Core Insights - The report highlights that tourism volume is increasing while prices remain stable, with a focus on policy support and advancements in AI applications within the sector [3][9] - The domestic travel market saw 314 million trips during the May Day holiday, a year-on-year increase of 6.4%, with total spending reaching 180.27 billion yuan, up 8.0% [9][21] - The report suggests that the tourism trend will continue to improve due to consumer experience demands and favorable industry policies, recommending investments in leading companies benefiting from these trends [3][42] Market Review - In April, the consumer services sector outperformed the benchmark by 1.42 percentage points, with strong performances from tourism and education stocks [4][6] - The May Day holiday saw significant gains in the education sector and travel-related stocks, with notable performances from companies involved in AI-enhanced education [4][6] Sub-industry Analysis - **Inbound and Outbound Travel**: Inbound travel saw a 28.7% increase in visitor numbers during the May Day holiday, with significant growth in travelers from Hong Kong, Macau, and Taiwan [16][21] - **Hotel Industry**: The hotel sector experienced a 11.5% increase in revenue per available room (RevPAR) during the holiday, with occupancy rates and average daily rates also rising [24][22] - **Scenic Areas**: Major scenic spots reported strong visitor numbers, with some locations seeing over 50% growth compared to the previous year, aided by favorable weather and local government initiatives [25][28] - **Dining Sector**: Key monitored dining enterprises reported an 8.7% increase in sales during the holiday, reflecting a recovery in consumer spending [29][30] - **Duty-Free Sales**: Duty-free shopping during the holiday saw a decline of 7% in sales, although the average transaction value remained stable [35][41] Investment Recommendations - The report recommends focusing on leading companies that are expected to benefit from policy support and improving consumer sentiment, including Tongcheng Travel, Xueda Education, Jiuhua Tourism, and others [3][42]

在提升旅客出行体验方面，海南机场持续擦亮旅客服务"金字招牌"，大力推广海口美兰"五星"机场 服务标准，积极主动协调机场周边交通秩序。同时，以旅客需求为导向，主动发布航班、气象、余票等 资讯，及时回应旅客关切。 同比增长9.2% 海南日报海口5月6日讯(海南日报全媒体记者 邵长春 通讯员 许薇)海南日报全媒体记者5月6日从 海南控股旗下海南机场集团获悉，今年"五一"期间(5月1日至5日)，该公司旗下11家机场交出亮眼成绩 单，其中海南岛内海口美兰、三亚凤凰、琼海博鳌三大机场累计完成航班起降4615架次、旅客吞吐量 71.4万人次，同比分别增长4.8%、9.2%，为海南文旅市场发展注入强劲动能。 其中，海口美兰机场累计旅客吞吐量39.1万人次，同比增长2.5%;三亚凤凰机场累计旅客吞吐量31.6 万人次，同比增长超19%。 出入境客流量在"五一"假期也迎来显著增长。海口美兰、三亚凤凰机场累计完成境外航班起降221 架次、旅客吞吐量3.4万人次，同比分别增长3.8%、47%。其中，三亚凤凰机场累计完成境外航班起降 80架次，旅客吞吐量1.4万人次，同比分别增长74%、102%，出入境游客热情持续升温。 岛内三大机场 ...

Investment Rating - The investment rating for Hainan Airport is "Accumulate" (maintained) [1] Core Views - Hainan Airport plans to acquire a controlling stake in Meilan Airport through self-raised funds, aiming to establish itself as the air gateway for Hainan Free Trade Port [8] - The integration of Meilan Airport's revenue into Hainan Airport's financial statements is expected to enhance overall income from outbound passenger traffic [8] - The company is positioned to benefit from the growth in tourism and the favorable policies associated with the Hainan Free Trade Port [8] Financial Forecasts - Total revenue is projected to reach CNY 6,762 million in 2023, with a significant increase to CNY 8,799 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.38% [1] - The net profit attributable to shareholders is expected to decline to CNY 458.50 million in 2024, before recovering to CNY 1,372.90 million by 2027, indicating a strong rebound in profitability [1] - The earnings per share (EPS) is forecasted to grow from CNY 0.04 in 2024 to CNY 0.12 in 2027, showcasing an improving earnings trajectory [1] Market Data - The closing price of Hainan Airport's stock is CNY 3.51, with a market capitalization of CNY 40,102.84 million [5] - The price-to-earnings (P/E) ratio is projected to decrease from 87.47 in 2024 to 29.21 in 2027, indicating a more attractive valuation over time [1] Operational Insights - Hainan Airport is in a growth phase, with both Sanya Phoenix Airport and Haikou Meilan Airport undergoing capacity expansion, which is expected to drive future revenue growth [8] - The company aims to fully consolidate the revenues from three airports in Hainan, enhancing its market position and operational efficiency [8]

