格隆汇8月14日丨深圳机场(000089.SZ)公布，7月实际旅客吞吐量543.52万人次，同比增长2.02%；货邮 吞吐量17.34万吨，同比增长9.52%；航班起降架次37,744架次，同比增长1.00%。 ...

深圳市机场股份有限公司8月14日发布2025年7月生产经营快报。7月旅客吞吐量543.52万人次，同比增 2.02%，本年累计3800.48万人次，同比增9.51%，其中国际航线增长显著。货邮吞吐量17.34万吨，同比 增9.52%，本年累计115.61万吨，同比增13.35%。航班起降架次37744架次，同比增1.00%，本年累计 258874架次，同比增6.22%。 ...

Core Insights - The number of foreign travelers entering China through Shenzhen Airport has significantly increased, with a year-on-year growth of over 48.1% in total foreign entries as of August 11 [3] - China has established visa-free entry agreements with 29 countries and unilaterally granted visa exemptions to 46 countries, leading to a remarkable 151.5% increase in foreign travelers entering through Shenzhen Airport this year [3] - The implementation of a 240-hour transit visa exemption policy has expanded to 55 countries, contributing to the rise in transit travelers for tourism and business purposes [3] Group 1 - The Shenzhen Airport has seen a total increase of over 25.6% in the number of inbound and outbound travelers this year, marking the highest record for the same period historically [4] - On August 10, the airport recorded the highest single-day traffic in nearly five years, indicating a strong trend of "large inflow and outflow" [4] - The airport has introduced new or enhanced routes to 15 destinations, covering 33 countries and reaching 47 cities, with plans to add more routes to cities like Yangon, Chiang Mai, and Melbourne [4] Group 2 - Innovations such as a quick-fill system for foreign entry cards and a zone-based inspection model have improved the efficiency of the entry process [4] - The Shenzhen Airport has also implemented a dedicated channel for temporary entry permits, which has increased the efficiency of the entry process significantly [3] - Multilingual police officers are now providing guidance on entry policies and procedures, enhancing the overall experience for foreign travelers [4]

深圳机场（000089）三跑道扩建工程近日顺利通过竣工验收，为后续三跑道试飞、行业验收，年内正式 投运奠定坚实基础。 本月初，深圳机场三跑道飞行校验工作顺利完成。在此基础上，深圳机场紧锣密鼓组织勘察、设计、施 工、监理、检测、监测等22家单位展开三跑道扩建工程（第一批次）竣工验收工作，民航专业工程质量 监督总站中南地区监督站全程监督指导。 据介绍，本次竣工验收的主要内容包括：新建三跑道、平行滑行道、滑行道、联络道及配套助航灯光、 供电、供水、消防救援等设施。验收分为场道工程组、机电工程组、弱电工程组、BIM组、概算档案组 等5个专业验收组，对工程内容进行全面核查。 在竣工验收总结会上，验收组一致认为，三跑道扩建工程（第一批次）已严格按照合同及施工图内容建 设完成，工程质量满足国家及行业现行标准及规范要求，档案资料齐全有效，同意通过竣工验收。 据了解，深圳机场三跑道项目是国家重大项目、广东省重点工程，位于二跑道和沿江高速之间，平行设 置于二跑道西侧，长3600米，宽45米，飞行区按照最高等级4F级建设，能满足各类大型客机起降。机 场工程建设正式开工后，深圳机场开足马力加快建设，主跑道贯通、助航灯光亮灯、工程预验 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 002928 | 华夏航空 | 9.02 | 4.04% | | 36.87万 | 3.28亿 | | 603885 | 吉祥航空 | 12.73 | 1.43% | | 23.07万 | 2.93亿 | | 000099 | 中信海直 | 23.45 | 0.64% | | 27.27万 | 6.38亿 | | 601111 | 中国国航 | 7.33 | 0.55% | | 77.45万 | 5.67亿 | | 600115 | 中国东航 | 3.87 | 0.52% | | 73.55万 | 2.84亿 | | 000089 | 深圳机场 | 7.25 | 0.42% | | 10.87万 | 7856.87万 | | 600029 | 南方航空 | 5.76 | 0.35% | | 63.31万 | 3.64亿 | | 601021 | 春秋航空 | 52.85 | 0.28% | | 2.71万 | 1.43亿 | | 6 ...

