Investment Rating - The investment rating for Shanghai Airport is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 9.191 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 16.0%. The net profit attributable to shareholders was 1.202 billion yuan, up 141.9% year-on-year [2] - In Q3, the net profit attributable to shareholders was 387 million yuan, a year-on-year increase of 6.2%, recovering to 30% of the level in the same period of 2019 [2][3] - The company is expected to receive over 600 million yuan in compensation for land acquisition, which will positively impact profits in 2024 [3] Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue was 9.191 billion yuan, with a net profit of 1.202 billion yuan, and a non-recurring net profit of 1.181 billion yuan [2] - In Q3 alone, revenue reached 3.127 billion yuan, with a gross margin of 22.4% and a net profit margin of 12.4% [2][3] Passenger Traffic Recovery - International passenger traffic has recovered to 96% of the pre-pandemic levels, with domestic passenger throughput increasing by 9% year-on-year [3] - The company is seeing a significant recovery in international and regional routes, with a 52% year-on-year increase in international passenger throughput [3] Compensation and Future Earnings - The Shanghai government has decided to acquire part of the company's real estate, with a total compensation amounting to 689 million yuan, which is expected to enhance the company's profits in 2024 [3][4] Earnings Forecast and Valuation - The earnings forecast for 2024-2026 has been adjusted to net profits of 2.1 billion, 2.9 billion, and 3.7 billion yuan respectively, with corresponding P/E ratios of 42, 30, and 24 times [4]

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company reported a revenue of 9.19 billion RMB for the first three quarters of 2024, representing a year-on-year growth of 16%. The net profit attributable to shareholders reached 1.2 billion RMB, a significant increase of 142% [2]. - In Q3 2024, the company achieved a revenue of 3.13 billion RMB, with a year-on-year growth of 2.5%, and a net profit of 390 million RMB, up by 6.2% [2]. - The recovery in air passenger and cargo markets continues, with Pudong Airport seeing a 12% increase in aircraft movements and a 24% increase in passenger throughput year-on-year [2]. - The company plans to increase international flight frequencies in the upcoming winter-spring season, with an average of 561 international flights per day, a 5.2% increase year-on-year [2]. Summary by Sections Performance Overview - For the first three quarters of 2024, the company achieved a total revenue of 9.19 billion RMB, a 16% increase compared to the previous year, and a net profit of 1.2 billion RMB, up 142% [2]. - In Q3 2024, the company recorded a revenue of 3.13 billion RMB, reflecting a 2.5% year-on-year growth, and a net profit of 390 million RMB, which is a 6.2% increase [2]. Operational Analysis - The air passenger and cargo markets are recovering, with Pudong Airport's aircraft movements increasing by 12% and passenger throughput rising by 24% year-on-year [2]. - The company reported a gross margin improvement in Q3 2024, with a gross margin of 22.4%, an increase of 0.7 percentage points year-on-year [2]. Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 1.6 billion RMB, 2.6 billion RMB, and 3.6 billion RMB, respectively [2]. - The company plans to enhance international routes, including increased flights to major destinations such as Los Angeles, London, and Sydney [2].

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]

（一）本次会议的召开符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 上海国际机场股份有限公司 第九届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 证券代码：600009 证券简称：上海机场 公告编号：临 2024-065 对公司部分房地产进行征收。经评估，公司决定签订房屋征收补偿协 议，涉及征收的地上房屋的建筑面积为 696.87 平方米，涉及征收的 土地面积为 21.28 万平方米，补偿金额合计 688,595,995 元。 经初步测算，本次交易对公司当期及未来财务状况和经营成果产 生积极影响，公司将根据会计准则进行相应的会计处理，具体会计处 理及相关财务数据以经会计师事务所审计后的结果为准。 本次交易事项不构成关联交易，也不构成重大资产重组。 会议审议并一致通过了如下决议： 1、关于签订房屋征收补偿协议的议案 根据《上海市浦东新区人民政府房屋征收决定》（浦府房征决字 [2024]第 006 号），因公共利益需要，上海市浦东新区人民政府决定 1 ...

证券代码：600009 证券简称：上海机场 公告编号：临 2024-066 上海国际机场股份有限公司 关于房屋征收补偿事项的公告 根据征收决定，本次房屋征收的目的为增强浦东国际机场基础设 施服务能力，保障机场运行，更好地服务长三角高质量一体化发展和 上海国际航运中心建设。于2024年10月29日召开的公司第九届董事会 第二十二次会议审议通过了《关于签订房屋征收补偿协议的议案》， 公司决定与上海市浦东新区建设和交通委员会、上海市浦东第一房屋 征收事务所签订《上海市国有土地上房屋征收补偿协议》（以下简称 "本协议"），以货币形式接收本次征收补偿，共计为688,595,995 元。 二、交易对方情况介绍 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： 根据征收决定，因公共利益需要，上海市浦东新区人民政府决定 对公司坐落在上海市浦东新区海天五路2号部分房地产进行征收，同 1 根据《上海市浦东新区人民政府房屋征收决定》（浦府房征决 字[2024]第 006 号）（以下简称"征收决定"），因公共利 益需要，上海市浦东新区 ...