股票代码：600515 股票简称：海南机场 公告编号：临 2025-030 海南机场设施股份有限公司 关于参加"2024 年度海南辖区上市公司业绩说明会暨投资者集体 接待日"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。 为推动辖区上市公司进一步建立董事会与投资者的良好沟通机制，让投资者更准 确地读懂年度报告、更全面地了解上市公司，切实提高上市公司透明度和治理水平， 海南证监局将与深圳市全景网络有限公司、海南上市公司协会联合举办"2024 年度 海南辖区上市公司业绩说明会暨投资者集体接待日"活动，活动时间为 2025 年 5 月 13 日 14:00-17:00，平台登陆地址为：http://rs.p5w.net。 届时，公司主要高管人员将参加本次活动，通过网络在线交流形式，就公司 2024 年年报披露、财务数据、公司治理、内部控制、发展战略、经营状况、现金分红、重 大事项、可持续发展等投资者所关心的问题，与投资者进行"一对多"形式的沟通与 交流。欢迎广大投资者踊跃参与。 特此公告。 海南机场设施股份有限公司董事会 二 ...

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： 投资者可于 2025 年 5 月 7 日(星期三)至 5 月 13 日(星期二)16:00 前登录上证路 演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jcgfdshbgs@hnaport.com 进 行提问。公司将在本次说明会上对投资者普遍关注的问题进行回答。 海南机场设施股份有限公司（以下简称"公司"）已于 2025 年 4 月 15 日发布公 司 2024 年度报告、2025 年 4 月 29 日发布公司 2025 年第一季度报告，为便于广大投 资者更全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司 计划于 2025 年 5 月 14 日(星期三)下午 15:00-16:00 举行 2024 年度暨 2025 年第一季度 业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 股票代码：600515 股票简称：海南机场 公告编号：临 2025-031 海南机场设施股份有限公司 关于召开 2024 年度暨 2025 年 ...

Core Viewpoint - The acquisition of Hainan Meilan International Airport by Hainan Airport is a strategic move to enhance the airport's core business and capitalize on the opportunities presented by the Hainan Free Trade Port's development, aiming to create a robust aviation hub and improve investor returns [1][3][12]. Group 1: Acquisition Details - Hainan Airport announced the acquisition of 50.19% of Hainan Meilan International Airport for 2.339 billion yuan, with plans for a comprehensive takeover to maintain its listing status [1][4]. - The acquisition is expected to consolidate core assets and optimize aviation resource allocation, potentially reshaping the airport industry in Hainan and China [3][4]. Group 2: Operational Synergies - The merger will allow for unified management of Hainan's three major airports, increasing annual passenger throughput to over 50 million, enhancing the region's status as a significant aviation hub [4][9]. - The integration will eliminate related party transactions, improve operational efficiency, and enable coordinated route planning to reduce competition among airports [6][9]. Group 3: Financial Implications - Post-acquisition, Hainan Airport's revenue from airport management is projected to exceed 60%, facilitating a shift from real estate to aviation transportation classification [7][12]. - Hainan Meilan International Airport will benefit from improved financial stability, allowing for infrastructure upgrades and better credit ratings, which will lower financing costs [8][12]. Group 4: Strategic Development - The acquisition aligns with the Hainan Free Trade Port's goal of enhancing infrastructure control and facilitating smoother customs operations [9][10]. - Future developments will focus on diversifying business operations, including low-altitude economy, aviation logistics, and high-end manufacturing, leveraging the strengths of both airports [10][11]. Group 5: Market Positioning - The merger positions Hainan Airport to become a key player in the national aviation market, enhancing its competitive edge and ability to attract international business [9][12]. - The strategic focus on airport operations and duty-free business is expected to create a unique flow entry point for the Hainan Free Trade Port, maximizing policy benefits [11][12].

Group 1 - The A-share airport and shipping sector experienced a significant rise in the afternoon, with Huaxia Airlines increasing by nearly 7.5% [1] - China National Airlines saw an increase of over 5%, while Southern Airlines rose nearly 5% [1] - Other companies such as China Eastern Airlines, Juneyao Airlines, Hainan Airlines, Spring Airlines, CITIC Offshore Helicopter, and Hainan Airport also reported gains of over 2% [1]

