB[20] Asset and Liability Changes - Total assets at the end of the reporting period were RMB 68,953,537,204.60, a slight decrease of 0.76% compared to the end of the previous year[3] - Total assets decreased to 68,953,537,204.60 RMB from 69,480,530,979.72 RMB[15] - Total liabilities decreased to 26,374,336,882.36 RMB from 27,453,959,185.37 RMB[15] - The company's total assets as of September 30, 2024 were RMB 62,262,376,790.80, a slight decrease from RMB 62,917,352,830.05 at the end of 2023[24] - Total liabilities as of Q3 2024 were 22,502,495,747.27 RMB, slightly lower than 22,783,625,460.86 RMB at the end of Q3 2023[26] - Total equity as of Q3 2024 was 39,759,881,043.53 RMB, showing a slight increase from 40,133,727,369.19 RMB at the end of Q3 2023[26] Cash Flow and Financial Activities - Cash flow from operating activities for the period from the beginning of the year to the end of the reporting period was RMB 3,803,714,946.70, an increase of 87.10% year-on-year[2] - Sales of goods and services received cash of RMB 9,603,977,154.10 in the first three quarters of 2024, a 34.6% increase compared to RMB 7,135,089,486.23 in the same period of 2023[21] - Net cash flow from operating activities in the first three quarters of 2024 was RMB 3,803,714,946.70, an 87.1% increase from RMB 2,032,999,934.64 in the same period of 2023[22] - Net cash flow from investing activities in the first three quarters of 2024 was negative RMB 1,418,523,702.41, an improvement from negative RMB 3,417,537,952.64 in the same period of 2023[22] - Net cash flow from financing activities in the first three quarters of 2024 was negative RMB 2,118,174,629.99, compared to negative RMB 287,248,310.06 in the same period of 2023[23] - Operating cash flow for the first three quarters of 2024 was 2,411,912,027.51 RMB, more than double the 1,157,329,301.06 RMB in the same period of 2023[30] - Investment cash outflow for the first three quarters of 2024 was 2,157,409,142.51 RMB, significantly lower than 3,179,494,723.97 RMB in the same period of 2023[30] - Financing cash inflow for the first three quarters of 2024 was 12,389,250,126.13 RMB, slightly higher than 11,853,216,712.03 RMB in the same period of 2023[30] - Repayment of debt amounted to 7.2 billion CNY, compared to 6.75 billion CNY in the previous period[31] - Cash outflow for financing activities totaled 13.83 billion CNY, up from 11.77 billion CNY in the prior period[31] - Net cash flow from financing activities was -1.44 billion CNY, a significant decrease from 78.23 million CNY in the previous period[31] - Net increase in cash and cash equivalents was -189.24 million CNY, compared to -1.68 billion CNY in the prior period[31] - Ending cash and cash equivalents balance stood at 13.33 billion CNY, down from 13.52 billion CNY at the beginning of the period[31] Business and Operational Highlights - The significant increase in net profit and earnings per share was mainly due to a substantial year-on-year increase in aviation business volume at Shanghai's two airports, leading to improved operational efficiency[5][6] - Advertising contract revenue for the reporting period was 174 million yuan[12] - Duty-free contract revenue for the reporting period was 267 million yuan[12] Financial Position and Investments - Monetary funds as of September 30, 2024, amounted to 14.88 billion yuan, an increase from 14.62 billion yuan at the end of 2023[13] - Trading financial assets as of September 30, 2024, were 452 million yuan, up from 406.91 million yuan at the end of 2023[13] - Accounts receivable as of September 30, 2024, were 2.81 billion yuan, compared to 2.59 billion yuan at the end of 2023[14] - Long-term equity investments as of September 30, 2024, were 4.62 billion yuan, up from 4.33 billion yuan at the end of 2023[14] - Fixed assets as of September 30, 2024, were 23.2 billion yuan, a decrease from 24.12 billion yuan at the end of 2023[14] - Construction in progress as of September 30, 2024, was 2.3 billion yuan, up from 1.93 billion yuan at the end of 2023[14] - Total current assets as of September 30, 2024, were 18.28 billion yuan, compared to 17.73 billion yuan at the end of 2023[14] - Total non-current assets as of September 30, 2024, were 50.67 billion yuan, a decrease from 51.75 billion yuan at the end of 2023[14] - Long-term equity investments increased to RMB 12,149,389,095.60 as of September 30, 2024, up from RMB 11,982,877,423.35 at the end of 2023[25] - Fixed assets decreased to RMB 17,537,945,316.59 as of September 30, 2024, down from RMB 18,249,955,763.20 at the end of 2023[25] - Construction in progress increased to RMB 2,162,507,955.51 as of September 30, 2024, up from RMB 1,788,087,999.36 at the end of 2023[25] - Total current liabilities as of September 30, 2024 were RMB 10,007,239,271.44, slightly higher than RMB 9,901,076,414.62 at the end of 2023[25] - Lease liabilities decreased to RMB 12,488,848,509.15 as of September 30, 2024, down from RMB 12,876,141,079.56 at the end of 2023[25] Expenses and Financial Costs - Research and development expenses were 1,733,886.36 RMB, compared to 0.00 RMB in the previous period[18] - Financial expenses increased to 341,909,118.71 RMB from 256,848,599.33 RMB[18] - Investment income increased to 573,190,183.71 RMB from 385,538,910.20 RMB[18] - Research and development expenses for the first three quarters of 2024 were 518,077.00 RMB, compared to 0.00 RMB in the same period of 2023[27] - Interest expenses for the first three quarters of 2024 were 400,429,486.31 RMB, slightly lower than 414,797,676.30 RMB in the same period of 2023[27] Shareholder Information - The largest shareholder, Shanghai Airport (Group) Co., Ltd., holds 58.38% of the company's shares[7]

