公司研究 华创证券研究所 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 邮箱：liqingying@hcyjs.com 相关研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------|-----------------------|----------------------|-----------------------|-----------------------|------------------------|--------------------|-------|------------------------|------------------------|--------------------| | | 22Q1 | 22Q2 | 22Q3 | 22Q4 | 23Q1 | 23Q2 | | 23Q3 | 23Q4 | 2023 | | 营业收入（亿元） 1 9年 | 6.48 | 6 ...

流通股本（万股） 205,074.24 2024 年 04 月 08 日 公司研究 评级：买入(维持) ——深圳机场（000089）2023 年报点评 事件: 业务方面，2023 公司完成航班起降 39.31 万架次/yoy+66.77%，旅客吞 吐量 5273.49 万人次/yoy+ 144.56%，货邮吞吐量 160 万吨/yoy+6.20%， 分别达到 2019 年水平的 106.19%、99.63%、124.73%。 相对沪深 300 表现 2024/04/08 财务方面，公司 2023 年实现营业收入 41.65 亿元/yoy+55.91%（调整后， 下同），较 2019 年增长 9.41%；归母净利润 3.97 亿元，上年为-11.24 亿元，较2019年下降1.97亿元；扣非归母净利润-1.56亿元，上年为-12.60 亿元，2019 年为 6.20 亿元；非经常性损益为 5.53 亿元，较上年增长 4.17 亿元，主要为确认深江铁路（福永段）搬迁补偿款 5.56 亿元，其中归属 于公司的补偿金 4.58 亿元。 表现 1M 3M 12M 深圳机场 6.7% 8.9% -8.8% 沪深 300 ...

