海南机场（600515）公告，2024年营业收入43.68亿元，同比下降35.40%。归属于上市公司股东的净利 润4.59亿元，同比下降51.88%。拟向全体股东每10股派发现金红利人民币0.05元(含税)。 ...

Core Viewpoint - The A-share consumer sector strengthened in the afternoon, with retail, airport shipping, and tourism leading the gains, indicating a positive market sentiment towards these industries [1] Group 1: Sector Performance - The retail sector saw significant gains, with companies like Yonghui Supermarket and Liziyuan experiencing an upward trend [1] - The airport and shipping sectors also performed well, highlighted by the strong performance of Hainan Airport [1] - The tourism sector was notably boosted, with companies such as Zhongxin Tourism and Wangfujing reaching their daily limit up [1] Group 2: Notable Companies - Zhongxin Tourism, Hainan Airport, Pinwa Food, China Duty Free Group, and Wangfujing all hit the daily limit up, showcasing strong investor interest [1] - Yonghui Supermarket and Liziyuan were among the companies that followed the upward trend, reflecting broader market confidence in the consumer sector [1]

大消费板块午后走强，零售、机场航运、旅游方向领涨，众信旅游（002707）、海南机场（600515）、 品渥食品（300892）、中国中免（601888）、王府井（600859）涨停，永辉超市（601933）、李子园 （605337）等跟涨。 暗盘资金正涌入这些股票，点击速看>>> ...

Group 1 - Gree Real Estate experienced a limit-up increase in stock price [1] - Wangfujing and Zhongbai Group saw stock price increases of over 5% [1] - Other companies such as Dongbai Group, China Duty Free, Hainan Airport, and Eurasia Group also experienced stock price increases [1] Group 2 - The State Administration of Taxation announced the nationwide promotion of the "immediate refund" service for outbound travelers starting from April 8 [1] - The announcement is expected to boost the performance of duty-free concept stocks [1]

Investment Rating - The investment rating for Hainan Airport is "Outperform the Market" (maintained) [3][14]. Core Viewpoints - The major shareholder's increase in holdings reflects confidence in the company's medium-term prospects, as the controlling shareholder, Hainan Airport Group, increased its stake from 24.51% to 24.87% through a block trade [4][5][8]. - The company's performance is expected to be under pressure in the short term due to the pace of real estate destocking and a decline in contributions from Hainan's duty-free sales. The forecast for 2024 indicates a net profit attributable to shareholders of RMB 320-480 million, representing a year-on-year decline of 49.62%-66.41% [5][9]. - The company is focusing on its core business development, with the expansion of Sanya Airport expected to enhance passenger capacity by 30% to 30 million by the end of 2025. The company is well-positioned to benefit from the construction of the Hainan Free Trade Port [6][10]. Summary by Sections Shareholder Activity - Hainan Airport Group acquired a total of 41,792,448 shares at a price of RMB 3.69 per share, totaling approximately RMB 154.21 million, which helps eliminate historical cross-shareholding issues and demonstrates confidence in future growth [4][8]. Financial Performance - The company anticipates a significant decline in net profit for 2024, with estimates ranging from RMB 320 million to RMB 480 million, and a non-recurring net loss of RMB 200 million to RMB 400 million, primarily due to asset disposals and debt restructuring [5][9]. Business Strategy - Hainan Airport is shifting its focus back to its core operations, with airport management revenue expected to exceed 40% in 2024. The company is also modifying its articles of association to improve its dividend distribution mechanism [6][10]. Investment Recommendations - Adjustments to revenue assumptions for real estate and duty-free operations have been made, with net profit forecasts for 2024-2026 revised to RMB 466 million, RMB 729 million, and RMB 895 million, respectively. The company is expected to benefit from its strategic positioning in the Hainan Free Trade Port [7][13].

[Table_Info1] 海南机场(600515) 房地产 [Table_Title] 证券研究报告 / 公司点评报告 控股股东受让增持优化治理结构、彰显信心 事件： [Table_Summary] 海南机场 3 月 28 日发布公告，为消除交叉持股情形，同时基于对公司未 来发展前景的信心及对公司价值的认可，公司控股股东海南机场集团以 大宗交易方式受让公司旗下 4 家子公司重整受偿的海南机场股票合计 41,792,448 股，交易价格确定为 3.69 元/股，交易总价款约人民币 1.54 亿 元。 点评： 控股股东的受让增持进一步优化了公司的治理结构，彰显了对于公司长 期经营的信心。本次交易完成后，上市公司实控人不变，海南机场集团 持股比例将提升至 24.87%，有利于强化公司治理结构的稳定性，维持公 司股价稳定，切实维护了广大投资者利益。 海南机场通过参股投资和收取租金的方式深度参与离岛免税业务，2024 年整体离岛免税销售承压，去年年底以来初见改善信号。根据海口海关 数据，2024 年离岛免税购物金额 309.4 亿元/-29%，购物人次 568 万/- 16%，购物件数 3308 万/-36%，客单价 ...