上海机场（600009.SH） 中性 上半年收入较快修复，免税业务仍有较大恢复空间 上海机场公布 2024 年中报，Q2 业绩表现优异。上海机场上半年实现营业收 入 60.6 亿元，同比增长24.6%，实现归母净利润8.15 亿元，同比增长 515.0%； 其中，单二季度公司营业收入 30.3 亿元，同比增长 11.8%，实现归母净利润 4.3 亿元，同比增长 85.1%。 上半年经营数据继续修复，Q2 国际旅客量恢复至 19 年的 80%。24H1，上海 两场完成旅客吞吐量 6036 万人次，同比 23 年+43%，恢复至 19 年的 99%，其 中国际及地区航线旅客吞吐量 1632 万人次，同比 23 年+174%，恢复至 19 年 的 77%。其中 24Q2，上海两场起降架次 19.5 万架次，同比 23 年+17%，旅客 吞吐量 3025 万人次，同比 23 年+30%，其中国际及地区旅客量 850 万人次， 同比+104%，恢复至 19 年的 80%。 非航收入压力仍存。因免税协议重谈导致租金下降，上海机场上半年商业餐 饮收入 10.7 亿元，同比下降 3.0%，其中免税相关收入 6.48 亿元，同 ...

Tabl e_First|Tabl e_Summary 华福证券 机场 公 司 报 告 上海机场（6000009.SH） 2024 年 08 月 20 日 新免税协议下，24H1 免税合同收入 6.48 亿元 副标题 投资要点： 公 司 财 报 点 评 ➢ 事件：上海机场公布2024半年报。2024H1公司实现营收60.6亿元，同比 +24.5%；归母净利润8.1亿元，同比+515.0%。其中，24Q2公司实现营收30.3 亿元，同比+11.8%；归母净利润4.3亿元，同比+85.1%。 ➢ 24H1各项业务数据持续改善，收入净利提升显著。24H1公司实现营收60.6亿 元，同比+24.5%，较19年+11.2%；归母净利润8.1亿元，同比+515.0%，恢复 至19年的30.2%，归母净利率13.4%，同比+10.7pp，较19年同期-36.0pp。收 入和盈利增长主要系各项业务量指标恢复：24年1-7月：1）飞机起降架次：浦 东机场30.5万架次，同比+33.3%，恢复至19年的101.6%；虹桥机场15.9万架 次。2）旅客吞吐量：浦东机场4396.1万人次，同比+58.6%，恢复至19年的 97.6% ...

公 司 研 究 2024 年 8 月 19 日 推荐/维持 上海机场 公司报告 52 周股价区间（元） 46.1-30.89 总市值（亿元） 846.58 流通市值（亿元） 655.55 总股本/流通A股（万股） 248,848/248,848 流通 B 股/H 股（万股） -/- 52 周日均换手率 1.07 指标 2022A 2023A 2024E 2025E 2026E 分析师：曹奕丰 营业收入（百万元） 5,480.45 11,047.02 13,347.95 14,838.79 15,692.51 021-25102904 caoyf_yjs@dxzq.net.cn 增长率（%） 47.02% 101.57% 20.83% 11.17% 5.75% 执业证书编号： S1480519050005 归母净利润（百万元） -2,994.95 934.05 1,938.92 2,989.79 3,421.25 增长率（%） 75.05% -131.19% 107.58% 54.20% 14.43% 净资产收益率（%） -7.56% 2.30% 4.63% 6.80% 7.38% 每股收益（元） -1.26 ...

证 券 研 究 报 告 上海机场（600009）2024 年中报点评 推荐（维持） 24H1 盈利 8.15 亿，同比+515%，中期分红 重视股东回报 公司公告 2024 年半年报： 1）业绩情况：24H1 实现收入 60.64 亿，同比+24.5%；24H1 盈利 8.15 亿，同 比+515.0%；扣非盈利 8.05 亿，同比+647.3%。2）分季度看：24Q2 营业收入 30.34 亿，同比+11.8%；24Q2 盈利 4.3 亿，同比+85.1%；扣非后盈利 4.2 亿， 同比+103.1%。3）投资收益：24H1 实现 3.6 亿，同比增长 64.6%。24Q2 实现 投资收益 2.37 亿，同比增长 141.2%。4）成本费用：24H1 营业成本 46.9 亿， 同比上升 7.2%；24H1 财务费用 1.9 亿，同比上升 55.3%，管理费用 2.9 亿， 同比上升 17.5%。 分业务情况： 1）航空性业务：24H1 航空性收入 26.92 亿，同比+41.19%；2）非航业务：24H1 非航业务 33.72 亿，同比+13.83%，其中商业餐饮收入 10.66 亿，同比-2.99%， 物 ...

