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].

2024年3月30日 公司研究 经营持续恢复，机场免税未来仍有发展空间 ——上海机场（600009.SH）2023 年报点评 要点 增持（维持） ◆事件：公司发布2023年报。公司2023年实现营业收入110亿元，同比增加 当 前价：36.26元 102%（调整后）；实现归母净利润9.3亿元，较上年同期（亏损30亿）扭亏为 作者 盈；实现扣非归母净利润8.3亿元，较上年同期（亏损31亿）扭亏为盈。公司 分析师：程新星 2023年第四季度营业收入约31.3亿元，同比增加131%，环比增加2.4%；归 执业证书编号：S0930518120002 母净利润约4.4亿元，同比增加149%，环比增加20%；扣非归母净利润约3.7 021-52523841 亿元，同比增加139%，环比增加7.4%。公司拟派发现金股息0.12元/股（含 chengxx@ebscn.com 税），现金分红率约32%，回到2013-2019年水平。 联系人：卢浩敏 ◆民航业持续复苏，两场业务量持续恢复。浦东机场2023年飞机起降架次约43.4 021-52523659 万架次，恢复至2019年的84.8%，其中国内起降架次较2019年增长10 ...

证券研究报告·公司点评报告·航空机场 上海机场（600009） 2023 年报点评：单 Q4 归母净利 4.4 亿，国 2024年 03月 31日 际客流继续爬坡 证券分析师 吴劲草 增持（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 证券分析师 石旖瑄 营业总收入（百万元） 5,480 11,047 13,198 14,990 16,584 执业证书：S0600522040001 同比 -32.79% 101.57% 19.47% 13.57% 10.63% shiyx@dwzq.com.cn 归母净利润（百万元） -2,994.95 934.05 2,595.58 3,801.66 4,539.63 股价走势 同比 -89.77% 131.19% 177.88% 46.47% 19.41% EPS-最新摊薄（元/股） -1.20 0.38 1.04 1.53 1.82 上海机场 沪深300 P/E（现价&最新摊薄） - 96.60 34.76 23.73 19.88 0% ...

证券研究报告：交通运输 | 公司点评报告 2024年3月31日 股票投资评级 上海机场(600009) 增持|维持 客流回升拉动收入增长，2023 年扭亏为盈 个股表现 ⚫ 上海机场披露 2023 年年报 上海机场披露2023年年度报告，2023年公司营业收入110.5亿 上海机场 交通运输 0% 元，同比增长101.6%，实现归母净利润9.34亿元，同比扭亏，其中 -5% 四季度营业收入31.3亿元，归母净利润4.37亿元。 -10% -15% ⚫ 业务量显著提升，拉动营业收入大幅提高 -20% 因2023年民航整体复苏，叠加上海市场2022年的低基数，虹浦 -25% -30% 两场业务量均大幅提升。2023年公司航空主业收入43.76亿元，同比 -35% -40% 增长 140.2%，其中架次相关收入、旅客及货邮相关收入分别增长 -45% 2023-03 2023-06 2023-08 2023-11 2024-01 2024-03 74.8%、245.7%。非航空性业务方面，因旅客流量增长，叠加国际线旅 客量恢复至2019年同期的44.2%，免税收入提升至17.88亿，拉动公 资料来源：聚源，中邮证券研 ...