Core Insights - Shenzhen Bao'an International Airport reported a passenger throughput of 32.57 million in the first half of the year, representing a year-on-year increase of 10.9% [1] - The airport's cargo and mail throughput reached 983,000 tons, with a year-on-year growth of 14.1% [1] - The number of flight operations reached 221,000, marking a year-on-year increase of approximately 7.2%, setting a new record for the same period since the airport's opening [1] Domestic Routes - In the first half of the year, Shenzhen Airport opened four new domestic routes to Shihezi in Xinjiang, Longnan in Gansu, Zhanjiang in Guangdong, and Zhongwei in Ningxia, focusing on expanding its network in the northwest [1] - The total number of domestic passenger destinations reached approximately 130 [1] International and Regional Routes - The airport launched or increased flights on 12 international and regional routes, including destinations such as Vientiane, Mexico City, Riyadh, and Singapore [1] - International and regional passenger volume reached 3.054 million, reflecting a year-on-year increase of 30.7% [1] - The number of international and regional passenger flights exceeded 20,000, with a year-on-year growth of 26.1% [1] Cargo Operations - In the first half of 2025, the airport's cargo and mail throughput was 983,000 tons, with a year-on-year increase of 14.1%, including nearly 500,000 tons of international and regional cargo, which grew by 16.3% [1] - The airport focused on enhancing its cargo route network, adding three new international cargo routes to Miami, Delhi, and Jakarta, and increasing flights to 12 major international cargo destinations including Chicago, Bangkok, and Dubai [1] - The number of international and regional cargo destinations increased to 43 [1]

Group 1 - The overall industry sentiment shows an upward trend in sectors such as steel, electric equipment, electronics, food and beverage, environmental protection, and retail, while sectors like oil and petrochemicals, machinery, light manufacturing, home appliances, automotive, banking, real estate, and public utilities are experiencing a downward trend [3][22] - As of August 10, 2025, notable industry data includes: automotive semi-steel tire operating rate at 74.35%, down 0.1% month-on-month; machinery equipment price index at 125.17 points, down 0.11% month-on-month; electric equipment Topcon component price at 0.7 yuan/watt, up 4.2% month-on-month; transportation with Suzhou subway passenger volume at 2.156 million, up 27.57% month-on-month; light manufacturing white cardboard price at 4010 yuan/ton, down 2.43% month-on-month [3][23][24] Group 2 - Insurance capital is increasingly allocating to equity, with banks and high-dividend sectors being core beneficiaries. By the end of Q1 2025, life and property insurance companies had invested a total of 2.82 trillion yuan in the stock market, a year-on-year increase of 44.5% [5] - The potential for insurance capital to increase its allocation to bank stocks remains significant, with estimated incremental funds of 140.4 billion yuan and 73.7 billion yuan for bank stocks in 2025, assuming 25% of new premium income is directed to the A-share market [5] Group 3 - The report on Shiyao Group indicates a revenue of 7.015 billion yuan in Q1 2025, a year-on-year decrease of 21.9%, with a net profit of 1.495 billion yuan, down 8.3%. The decrease in revenue is primarily due to the impact of price adjustments and centralized procurement policies [8][28] - The core pipeline SYS6010 (EGFRADC) shows strong potential for authorization, having started its first phase III clinical trial in March 2025, targeting patients with EGFR mutation non-small cell lung cancer [8][28] Group 4 - Shenzhen Airport's operational data shows a significant recovery, with 221,000 aircraft movements in the first half of 2025, a year-on-year increase of 7.2%, and a passenger throughput of 32.57 million, up 10.9% year-on-year [19][30] - The airport's non-aeronautical business is diversifying, with advertising revenue expected to increase as passenger traffic grows, and the new cargo station is anticipated to boost international cargo volume [19][31] Group 5 - Beiding Co. reported a revenue of 430 million yuan in the first half of 2025, a year-on-year increase of 34%, with a net profit of 56 million yuan, up 75% year-on-year. The company benefited significantly from domestic subsidies and the "old-for-new" replacement policy [10][36] - The company's gross margin improved to 49.7% in the first half of 2025, driven by high-margin products, with a notable increase in sales from new product lines [10][36]