2024 年 8 月 18 日 股票投资评级 上海机场(600009) 增持|维持 个股表现 上海机场 交通运输 -32% -29% -26% -23% -20% -17% -14% -11% -8% -5% -2% 2023-08 2023-10 2024-01 2024-03 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 34.02 总股本/流通股本（亿股）24.88 / 19.27 总市值/流通市值（亿元）847 / 656 52 周内最高/最低价 41.25 / 30.89 资产负债率(%) 39.5% 市盈率 89.53 第一大股东上海机场(集团)有限公 司 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 客流恢复收入提升，业绩逐步回归正轨 ⚫ 上海机场披露 2024 年中报 上海机场披露 2024 年中报，上半年公司营业收入 60.6 亿元，同 比增长 24.6%，实现归母净利润 8.15 亿元，同比增长 515.0%；二季 度公司营业收入 30.3 亿元，同比增长 1 ...

航空业务持续恢复，发放股利提振信心 上海机场(600009.SH） 证券研究报告/公司点评 2024 年 8 月 17 日 [Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：34.02 元 分析师：杜冲 执业证书编号：S0740522040001 电话： Email：duchong@zts.com.cn 联系人：李鼎莹 电话： Email：lidy@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 2,488 | | 流通股本(百万股) | 1,927 | | 市价(元) | 34.02 | | 市值(百万元) | 84,658 | | 流通市值(百万元) | 65,555 | [股价与行业 Table_QuotePic] -市场走势对比 公司持有该股票比例 相关报告 1、《机场行业龙头，盈利弹性较大》 —上海机场首次覆盖报告 [Table_Finance1] 公司盈利预测及估值 | --- | --- | --- | --- | --- | ...

业绩简评 2024 年 8 月 16 日，上海机场发布 2024 年半年度报告。2024H1 公 司实现营业收入 60.6 亿元，同比增长 24.6%；实现归母净利润 8.1 亿元，同比增长 515%；其中 Q2 实现营业收入 30.3 亿元，同比增 长 11.8%；实现归母净利润 4.3 亿元，同比增长 85.1%。 经营分析 2024H1 业务量持续恢复，推动营收大幅增长。2023H1 航空客货市 场快速恢复，继续呈现强劲增长态势，上半年浦东机场飞机起降 次同比增长 37.32%，旅客吞吐量同比增长 67.63%，货邮吞吐量同 比增长 13.5%；虹桥机场飞机起降架次同比增长 4%，旅客吞吐量 同比增长 16.72%，货邮吞吐量同比增长 30.48%。伴随流量大幅恢 复，H1 公司营收同比增长 24.6%，其中航空性收入为 26.9 亿元， 同比增长 41.2%；非航收入为 33.7 亿元，同比增长 13.8%，包括 免税合同收入 6.48 亿元。 2024H1 毛利率大幅改善，净利润大幅增长。2024 年公司收入大增 而成本增长有限，毛利率同比增长 12.5pct 至 22.6%。费用率方面， 2024 ...

2024 年半年度报告 公司代码：600009 公司简称：上海机场 上海国际机场股份有限公司 2024 年半年度报告 1 / 153 2024 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完 整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人董事长冯昕先生、主管会计工作负责人董事、总经理张永东先生及会计机构负责人计 划财务部总经理汤贺女士声明：保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2024年度中期决定以实施权益分派股权登记日登记的总股本扣除公司股份回购专用证券账户 的股份数后的股本为基数分配利润。本次利润分配方案为：拟向全体股东每10股派发现金红利1.0元（ 含税），截至2024年6月30日，公司总股本为2,488,481,340股，以此计算拟共计派发现金红利248,848,134 元（含税），2024年度中期公司现金分红比例为30.54%。如在本公告披露之日起至实施权益分 ...

2024 年 07 月 31 日 趙旭東 H70556@capital.com.tw 目標價(元) 38 公司基本信息 | --- | --- | --- | --- | |---------------------|--------|--------|-------------| | 產業別 | | | 交通运输 | | A 股价(2024/7/30) | | | 33.85 | | 上证指数(2024/7/30) | | | 2879.30 | | 股價 12 個月高/低 | | | 48.19/30.63 | | 總發行股數(百萬) | | | 2488.48 | | A 股數(百萬) | | | 1926.96 | | A 市值(億元) | | | 652.28 | | 主要股東 | | | 上海机场(集 | | | | 团) | 有限公司 | | | | | (58.38%) | | 每股淨值(元) | | | 16.33 | | 股價/賬面淨值 | | | 2.07 | | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) | | | | 近期评等 | --- | --- | --- | ...