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]

Financial Performance - In 2024, the company achieved operating revenue of 4.739 billion yuan, a year-on-year increase of 13.80% [1] - The net profit attributable to shareholders was 443 million yuan, up 11.68% year-on-year; the net profit after deducting non-recurring gains and losses was 354 million yuan, a significant increase of 326.31% [1] - Revenue from aviation services reached 2.095 billion yuan, growing by 16.22% year-on-year; ground services revenue was 768 million yuan, up 10.58%; leasing and franchise income was 963 million yuan, increasing by 10.64%; logistics revenue was 410 million yuan, up 30.57%; advertising revenue was 390 million yuan, growing by 3.28%; other non-aviation income was 109 million yuan, increasing by 7.07% [1] Operational Highlights - The company recorded a passenger throughput of 61.477 million, a year-on-year increase of 16.6%, marking the first time it surpassed 60 million [2] - The number of flight takeoffs and landings reached 428,000, up 8.9% year-on-year; cargo and mail throughput was 1.881 million tons, increasing by 17.6% [2] - The company ranks second in domestic passenger throughput and third in cargo and mail throughput nationally [2] Infrastructure Development - The construction of the third runway is progressing as planned, expected to be completed by 2026 [3] - The company is enhancing its customs environment with policies like 144-hour visa-free transit and 24-hour direct transit for passengers [3] - Future plans include a comprehensive transportation hub integrating air, land, and rail services, with a target of achieving a 20% share of international flights [3] Diversification and Non-Aviation Revenue - The company is focusing on diversifying non-aviation revenue, with a strong performance in duty-free business [4] - Efforts include the establishment of outdoor advertising media and the opening of international brand stores in Terminal 3 [4] - The cross-border e-commerce sector is growing rapidly, with international cargo volume surpassing domestic for the first time [4]

Core Viewpoint - Shenzhen Airport reported significant growth in revenue and profit for 2024, with key operational metrics reaching historical highs, indicating a strong recovery and expansion in the aviation sector [2][4]. Financial Performance - The company achieved operating revenue of 4.74 billion yuan, a year-on-year increase of 13.8% [2]. - Net profit attributable to shareholders was 443 million yuan, up 11.7% year-on-year [2]. - The net profit after deducting non-recurring items was 354 million yuan, marking a successful turnaround [2]. - Operating cash flow net amount reached 1.906 billion yuan, a significant increase of 65.6% year-on-year [2]. Operational Metrics - The airport recorded 428,000 flight takeoffs and landings, with passenger throughput reaching 61.477 million, both representing year-on-year growth of 8.9% and 16.6% respectively [2]. - Cargo and mail throughput was 1.881 million tons, showing a year-on-year increase of 17.6% [2]. Revenue Composition - Aviation revenue amounted to 2.095 billion yuan, up 16.22% year-on-year [2]. - Ground service revenue was 768 million yuan, increasing by 10.58% [2]. - Leasing and franchise revenue reached 963 million yuan, a growth of 10.64% [2]. - Logistics revenue grew by 30.57% to 410 million yuan [2]. - Advertising revenue was 390 million yuan, up 3.28% [2]. - Other non-aviation revenue totaled 109 million yuan, increasing by 7.07% [2]. Subsidiary Performance - Shenzhen Airport's domestic cargo station subsidiary contributed the highest profit of 34.64 million yuan [3]. - The airport's media subsidiary reported a loss of 12.7262 million yuan [3]. - The international cargo station subsidiary achieved a net profit of 178 million yuan, while Chengdu Shuangliu International Airport reported a loss of 18.2 million yuan [3]. Asset and Equity Position - As of the end of Q4 2024, total assets were 24.174 billion yuan, and net assets attributable to shareholders were 11.352 billion yuan, reflecting a 2.1% increase from the previous year [3]. Strategic Initiatives - The company emphasized ongoing expansion in aviation logistics and commercial leasing, driven by the rapid growth of cross-border e-commerce and the addition of new cargo routes [4]. - Investments in technological innovation, including smart management and automation, were highlighted as key to improving operational efficiency and service quality [4]. Executive Compensation - The total compensation for 14 directors and senior management was 8.442 million yuan, with an average salary of 874,100 yuan [4]. - The highest-paid executive, the general manager, received 992,300 yuan, while the lowest-paid executive earned 622,900 yuan [4]. Q1 2025 Performance - For Q1 2025, the company reported total revenue of 1.255 billion yuan, a year-on-year increase of 11.20% [4]. - Net profit attributable to shareholders was 163 million yuan, up 72.20% year-on-year [4]. - The net profit after deducting non-recurring items was 136 million yuan, reflecting a 93.30% increase [4]. - Operating cash flow net amount for the quarter was 849 million yuan, a growth of 43.29% [4].