Airport Operations and Performance - Shenzhen Airport ranked second in passenger traffic nationwide, with a total of 65,000 aircraft movements, leading among domestic dual-runway airports[3] - The airport handled 1.6 million tons of cargo and mail throughout the year, with 59 all-cargo aircraft destinations[3] - The company maintained a flight release normal rate of over 85% throughout the year, with the bridge rate exceeding 86%, ranking among the top in the domestic market[25] - The company is expanding its international passenger routes, focusing on direct flights to major innovative cities and countries with visa-free entry policies, including Mexico[24] - The company achieved an operating revenue of CNY 430.8 million in 2023, a year-on-year decrease of 13.73%, with a total profit of -CNY 35.3 million, down 241.67% compared to the previous year[31] - The international cargo station reported an operating revenue of CNY 505.89 million, a year-on-year decrease of 4.05%, while total profit increased by 20.03% to CNY 15.98 million[34] - The company achieved an operating income of ¥15,371,000, representing a year-on-year growth of 30.41%, and a total profit of ¥5,564,000, up by 59.53%[86] - The company reported a significant increase in business volume and revenue due to the recovery of the civil aviation industry[62] Financial Performance and Management - Operating cash inflow increased by 36.44% to ¥4,186,897,535.41 compared to ¥3,068,694,924.49 in the previous year[49] - Net cash flow from operating activities surged by 279.43% to ¥1,150,879,619.95 from ¥303,319,630.99[49] - Investment cash outflow decreased by 16.53% to ¥2,838,830,176.25 from ¥3,400,927,002.31[50] - The net increase in cash and cash equivalents was ¥391,952,243.10, a 132.98% improvement from a decrease of ¥1,188,322,257.54 in the previous year[50] - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a year-over-year growth of 15%[119] - The company achieved an operating income of 119.69 million yuan in 2023, representing a year-on-year growth of 3.94%[92] - The total profit reached 89.83 million yuan, with a year-on-year increase of 45.41% after excluding the impact of compensation for the relocation of the Shenjiang Railway[92] Strategic Development and Expansion - The company aims to establish itself as a world-class airport, focusing on high-quality development and enhancing its role as a key logistics hub in the Guangdong-Hong Kong-Macao Greater Bay Area[17] - The company is focused on digital transformation and enhancing financial management to ensure that the growth rate of costs does not exceed that of revenue[100] - The company is exploring potential acquisitions to enhance its service offerings, with a budget of 500 million RMB allocated for this purpose[119] - The company is considering strategic acquisitions to enhance its market position, with a budget of 300 million allocated for potential deals[182] - The company plans to expand its market presence by increasing domestic popular routes by more than 5 and enhancing international routes in Northeast Asia and Southeast Asia[96] - The company is enhancing its marketing efforts to attract more customers from surrounding areas and improve overall passenger experience[96] Safety and Compliance - The company ranked second in a safety management assessment among 10 similar-sized airports, reflecting its commitment to safety and operational excellence[24] - The company is enhancing its safety production responsibility system to ensure 100% coverage of safety responsibilities[42] - The company has implemented measures to improve compliance management and ensure the effective operation of its internal control systems[102] Governance and Management Structure - The governance structure remains robust, ensuring compliance with regulatory requirements and protecting shareholder interests[121] - The company has maintained independence from its controlling shareholder in terms of assets, personnel, finance, and operations[129] - The company has established a complete financial management system independent of the controlling shareholder, ensuring that financial decisions do not require approval from the controlling shareholder[142] - The company has successfully navigated personnel changes in its supervisory and management roles, ensuring effective governance and oversight[159] Employee Welfare and Satisfaction - The company emphasized the importance of employee welfare, increasing benefits by 15% to improve overall employee satisfaction[119] - The company’s senior management, including the general manager and deputy general managers, do not hold positions in shareholder units, ensuring independent labor and personnel management[132] Future Outlook and Projections - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 1.32 billion RMB[119] - The company has outlined a future outlook projecting a 20% growth in revenue for the next fiscal year[182] - New product launches are expected to contribute an additional 200 million in revenue over the next year[182]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company reported a significant recovery in its aviation business, with a notable reduction in losses and record profits from terminal leasing [5] - The aviation demand continues to rebound, with passenger throughput nearly returning to pre-pandemic levels [5] - The company is expected to benefit from ongoing infrastructure expansions, including a new runway projected to be operational by early 2026 [5] Summary by Relevant Sections Financial Performance - In 2023, the company achieved operating revenue of 4.16 billion yuan, a year-on-year increase of 55.9% (adjusted) [5] - The net profit attributable to shareholders was 400 million yuan, a 135% increase (adjusted) compared to the previous year [5] - The company plans to distribute a dividend of 0.1 yuan per share, with a cash dividend rate of approximately 52% [5] Operational Highlights - The number of aircraft takeoffs and landings reached approximately 393,000 in 2023, a 67% increase from 2022 and a 6.2% increase from 2019 [5] - Passenger throughput was about 52.74 million, a 145% increase from 2022, recovering to 99.6% of 2019 levels [5] - The company’s aviation main business revenue was 3.04 billion yuan, up 72.4% year-on-year, although still down 3.5% from 2019 [5] Business Segments - The aviation value-added services, particularly terminal leasing, achieved record operating profits of 270 million yuan, a 64% increase year-on-year [5] - The advertising business saw a slight decline in operating profit, down 2.3% year-on-year, attributed to a sluggish advertising market [5] Future Outlook - The company is expanding its capacity with plans for a new terminal layout and additional runways, enhancing its position as a comprehensive transportation hub [5] - The forecast for net profit attributable to shareholders is 460 million yuan for 2024, 770 million yuan for 2025, and 650 million yuan for 2026 [5]

证券代码：000089 证券简称：深圳机场 公告编号：2024-021 深圳市机场股份有限公司 关于签订深圳机场广告媒体经营合同的公告 本公司及董事会全体成员，保证信息披露的内容真实、准确、完整，没有虚假记载、 误导 性陈述或重大遗漏。 特别提示： 1.合同履约的风险及不确定性：本合同在履行过程中如遇到不可预计、不可抗 力或宏观经济等因素影响，可能导致合同无法全部履行或终止的风险。敬请广大投 资者理性投资，注意投资风险。 主体合同时须提供连带责任承诺函）"。 为进一步提升运营效率及服务响应能力，梅迪派勒拟设立深圳分公司运营深圳 机场广告业务。梅迪派勒二级全资子公司广州德高空港广告有限公司（下称"广州 德高"）深圳分公司已完成注册。现拟就上述广告业务运营主体变更事项签订广告 经营合同补充协议。本次补充协议除上述运营主体由梅迪派勒变更为广州德高深圳 分公司外，不对第八届董事会第十次临时会议及2024年第一次临时股东大会已审议 通过的内容作其他变更。 根据《深圳证券交易所股票上市规则》《公司章程》等相关规定，本事项不构 成关联交易，亦不涉及重大资产重组。本次补充协议签署为公司日常经营活动行为， 仍需提交公司股东大会 ...