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for future performance [1]. Core Insights - Hainan Airport's major shareholder increased their stake, reflecting confidence and improving governance by eliminating cross-holding issues. The transaction involved acquiring 41,792,448 shares at a price of 3.69 CNY per share, totaling 154 million CNY, raising the holding from 24.51% to 24.87% [4][9]. - Hainan Airport operates 11 airports, with a peak passenger throughput exceeding 52.81 million in 2023. The airports are crucial for the Free Trade Port and low-altitude economic development in Hainan [10]. - The low-altitude economy is expected to enhance tourism, with significant potential for low-altitude sightseeing and inter-island commuting, which will boost non-aviation revenue for Hainan Airport [11]. Industry Trends - The report highlights a decline in the Shunwan retail index by 2.05% for the week from March 24 to March 28, while the year-to-date performance shows an increase of 5.21% [12][16]. - The report provides a detailed valuation table for various companies within the industry, indicating a generally positive outlook with multiple companies rated as "Buy" [18][19].

Investment Rating - The report maintains an "Outperform" rating for Hainan Airport, indicating a positive outlook for the company's stock performance relative to the market [3][7]. Core Insights - The increase in shareholding by the controlling shareholder, Hainan Airport Group, signals confidence in the company's future development and strategic value as a hub in Hainan Free Trade Port [7]. - The company's short-term performance is under pressure, but profitability is expected to improve in the long term as it focuses on its core airport operations [7]. - The ongoing expansion of Sanya Phoenix International Airport is a key project that will enhance the company's operational capacity and growth potential [7]. - Adjustments to profit forecasts for 2024 and 2025 reflect the impact of previous high revenue from real estate and the slow recovery of duty-free consumption [7]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 6,762 million, with a significant decrease expected in 2024 to 5,106 million, reflecting a year-on-year decline of 24.5% [6][9]. - The net profit attributable to the parent company is expected to drop to 462 million in 2024, a decrease of 51.6% compared to the previous year [6][9]. - The company's gross margin is forecasted to decline from 48.9% in 2023 to 35.6% in 2024, with a gradual recovery expected thereafter [6][9]. - The estimated target market value for 2025 is projected to be 448 billion, based on a sum of valuations from its core airport and duty-free businesses [7].

目前市场对公司的核心关注在于：1）机场业务，其受海南进出岛客流及公司旗下机场改扩建进度影 响；2）离岛免税销售情况；3）公司房地产业务去化进度。 1）机场业务：进出岛客流延续增长，机场改扩建项目预计25 年底完成。 2025 年春运期间（ 2025 年1 月14 日—2 月22 日），海南旅游市场继续保持往年火热势头，进出岛人员 运输需求旺盛，岛内三大机场完成航班起降4.73 万架次/yoy+10%，旅客吞吐量788.8 万人次/yoy+3%， 其中公司旗下三亚凤凰机场累计执行航班1.80 万架次/yoy+19%，运送旅客342.15 万人次/yoy+12%，琼 海博鳌机场累计执行航班/运送旅客分别yoy+6%/+1%。 三亚凤凰机场及琼海博鳌机场三期改扩建项目均按照既定计划稳步推进，力争2025 年底建成。三亚凤 凰机场三期项目完成后，总计可满足客运终端年飞机起降17.3 万架次（24 年累计起降12.96 万架次）， 年旅客吞吐量3000 万人次（24 年累计吞吐2143 万人次）、年货邮吞吐量45 万吨（24 年吞吐10.15 万 吨）的需求。琼海博鳌项目三期扩建项目完成后，将满足年旅客吞吐量300 万 ...

股票代码：600515 股票简称：海南机场 公告编号：临2025-010 海南机场设施股份有限公司 关于子公司转让所持海南机场全部 股票暨关联交易的公告 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： ● 海南机场设施股份有限公司（以下简称"海南机场"或"公司"）4家子公司儋州海岛临空投资有限公 司、泰昇房地产（沈阳）有限公司、三亚临空投资开发有限公司、海南海岛临空房地产开发有限公司 （以下简称"儋州临空等4家子公司"）于2024年5月15日受偿公司重整偿债股票合计41,792,448股，占公 司总股份的0.37%，该事项构成上市公司子公司与上市公司的交叉持股。 ● 为消除交叉持股情形，同时基于对公司未来发展前景的信心及对公司价值的认可，公司控股股东海南 机场集团有限公司（以下简称"海南机场集团"）以大宗交易方式受让儋州临空等4家子公司重整受偿的 海南机场股票合计41,792,448股，股票交易价格为3.69元/股，交易总价款为人民币154,214,133.12元。本 次交易前，海南机场集团持有公司2,800, ...