深圳机场（000089.SZ）2024 年年报及 2025 年一季报点评 年报业绩落于预告上沿，非航业务步入新阶段 2025 年 04 月 28 日 ➢ 2025 年 4 月 24 日公司发布 2024 年年报：2024 年公司营业收入 47.4 亿元，同比 +14%，归母净利润 4.4 亿元，同比+12%，落于业绩预告上沿（公司预告 2024 年归母 净利润 4.0-4.4 亿元），扣非归母净利润 3.5 亿元（上年同期扣非归母净亏 1.6 亿元）； 4Q24 公司营业收入 12.7 亿元，同比+13%，归母净利润 1.2 亿元，同比-50%，扣非归 母净利润 1.1 亿元（4Q23 扣非归母净亏 0.2 亿元）。公司发布 2025 年一季报：1Q25 公司营业收入 12.5 亿元，同比+11%，归母净利润 1.63 亿元，同比+72%，接近业绩预 告盈利中位（公司预告 1Q25 归母净利润 1.3-1.8 亿元），扣非归母净利润 1.36 亿元， 同比+93%。 ➢ 经营生产数据持续提升，强化国际航线资源投入。受益民航业复苏，公司经营数据持 续提升：2024 年深圳机场飞机起降 42.8 万架次，同比+8 ...

Core Insights - The upcoming May Day holiday is expected to significantly boost travel demand, with various promotional activities and policies in place to attract tourists to Shenzhen [1][2][3] Group 1: Travel Demand and Policies - The implementation of the "immediate refund" tax policy for outbound travelers and the 240-hour visa-free transit policy has led to a substantial increase in foreign visitors to Shenzhen, with over 241,000 entries, marking a 54.4% year-on-year growth [2] - The proportion of visa-free entrants has surged by 159.7%, indicating a strong appeal of these policies [2] - Shenzhen Airport has seen nearly 20,000 inbound and outbound flights this year, reflecting a 29.9% increase compared to the previous year [2] Group 2: Expected Travel Peaks - The Shenzhen Border Inspection Station predicts a peak of approximately 105,000 travelers during the May Day holiday, with nearly 900 flights expected, representing a growth of over 40% [2] - Specific peak travel times have been identified, with outbound peaks on May 1 and 2, and inbound peaks on May 5 [2][4] Group 3: Regional Events and Promotions - The overlap of the May Day holiday with the 137th Canton Fair and various promotional events in Hong Kong is anticipated to drive short-distance travel from mainland residents to Hong Kong and other destinations [3] - The expansion of China's visa-free travel options and the popularity of social media influencers are expected to further enhance inbound tourism and spending by foreign travelers [3]

事件：深圳机场发布2024 年年报及2025 年一季报。2024 全年，公司实现总营业收入47.39 亿元，同比 增长13.8%；实现归母净利润4.43 亿元，同比增长11.68%。25Q1 公司实现总营业收入12.55 亿元，同比 增长11.2%；实现归母净利润1.63 亿元，同比增长72.2%，处于业绩快报中枢，符合预期。 流量稳步复苏，深圳机场2024 年经营持续增长。根据公司公告，深圳机场2024 年旅客吞吐量达到6148 万人次，恢复至 19 年同期的116%，同比2023 年增长17%，其中国内旅客吞吐量5630 万人次，同比 2023 年增长12%；国际旅客吞吐量472 万人次，同比2023 年增长120%；地区旅客吞吐量47 万人次，同 比2023 年增长40%。深圳机场2024年飞机起降架次达428278 次，已恢复至19 年同期的116%，同比2023 年增长9%；货邮吞吐量达188 万吨，恢复至19 年同期的147%，同比23 年增长18%。 深圳机场2025 年Q1 客运、货运增保持强劲增长。航空出行市场基本常态化，深圳机场客流稳步提升， 1-3 月深圳机场旅客吞吐量达到1655 万人 ...

