Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Investment Rating - The report initiates coverage with a "Cautious Recommendation" rating for the company [6][8]. Core Views - The company is positioned as a core beneficiary of the recovery in international demand, particularly due to the expansion of foreign personnel exchanges. Despite short-term pressures on duty-free sales, the international passenger volume at Pudong Airport remains a significant channel for duty-free businesses in the medium to long term [6]. - The company reported a revenue of 12.37 billion yuan for 2024, a year-on-year increase of 12%, and a net profit attributable to shareholders of 1.93 billion yuan, up 107% year-on-year [3][7]. - The report highlights the resilience of non-aeronautical businesses, with advertising and logistics revenues benefiting from the recovery in passenger traffic [6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 12.37 billion yuan, with a net profit of 1.93 billion yuan, reflecting a significant year-on-year growth of 107%. The first quarter of 2025 saw a revenue of 3.17 billion yuan, up 4.7% year-on-year, and a net profit of 520 million yuan, up 35% year-on-year [3][4][7]. - The company’s aeronautical revenue increased by 27% year-on-year, driven by a 29% increase in passenger throughput and a 15% increase in aircraft movements [4]. Revenue Drivers - The recovery of international passenger traffic to over 80% of 2019 levels has led to an increase in unit revenue, with international passenger traffic at 84% of 2019 levels [4]. - Duty-free revenue declined by 32% year-on-year due to a new agreement that shifted from a commission-based model to a guaranteed rent model, impacting profitability [5]. Future Projections - The company forecasts net profits of 2.15 billion yuan, 2.56 billion yuan, and 2.93 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 37, 31, and 27 [6][7]. - The report anticipates that the impact of duty-free revenue pressures will gradually diminish as international passenger volumes recover and consumer spending rebounds [5].

Group 1 - Walmart and other US retailers have notified Chinese suppliers to resume shipments, with the cost of tariffs being borne by the US buyers, indicating a resilience in the supply chain despite tariff barriers [1] - The ongoing trade dynamics reflect a strong demand in Sino-US economic relations, highlighting the importance of maintaining supply chain stability [1] Group 2 - Shanghai Airport reported a nearly 12% year-on-year increase in revenue for 2024, reaching approximately 12.4 billion yuan, with net profit doubling to nearly 2 billion yuan [2] - The growth in performance is attributed to a record passenger throughput of over 124 million at Shanghai's two major airports, surpassing pre-pandemic levels [2] - However, a decline in duty-free business revenue raises concerns about structural risks in non-aviation operations, linked to weakened consumer spending and cross-border channel shifts [2] Group 3 - Nike's After Dark Tour in Shanghai attracted over 12,000 registrations, with 3,500 female runners participating, emphasizing the brand's focus on the female sports market [3] - The initiative aligns with Nike's strategic shift under new CEO Elliott Hill, aiming to reinforce its professional sports image and capitalize on the growing trend of health-conscious female consumers [3] - To maintain competitive advantage, Nike must differentiate its products, such as through specialized women's running shoes, to avoid homogenization in the market [3] Group 4 - Hunan Mingming Hen Mang has submitted an application for listing on the Hong Kong Stock Exchange, reporting revenues of 4.286 billion yuan, 10.295 billion yuan, and 39.344 billion yuan for 2022, 2023, and 2024 respectively [4] - The company has expanded to 14,394 stores across 28 provinces, with approximately 58% located in county and township areas, demonstrating significant growth in the affordable snack sector [4] - The rapid revenue growth of nearly tenfold over three years indicates the potential of the low-tier market, but challenges remain in supply chain management and competition in the industry [4]