非经营性资金占用及其他关联资金 往来情况专项说明 深圳市机场股份有限公司 容诚专字[2024]518Z0430 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层 / 922-926 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于深圳市机场股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2024]518Z0430 号 深圳市机场股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了深圳市机场股份有限公 司（以下简称深圳机场公司）2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公司所有者权 益变动表以及财务报表附注，并于 2024 年 4 月 2 日出具了容诚审字[2024]518Z0387 号的标准无保留意见审计报告。 根据中国证券监督管理委 ...

2023 年度，公司关联交易金额超出 2023 年初预计的具体情况如下： 本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组， 不需经过有关部门批准。 证券代码：000089 证券简称：深圳机场 公告编号：2024-019 深圳市机场股份有限公司 关于 2023 年度超额关联交易追认的公告 本公司及董事会全体成员，保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 2023 年度，因业务量超出预期，公司与部分关联人发生的日常关联交易金额超 出 2023 年初的预计范围，达到了《深圳证券交易所股票上市规则》披露的要求，公 司拟对日常关联交易的超额部分予以追认。2024 年 4 月 2 日，公司召开第八届董事 会第十一次会议，按照关联交易审议程序对该事项进行了表决。关联董事陈繁华、 林小龙、张岩回避了表决；非关联董事刘锋、徐燕、陈进泉，独立董事贺云、张敦 力、曾迪对本关联交易事项进行了表决，并以 6 票赞成，0 票反对，0 票弃权获得一 致通过。具体内容公告如下： 一、关联交易的主要内容 单位：万元 关联人 关联交易 类别 关联交易内容 2023年 预计金额 2023年实 ...

证券代码：000089 证券简称：深圳机场 公告编号：2024-016 深圳市机场股份有限公司 第八届监事会第十一次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 深圳市机场股份有限公司第八届监事会第十一次会议通知提前十天书面送达各 位监事，会议于 2024 年 4 月 2 日 16:30 在深圳宝安国际机场 T3 商务办公楼 A 座 802 会议室召开。会议应到监事 3 人，实到 3 人，监事会主席叶文华、监事潘明华、李 洁亲自出席了本次会议。会议的召开符合相关法律法规及规章和《公司章程》的规 定。会议由监事会主席叶文华主持，审议并表决通过如下议案： 一、公司 2023 年度监事会报告； 本项议案以 3 票同意，0 票反对，0 票弃权获得通过。 二、公司 2023 年度总经理工作报告； 本项议案以 3 票同意，0 票反对，0 票弃权获得通过。 三、公司 2023 年度财务决算报告； 本项议案以 3 票同意，0 票反对，0 票弃权获得通过。 四、公司 2023 年度利润分配预案； 经审议，监事会认为：该利润分配预案符合公司实际经营发展情况，不存在 ...

内部控制审计报告 深圳市机场股份有限公司 容诚审字[2024]518Z0391 号 内部控制审计报告 容诚审字[2024]518Z0391 号 深圳市机场股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了深圳市机场股份有限公司（以下简称"深圳机场公司"）2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是深圳机场 公司董事会的责任。 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所(特殊普通合伙) 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层/922-926(100037) TEL: 010-6600 1391 FAX: 010-6600 1392 E-mail:bj@rsmchina.com.cn https//WWW.rsm.global/china/ 陈链武（项目合伙人） 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 ...

董事会关于2023年度证券投资情况的专项说明 按照《中华人民共和国证券法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第1号——主板 上市公司规范运作》等法律、法规、规范文件及《公司章程》《公 司理财产品管理制度》等相关规定要求，公司董事会对公司2023 年证券投资情况进行了认真核查，现将有关情况说明如下： 三、报告期内执行证券投资内控制度情况 公司制定了《公司理财产品管理制度》，明确规定了公司 理财产品投资的审批权限、信息披露、风险控制等内容。报告 期内，公司严格执行中国证监会、深圳证券交易所相关证券投 资的规定以及《公司章程》《公司理财产品管理制度》等有关 要求。公司本着谨慎的原则，按照相关规定进行投资，防范、 控制资金风险。报告期内，资金安全能够得到保障，取得了合 理的投资收益。 四、证券投资对公司的影响 公司利用自有暂时闲置资金进行投资理财，提高了公司自 有闲置资金的使用效率，为公司创造了一定的投资回报，未影 响公司主营业务的发展，符合公司和全体股东的利益。 （三）证券投资的资金来源：公司及控股子公司的自有资金。 （四）本报告期证券投资的投资范围：银行理财产品。 二、报告期证券 ...