上海市房地产估价报告摘要备案表 I WARE INFECT OF THE LODD LED THE LED THE PARTICLE OF THE FORD OF THE FORMER OF THE FOR 房地产估价机构 上海城市房地产估价有限公司 资质等级 一级 上海市浦东新区海天五路2号"上海国际机场 分户报告 □ 是 ■ 否 项目名称 股份有限公司"部分房地产、装修等估价报告 沪城估（2024）（估）字第02097号 出具报告日期 2024年10月15日 报告编号 项目 签字估价师(一) 签字估价师(二) 顾蔚峰 杨洁 基本 参与该项目的房 信息 其他估价师 地产估价师姓名 法定代表人 王常华 及其作用 合作方 上海市浦东新区房屋征收事务中心 委托方 估价 对象 信息 上海市 浦东新区 海天五路2号 坐落 (以 估价对象 土地面积 212809.6平方米 建筑面积 696.87平方米 不动 居住类 产登 站场码头 非居住类 记系 统为 准) 估价 估价服务 征收 目的 估价 2024年06月03日 价值时点 结果 评估总价 688595995(元) l 沪 城 估 〔 2024 〕 ( ( ) 房地产 ...

证券代码：600009 证券简称：上海机场 公告编号：2024-067 上海国际机场股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 至 2024 年 11 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 召开的日期时间：2024 年 11 月 19 日 14 点 15 分 召开地点：上海虹桥机场华港雅阁酒店三楼会议室 空港一路 458 号 ...

上海国际机场股份有限公司 董事会战略委员会工作细则 第一章 总则 第一条 为了适应公司战略发展需要，健全重大投资决策程 序，完善公司治理结构，提升公司环境、社会及治理（以下简称 "ESG"）管理水平，实现企业和社会的可持续发展，根据《中华 人民共和国公司法》《上市公司治理准则》《上海证券交易所上 市规则》（以下简称"《上市规则》"）《公司章程》及其他有关规 定,公司董事会设立战略委员会,并制定本细则。 第二条 战略委员会是董事会按照股东大会决议设立的专 门工作机构,主要负责对公司长期发展战略和重大投资决策进 行研究并提出建议。 第二章 战略委员会的构成 第三条 战略委员会委员由五名董事组成。 第四条 战略委员会委员由董事长、二分之一以上独立董事 或者全体董事的三分之一提名,由董事会批准。 第五条 战略委员会设主任委员一名,负责主持委员会工作。 主任委员不能履行职务或不履行职务的，由半数以上委员 共同推举一名委员代履行职务。 — 1 — 第六条 战略委员会任期与董事会任期一致,委员任期届满, 连选可以连任。期间如有委员不再担任公司董事职务,自动失去 委员资格,并由战略委员会根据上述第三至第五条规定补足委 员人数 ...

上海国际机场股份有限公司 环境、社会和治理（ESG）管理制度 第一条 为稳妥推进公司环境、社会和治理（ESG）各项工 作开展，进一步推动公司可持续发展，持续提升公司治理能力、 竞争能力、创新能力、抗风险能力和回报能力，根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《上海市国资委关于推进实施本市国有控股上市公司环境、 社会和治理（ESG）工作的通知》《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 14 号——可持 续发展报告》等法律、行政法规、部门规章、规范性文件和公 司章程的有关规定，制定本制度。 第二条 本制度所称 ESG 职责，是指公司在发展、经营管理 活动中，应当履行的环境（E）、社会（S）和治理（G）维度的 责任和义务，主要包括加强生态环境保护、履行社会责任、健 全公司治理。 第三条 本办法所称利益相关方，是指权益受到或可能受到 企业活动影响的个人或团体，如员工、消费者、客户、供应商、 投资者等。 第四条 公司以建设世界一流的全方位复合型国际航空枢 纽，持续推动创建世界一流企业为目标，深入贯彻落实创新、 — 1 — 协调、绿色、开放、共享的发展理念 ...

证券代码：600009 证券简称：上海机场 公告编号：临 2024-064 上海国际机场股份有限公司 2024年9月运输生产情况简报 二、上述运输生产数据源自公司内部统计，仅供投资者参考。 上海国际机场股份有限公司 董事会 | 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 | 43,397 | 6.32 | 625.45 | 21.01 | 31.99 | 2.83 | | 境内航线 | 25,034 | -6.74 | 361.88 | 5.32 | 3.05 | -2.24 | | 境外航线 | 18,030 | 33.50 | 263.57 | 52.12 | 28.94 | 3.39 | | -国际航线 | 15,679 | 41.25 | 228.60 | 62.96 | 25.54 | 3.36 | | -港澳台航线 | 2,351 | -2.29 | 34.97 ...