（本文图片均由民航华东地区管理局提供） 《中国民航报》、中国民航网 记者胡夕姮 报道：为进一步深化长三角民航机场协同发展党建联席会建 设和成员单位间联建交流，服务上海国际航空枢纽高质量发展，4月24日，民航华东地区管理局与上海 机场集团签署干部人才交流合作协议，聚焦人才共育、能力共建、资源共享等方面开展合作。 签约仪式上，民航华东地区管理局党委书记姜春水，党委副书记、纪委书记孙莹，上海机场集团党委书 记、董事长冯昕，党委副书记、工会主席陈雪强等出席活动。双方围绕干部人才挂职锻炼、业务能力提 升和经验互学互鉴等内容进行了深入交流，并表示将进一步强化人才培养和业务协同，助力上海国际航 空枢纽建设与行业治理能力的现代化。 双方将以此次协议签约为契机，深入落实长三角民航机场协同发展党建联席会工作机制，在安全与发展 的业务实践和干部人才队伍培养建设中，做到"同题共答、不分你我"，为区域协同发展注入新的动能， 为加快建设世界一流航空枢纽和上海国际航运中心提供坚强的人才支撑。（编辑：李佳洹 校对：陈虹 莹 审核：程凌） 此次合作协议的签署，是双方聚焦民航高质量发展要求，贯通"选育管用"干部人才建设全链条的重要举 措。协议将 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is experiencing a gradual recovery in profitability, with a focus on exploring non-aeronautical revenue potential [1][4] - The company has shown strong cost control, leading to a significant increase in net profit [2][3] - Future growth is expected from steady increases in airport traffic, although the recovery of duty-free sales remains uncertain [1][4] Financial Performance Summary - In Q1 2025, the company's revenue reached 3.172 billion RMB, a year-on-year increase of 4.7%, while net profit attributable to shareholders was 519 million RMB, up 34.5% [1][2] - For the year 2024, the company reported revenue of 12.369 billion RMB, a 12.0% increase, and net profit of 1.934 billion RMB, which is a 107.0% increase, largely due to compensation from land acquisition [1][3] - The company’s operating costs remained stable, contributing to a gross profit increase of 19.9% in Q1 2025 [2] Revenue and Profit Forecast - The company’s revenue is projected to grow from 11.047 billion RMB in 2023 to 15.703 billion RMB in 2027, with a compound annual growth rate of approximately 6.14% [5] - Net profit attributable to shareholders is expected to increase from 934 million RMB in 2023 to 3.386 billion RMB in 2027, reflecting a strong growth trajectory [5] - The earnings per share (EPS) is forecasted to rise from 0.38 RMB in 2023 to 1.36 RMB in 2027 [5] Valuation - The target price for the company is set at 37.00 RMB, based on a discounted cash flow (DCF) analysis [4][6] - The valuation reflects a weighted average cost of capital (WACC) of 10.4% and a perpetual growth rate of 2.0% [4][5]

证券研究报告 上海机场 (600009 CH) 盈利逐步回升，需挖掘非航变现潜力 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 29 日│中国内地 | 机场 | 上海机场 1Q25 营收 31.72 亿，同增 4.7%，归母净利润 5.19 亿，同增 34.5%， 相比我们预期的 5.0 亿高 4%，或主因成本控制效果良好。同时公司 2024 年营业收入 123.69 亿，同增 12.0%，归母净利润 19.34 亿，同增 107.0%， 与公司业绩快报一致，房屋征收获得补偿 6.9 亿使得公司盈利得以翻倍提 升。展望之后，机场流量有望持续稳步上涨，不过仍在消化免税业务所遭受 的冲击，免税客单价恢复仍需观察，需挖掘有税、餐饮等流量变现潜力，盈 利恢复至 19 年需等待。维持"增持"。 1Q25 流量稳步提升，成本管控良好，盈利同比较快提升 受益于浦东机场国际线继续恢复，上海机场 1Q25 流量同比较快增长，浦东 +虹桥旅客吞吐量达到 3238 万人次，同比提升 7.5%，其中浦东机场国际线 旅客吞吐量达到 772 万人次，同增 29.9%。流量增加推 ...