上 市 公 司 交通运输 2025 年 04 月 26 日 深圳机场 (000089) ——盈利稳步增长，产能利用率持续提升 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： 2025 年 04 月 25 日 | | | --- | --- | | 收盘价（元） | 6.79 | | 一年内最高/最低（元） | 7.78/5.86 | | 市净率 | 1.2 | | 股息率%（分红/股价） | 1.47 | | 流通 A 股市值（百万元） | 13,925 | | 上证指数/深证成指 3,295.06/9,917.06 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 5.61 | | 资产负债率% | 52.89 | | 总股本/流通 A 股（百万） | 2,051/2,051 | | 流通 B 股/H 股（百万） | -/- | 刘衣云 A0230524100007 liuyy@swsresearch.com 联系人 刘衣云 (8621)23297818× liuyy@sws ...

4月25日，深圳机场（000089.SZ）公布了2024年年报。报告期内，公司实现营业收入47.4亿元，同比上 升13.8%；实现归母净利润4.43亿元，同比上升11.7%；实现扣非归母净利润3.54亿元，成功扭亏；经营 现金流净额为19.06亿元，同比增长65.6%。 | | 2024 年 | 2023 年 | 本年比上年 | 2022年 | | --- | --- | --- | --- | --- | | | | | 增减 | | | 营业收入(元) | 4.739.308.234.91 | 4.164.718.288.90 | 13. 80% | 2.671.177,612.39 | | 归属于上市公司股东的净利润 | 443.039.612.74 | 396, 692, 272, 66 | 11.68% | -1.123.951.387.52 | | (元) | | | | | | 归属于上市公司股东的扣除非经常 性损益的净利润(元) | 354. 116. 078. 15 | -156, 472, 428. 71 | 326. 31% | -1.260, 189, 387. 57 | | 经营活动 ...

证券研究报告 深圳机场 (000089 CH) 产能放量周期，盈利有望进一步释放 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 25 日│中国内地 | 机场 | 深圳机场 1Q25 营收 12.55 亿元，同增 11.2%，归母净利润 1.63 亿，同增 72.2%，符合公司盈利预告的 1.3-1.8 亿元。同时公司 2024 年营业收入 47.39 亿元，同增 13.8%，归母净利润 4.43 亿元，同增 11.7%，与业绩快报一致。 我们认为公司目前处于卫星厅产能放量阶段，同时第三跑道接近投产，受益 于腹地大湾区经济发展及深中通道通车，公司流量和国际线占比有望不断提 升，推动净利润进一步释放。维持"买入"。 1Q25 稳步放量，叠加航线结构优化，盈利同比快速提升 深中通道通车推动 1Q25 公司流量稳步提升，同增 6.3%至 1655 万人次。 其中国内线 1505万人次，同增 4.2%，国际+地区线 150 万人次，同增 34.1%， 且国际+地区线占比进一步提高，达到 9.1%，同增 1.9pct。另外公司货运业 务发展迅 ...

据了解，路易威登深圳机场专卖店位于T3航站楼三层国内出发核心商业区，拥有280平方米的展示和零 售空间，通过品牌标志性元素与机场建筑语言有机融合，形成了独特的艺术氛围，为旅客了营造沉浸式 的购物体验。 （深圳机场供图） 近年来，深圳机场立足"国际枢纽、深圳气质"的商业定位，积极推动国际头部品牌以及深圳优势本土品 牌入驻，形成了"国际大牌+深圳智造"的独特商业矩阵，展示了深圳作为科技之都、时尚之都的城市文 化特色，为旅客带来"在机场逛商场"的全新消费体验。在此基础上，深圳机场积极推进国际支付场景便 捷化，基本实现了航站楼商业外卡支付全覆盖，为跨境人士在机场提供从入境到出境全程无忧支付的消 费环境和体验，获评首批"深圳市便利支付示范商圈"。 "持续丰富航站楼国际化品牌矩阵是深圳机场打造航空枢纽型世界级商圈的重要抓手。去年，我们成功 引进了15个国际名品，在路易威登之后，爱马仕、迪奥等国际知名品牌也将陆续开门营业，进一步提升 机场高端商业配套水平，满足旅客品质化消费需求，助力深圳加快建设国际消费中心城市。"深圳机场 相关负责人表示。（编辑：孙文瑾 校对：王亚玲 审核：程凌） 中国民航网 通讯员刘韶滨 王金锋 报道： ...