Financial Performance - The company's operating revenue for 2023 reached CNY 11,047,016,050.98, representing a 101.57% increase compared to CNY 5,480,447,621.36 in 2022[14]. - The net profit attributable to shareholders for 2023 was CNY 934,049,713.44, a significant recovery from a loss of CNY 2,994,949,875.37 in 2022[14]. - The net cash flow from operating activities for 2023 was CNY 4,020,086,467.98, compared to a negative cash flow of CNY -116,961,358.39 in 2022[13]. - The basic earnings per share for 2023 was CNY 0.38, a turnaround from a loss of CNY -1.26 in 2022[15]. - The weighted average return on equity increased to 2.33% in 2023, up from -8.24% in 2022, marking an improvement of 10.57 percentage points[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 828,963,891.72 in 2023, compared to a loss of CNY -3,076,446,105.01 in 2022[14]. - The company reported a significant investment income of CNY 660,895,523.12 for 2023, compared to CNY 176,544,382.22 in 2022, indicating a substantial increase in investment performance[185]. - The company reported a net profit attributable to shareholders of CNY 934,049,713.44 for the year[102]. Operational Highlights - The total passenger throughput at Pudong Airport reached 54.4764 million, a year-on-year increase of 284.22%[22]. - The cargo and mail throughput at Pudong Airport was 3.4401 million tons, growing by 10.36% compared to the previous year[22]. - The company recorded a total of 43.39 million aircraft takeoffs and landings at Pudong Airport, an increase of 112.29% year-on-year[22]. - The total number of flights at Pudong Airport was 433,867, marking a 112.29% increase year-on-year[29]. - The company achieved a total passenger throughput of 5,447.64 million at Pudong Airport in 2023, a year-on-year increase of 284.22%[29]. - The total cargo and mail throughput at Pudong Airport reached 344.01 thousand tons, reflecting a year-on-year increase of 10.36%[29]. Strategic Initiatives - The company’s strategic focus includes enhancing hub operational capabilities and optimizing resource efficiency[22]. - The company aims to achieve high-quality development by integrating various business operations and enhancing governance capabilities[22]. - The company is actively expanding its aviation services to major cities in the Yangtze River Delta region, enhancing its hub capabilities[26]. - The company is focusing on enhancing its core aviation business and improving resource integration and collaboration post-major asset restructuring[61]. - The company aims to strengthen its competitive edge by leveraging capital operations and strategic investments in related industries[61]. Governance and Management - The company has a total of 12 independent directors, with a significant number of them holding shares valued at 12.00 million each[77]. - The company’s chairman, Feng Xin, has extensive experience in the aviation industry, having held various senior positions in Shanghai Airlines and China Eastern Airlines[78]. - The company is committed to maintaining a strong governance structure with a diverse board composition[77]. - The company has seen a turnover in several key management positions, indicating a potential shift in strategic direction[77]. - The company is focused on expanding its market presence and enhancing operational efficiency through strategic leadership appointments[79]. Environmental and Social Responsibility - The company invested CNY 7,445.14 million in environmental protection during the reporting period[108]. - The total emissions of particulate matter from the company's operations were 0.17 tons, nitrogen oxides were 4.46 tons, and sulfur dioxide was 0.32 tons, with no instances of exceeding emission standards[110]. - The company has implemented a training program focusing on the development of mid-level and young leaders, enhancing professional talent cultivation, and improving compliance management training[99]. - The company has actively engaged in social responsibility projects, with a total investment of 822,200 yuan benefiting over 1,200 individuals[122]. - The company has been recognized as a three-star "dual-carbon airport," the highest certification level for its environmental efforts[119]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[192]. - The company aims to enhance its operational efficiency and safety standards while expanding its international hub capabilities, focusing on both passenger and cargo services[66]. - The company plans to implement a high-quality development strategy centered on safety, sustainability, and customer experience, aiming to align with world-class standards[66]. - The company is committed to building a world-class international aviation hub, enhancing its operational management and service capabilities[66].

上海国际机场股份有限公司 独立董事 2023年度述职报告 报告期内,本人作为公司独立董事,2023年按照《公司 法》《证券法》《上市公司独立董事管理办法》《上市公司自律 监管指引第1号 -- 规范运作》等法律、法规和《公司章程》 的有关规定,忠实履行独立董事职责,切实发挥独立董事作 用,现就 2023年度履职情况报告如下: 一、基本情况 尤建新先生,1961年4月出生,中共党员,博士,现任 同济大学经济与管理学院教授、博士生导师,享受国务院政 府特殊津贴。现任安徽巨一科技股份有限公司、南通通易航 天科技股份有限公司独立董事,2019年6月起任上海国际机 场股份有限公司独立董事,不存在影响独立性的相关情况。 本人以谨慎态度勤勉履职,认真阅读公司董事会办公室 报送的各次会议材料,对所议各事项发表了明确意见,对各 议案投了赞成票,并根据监管部门相关规定对部分事项发表 了独立董事意见。 三、年度履职重点关注事项的情况 (一) 应当披露的关联交易 1. 本人在公司召开第九届董事会第九次会议时认为相关 事项未损害公司和中小股东合法权益,发表独立意见如下: 公司对外投资设立合资公司并购买资产的事项符合公司 发展需要及战略规 ...