Core Insights - Shanghai Airport reported a revenue of nearly 12.4 billion yuan for 2024, representing a year-on-year growth of approximately 12% [1] - The net profit attributable to shareholders reached nearly 2 billion yuan, achieving a year-on-year increase of 100% [1] - In Q1 2025, the revenue exceeded 3 billion yuan, with a slight year-on-year increase, and net profit surpassed 500 million yuan, reflecting a growth of nearly 35% [1] Company Performance - The growth in performance is attributed to a record passenger throughput of over 124 million at Shanghai Pudong and Hongqiao airports in 2024, along with a cargo throughput exceeding 4.2 million tons, surpassing 2019 levels [1] - The international flight operations at Pudong Airport saw a nearly 70% increase in aircraft movements, with passenger throughput reaching 27 million, doubling compared to the previous year [1] - The company forecasts continued growth in aircraft movements, passenger throughput, and cargo throughput for both airports in 2025 [1] Industry Overview - According to the Civil Aviation Administration, the entire industry experienced approximately 20% growth in total transport turnover, passenger transport volume, and cargo transport volume in 2024 [1] - The industry collectively reduced losses by 20.6 billion yuan, achieving a turnaround to profitability [1] - Other listed airport companies in China showed a clear performance divergence in 2024, with Shenzhen Airport and Baiyun Airport reporting growth in both revenue and net profit, while Hainan Airport faced significant profit decline due to non-aeronautical business impacts [2]

Core Insights - The transportation sector, represented by the CSI All Share Transportation Index, has shown a slight increase of 0.13% as of April 29, 2025, with notable gains from stocks like Longjiang Transportation and Wuchan Zhongda [3][4] - The Transportation ETF (159666) has experienced a 4.07% increase over the past year, with a current price of 0.95 yuan [3][4] - The ETF's net asset value has risen by 4.32% in the last year, with a maximum monthly return of 15.82% since its inception [3][4] Performance Metrics - The Transportation ETF has a year-to-date maximum drawdown of 7.56%, with a tracking error of 0.006% over the past three months [4] - The management fee for the ETF is 0.50%, and the custody fee is 0.10% [4] - The current price-to-earnings ratio (PE-TTM) for the index is 15.13, indicating a valuation lower than 93.56% of the time over the past year [4] Top Holdings - As of March 31, 2025, the top ten weighted stocks in the CSI All Share Transportation Index account for 49.96% of the index, with SF Express and Beijing-Shanghai High-Speed Railway being the largest components [5][7] - The top ten stocks include major players in logistics, rail, and aviation sectors, reflecting the overall performance of the transportation industry [5][7]

上海国际机场股份有限公司 独立董事 2024 年度述职报告 报告期内，本人作为公司独立董事，2024 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》 《独立董事工作制度》等有关规定，忠实履行独立董事职责， 切实发挥独立董事作用，现就 2024 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。 二、年度履职概况 （一）出席董事会、股东大会会议情况 本人出席了 2023 年年度股东大会、2024 年第一次临时股 东大会，历次董事会会议。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，有效维护了公司利 益和全体股东的合法权益。 1 | | | | | 参加董事会情况 | | | 参加股东 大会 ...

上海国际机场股份有限公司 独立董事 2024 年度述职报告 报告期内，本人作为公司独立董事，2024 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》 《独立董事工作制度》等有关规定，忠实履行独立董事职责， 切实发挥独立董事作用，现就 2024 年度履职情况报告如下： | | | | | | 参加董事会情况 | | | 参加股东 大会情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 董事 姓名 | 本年应参 加董事会 次数 | 亲自 出席 次数 | | 以通讯 方式参 加次数 | 委托出 席次数 | 缺席 次数 | 是否连续 两次未亲 自参加会 | 出席股东 大会的次 数 | | 王志强 | 9 | | 9 | 8 | 0 | 0 | 议 否 | 2 | | | | | | | | （二）出席董事会专门委员会、独立董事专门会议情况 | | | | | 本人出席了 | | 2024 | | | | 年度历次董事会审计委员会、提名委 | | | | | | ...