天风证券8月11日发布研报称，给予深圳机场（000089.SZ，最新价：7.21元）买入评级。评级理由主要 包括：1）产能稳步放量，经营数据持续提升；2）非航业务多元发展，盈利贡献或将提升；3）三跑扩 建工程有序推进，重视股东回报。风险提示：宏观经济下行风险，国际客流恢复不及预期，免税客单价 提升不及预期，核心资源限制风险，测算具有主观性。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains a "Buy" rating for Shenzhen Airport [4][6][18] Core Views - The company is expected to benefit from the gradual recovery of the civil aviation industry, with operational data showing continuous improvement. In 2025, the airport is projected to handle 22.1 million aircraft movements, a year-on-year increase of 7.2%, and a passenger throughput of 32.57 million, up 10.9% year-on-year [1][2] - The opening of the third runway and T2 terminal is anticipated to positively impact revenue and cost structures, with a commitment to distribute at least 45% of the annual distributable profit to shareholders [3][4] - Non-aeronautical business diversification is expected to enhance profitability, with advertising revenue projected to reach 390 million yuan in 2024, a 3.3% increase year-on-year [2][4] Financial Data and Valuation - Revenue is forecasted to grow from 4,164.72 million yuan in 2023 to 6,051.75 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.02% [5][11] - The net profit attributable to the parent company is expected to increase from 396.69 million yuan in 2023 to 918.00 million yuan in 2027, reflecting a significant growth trajectory [5][11] - The earnings per share (EPS) is projected to rise from 0.19 yuan in 2023 to 0.45 yuan in 2027, indicating strong profitability growth [5][11]

Core Viewpoint - The company, operating Shenzhen Bao'an International Airport, is experiencing continuous operational improvements due to the recovery of the civil aviation industry, with significant increases in passenger and cargo throughput expected in the coming years [1][2]. Group 1: Operational Performance - In 2024, the airport will have 186 passenger routes and is expected to handle 61.477 million passengers, ranking second in domestic passenger throughput [1]. - For the first half of 2025, the airport recorded 221,000 aircraft movements, a year-on-year increase of 7.2%, and a 26.1% increase compared to the same period in 2019 [1]. - Cargo throughput reached 188.1 million tons in 2024, maintaining the top position in domestic cargo and mail throughput [1][2]. Group 2: Non-Aeronautical Business Development - The joint venture for duty-free business commenced operations in November 2023, with projected revenue of 210 million yuan and a net loss of 36 million yuan in 2024, which may temporarily impact profitability but enhance competitive strength in the long term [2]. - Advertising revenue is expected to reach 390 million yuan in 2024, reflecting a year-on-year increase of 3.3%, with operating profit of 387 million yuan [2]. - The logistics revenue is projected at 450 million yuan in 2024, with operating profit of 88 million yuan, supported by significant growth in domestic and international cargo throughput [2]. Group 3: Infrastructure Expansion and Shareholder Returns - The third runway is expected to be operational by the end of 2025, with the T2 terminal bidding completed, which will impact revenue and cost structures [3]. - The company commits to distributing at least 45% of its distributable profits as cash dividends annually, with a projected dividend payout ratio of 55.6% for 2024, up from 51.7% in 2023 [3]. Group 4: Financial Forecasts - The forecast for net profit attributable to shareholders for 2025 has been adjusted to 620 million yuan, down from the previous estimate of 740 million yuan, with new projections for 2026 and 2027 set at 770 million yuan and 920 million yuan, respectively [4]. - The company maintains a "buy" rating despite economic fluctuations and moderate recovery in non-aeronautical business [4].