Summary of Key Points from Conference Call Records Company Overview - **Zhonghe Technology (众合科技)**: Focuses on intelligent transportation, semiconductor materials, and computing services, with a core business in the three-dimensional transportation industry [1][2][3] - **Tuoer Technology (拓尔思)**: Engaged in artificial intelligence products and services, with a strong emphasis on digital government and financial technology [4][5][6][7] - **Hainan Airport (海南机场)**: Primarily involved in airport management, duty-free and commercial businesses, and real estate management [8][9] Core Insights and Arguments Zhonghe Technology - **Financial Management**: The company was found to have transferred 120 million yuan from its fundraising account to a peer's margin account for short-term deposits, prompting a reinforcement of internal controls to prevent recurrence [1] - **Business Expansion**: Plans to develop a national computing network through the Qinyang Time-Space Big Data Cloud Center, aiming for a computing capacity of 250P [2] - **AI Development**: Launched the UniChat AI model tailored for smart transportation, featuring applications in various traffic scenarios [3] - **Semiconductor Focus**: The semiconductor business is centered on single crystal silicon materials, with ongoing efforts to expand into semiconductor equipment and integrated circuits [3] Tuoer Technology - **Revenue Growth**: Reported a revenue of 258 million yuan from AI software products and services in 2024, with a 8.99% year-on-year increase [4] - **AI Model Applications**: Successfully delivered over 40 benchmark projects in AI models and agents across various sectors, including government and finance [4] - **Data Resource Development**: Established a data resource system with over 500 billion entries, enhancing AI model training and industry digitalization [6] - **Cloud Computing Strategy**: Utilizes a combination of self-built and public cloud models for computing power, enhancing efficiency and reducing resource requirements for AI models [6] Hainan Airport - **Acquisition Plans**: Proposed to acquire a 50.19% stake in Meilan International Airport for 2.339 billion yuan, aiming to enhance management efficiency across three airports in Hainan [8] - **Duty-Free Business**: Engaged in duty-free operations through partnerships and property leasing, holding significant stakes in various airport duty-free shops [9] Additional Important Information - **Data Governance**: Zhonghe Technology emphasizes data security and governance, implementing strict measures for data mapping and protection [4] - **Strategic Partnerships**: Tuoer Technology has formed strategic collaborations to enhance its AI capabilities and expand its market reach [5][6] - **Market Positioning**: Both Zhonghe Technology and Tuoer Technology are positioning themselves to leverage advancements in AI and data analytics to capture market opportunities in their respective fields [3][4][5][6]

中国机场行业或将迎来新的变局。 日前，海南机场（600515）(600515.SH)发布公告，拟出资23.39亿元收购海南美兰国际空港股份（600463）有限公 司(以下简称"美兰空港"或"标的公司")约2.38亿股内资股股份。 美兰空港是一家港股上市公司。上述交易完成后，海南机场还将对标的公司全部已发行内资股、H股进行全面收 购要约，拟维持美兰空港的上市地位。 美兰空港处于亏损状态。2023年、2024年，其合计亏损5.17亿元。这两年，海南机场的归属于母公司股东的净利 润(简称"归母净利润")持续下降，今年一季度延续了下滑势头。 为何要收购连续亏损的美兰空港？在业内人士看来，海南机场是在下一盘大棋。通过本次收购，海南机场将完成 岛内三家机场资源整合，助力海南自贸港打造航空区域门户枢纽。 整合三家机场解决同业竞争 23.39亿元收购一家亏损公司，海南机场有多重考量。 目前，海南岛内共有海口美兰机场、三亚凤凰机场、琼海博鳌机场三大民航机场。其中，海口美兰机场主体为港 股上市公司美兰空港(00357.HK)，三亚凤凰机场和琼海博鳌机场背后的主体为A股上市公司海南机场。 出现如今这样的局面与破产重整相关。2021 ...

Investment Rating - The report maintains an "Outperform" rating for Hainan Airport [1]. Core Views - Hainan Airport plans to acquire a 50.19% stake in Meilan Airport for 2.339 billion yuan, aiming to enhance its core business and competitiveness [5]. - The acquisition will consolidate Hainan's core aviation hub, supporting the development of the Hainan Free Trade Port and expanding the company's airport operations [5]. - The financial forecast for Hainan Airport shows a projected revenue increase from 4.368 billion yuan in 2024 to 5.492 billion yuan in 2025, with a net profit expected to rise from 459 million yuan to 787 million yuan in the same period [4][7]. Financial Data and Profit Forecast - Total revenue projections are as follows: - 2024: 4,368 million yuan - 2025E: 5,492 million yuan - 2026E: 6,020 million yuan - 2027E: 6,705 million yuan - Net profit projections are as follows: - 2024: 459 million yuan - 2025E: 787 million yuan - 2026E: 936 million yuan - 2027E: 987 million yuan - The gross profit margin is expected to improve from 41.3% in 2024 to 43.3% in 2025E [4][7].