Investment Rating - The report maintains a "Recommended" rating for Shenzhen Airport (000089) with a target price of 8.09 CNY, compared to the current price of 6.97 CNY [3][4]. Core Insights - Shenzhen Airport achieved a revenue of 34.65 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 13.9% and a 23.3% increase compared to 2019 [3][4]. - The airport's passenger throughput reached 4.523 million in Q3 2024, showing a significant recovery with a 71.2% increase in domestic passengers compared to the same period last year [3][4]. - The report highlights the ongoing development of international aviation hub construction and the continuous exploration of growth potential [3][4]. Summary by Sections Financial Performance - For Q1-3 2024, Shenzhen Airport reported a net profit of 1.53 billion CNY, recovering to 89% of the previous year's level [3]. - The total revenue for Q3 2024 was 12.15 billion CNY, with a year-on-year increase of 10.9% [3][4]. - The operating costs for Q1-3 2024 were approximately 10.6%, showing a decrease compared to the previous year [3][4]. Operational Data - The total number of flights in Q1-3 2024 was 316,000, reflecting a year-on-year growth of 13.5% [3][4]. - Domestic passenger throughput for Q1-3 2024 was 4.147 million, marking a 13.5% increase compared to the same period last year [3][4]. Future Outlook - The report projects a slight upward adjustment in profit forecasts for 2024, estimating a net profit of 4.4 billion to 6.6 billion CNY [3][4]. - The expected earnings per share (EPS) for 2024 is projected to be 0.22 CNY, with further growth anticipated in subsequent years [3][4].

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,214,509,458.09, representing a 10.94% increase year-over-year[2] - Net profit attributable to shareholders decreased by 30.35% to ¥152,570,200.02, while net profit excluding non-recurring gains and losses surged by 737.97% to ¥126,293,103.52[2] - The company's basic earnings per share (EPS) was ¥0.0744, down 30.34% year-over-year[2] - The weighted average return on equity (ROE) was 1.39%, a decrease of 0.65% from the previous year[2] - The company experienced a 99.38% increase in net profit attributable to shareholders for the year-to-date, totaling ¥326,870,150.31[5] - The company reported a net profit margin improvement, with total operating costs slightly decreasing to CNY 3,161,416,363.99 from CNY 3,162,324,164.15, indicating a cost management strategy[15] - The net profit for Q3 2024 was CNY 326,735,056.37, a significant increase from CNY 165,961,065.89 in Q3 2023, representing a growth of approximately 96.6%[16] - Operating profit for the quarter reached CNY 409,925,679.13, compared to CNY 202,638,604.05 in the same period last year, indicating an increase of about 102.2%[16] - The company reported a total profit of CNY 408,213,379.11 for the quarter, up from CNY 202,605,404.52 in Q3 2023, which is an increase of approximately 101.4%[16] - Earnings per share (EPS) for the quarter was CNY 0.1594, compared to CNY 0.0799 in the same quarter last year, representing a growth of about 99.4%[16] Assets and Liabilities - Total assets at the end of the reporting period were ¥24,483,164,231.89, reflecting a 1.28% increase from the previous year[2] - Current assets totaled CNY 4,806,932,018.37, up from CNY 3,184,641,258.66 at the start of the year, reflecting a significant increase of approximately 50.9%[13] - Non-current assets decreased to CNY 19,676,232,213.52 from CNY 20,988,378,798.90, showing a decline of about 6.3%[13] - Total liabilities increased to CNY 13,243,283,053.32 from CNY 13,053,656,535.24, marking a rise of approximately 1.5%[14] - The company’s long-term borrowings decreased to CNY 3,735,258,024.61 from CNY 4,004,774,507.46, reflecting a reduction of about 6.7%[13] - The company’s total equity attributable to shareholders reached CNY 11,235,765,651.20, compared to CNY 11,115,112,901.01 at the beginning of the year, indicating a growth of about 1.1%[14] Cash Flow - Cash flow from operating activities for the year-to-date reached ¥1,604,606,679.02, a 40.92% increase compared to the same period last year[5] - The company’s cash and cash equivalents rose significantly to CNY 1,609,440,120.03 from CNY 633,725,034.46, an increase of approximately 153.5%[12] - The cash and cash equivalents at the end of the period totaled CNY 1,609,440,120.03, an increase from CNY 764,328,735.74 at the end of Q3 2023, reflecting a growth of approximately 110.8%[18] - The company recorded a net cash inflow from investment activities of CNY 212,728,129.99, a turnaround from a net outflow of CNY 50,534,613.88 in the previous year[18] Investment and Financial Assistance - The company reported a significant increase in investment income, which rose by 111.02% to ¥97,061,509.83[5] - The net cash flow from investing activities improved dramatically by 520.96% to ¥212,728,129.99 due to the recovery of large deposits and financial products[5] - Shenzhen Airport Group has provided financial assistance to the company, with a total of 4,004.77 million RMB remaining as of September 30, 2024, after repaying 269.52 million RMB in principal and 108.50 million RMB in interest during the year[7] - The company has repaid a total of 2,275 million RMB in financial assistance to Shenzhen Airport Group, which was used for early repayment of government special bond loans[7] - The financial assistance from Shenzhen Airport Group includes a maximum of 5 billion RMB, with 2,275 million RMB being returned for government bond repayment and 2,725 million RMB for the satellite hall project[7] - The company approved a plan to use up to RMB 2 billion for investment and wealth management products within one year, starting from the shareholders' meeting date[8] - On March 13, 2024, the company invested RMB 76 million in a structured deposit with a projected annualized return of 3.95%, maturing on September 9, 2024, yielding RMB 1.48 million[8] - On March 14, 2024, the company invested RMB 200 million in a structured deposit with a projected annualized return of 2.96%, maturing on September 13, 2024, yielding RMB 2.97 million[8] - As of now, the company has invested RMB 300 million in various structured deposits with expected annualized returns ranging from 0.03% to 2.80%[9] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 69,527, with the largest shareholder, Shenzhen Airport Group Co., Ltd., holding 56.97% of shares, equating to 1,168,295,532 shares[6] - The company has not reported any changes in the top 10 shareholders due to securities lending activities[7] - The company has not disclosed any significant changes in the number of preferred shareholders or their holdings[7] - The company has not utilized any guarantees, pledges, or collateral for the financial assistance received from Shenzhen Airport Group[7] - The company has not disclosed any related party transactions other than the financial assistance from Shenzhen Airport Group[7] Contracts and Acquisitions - The company signed a management contract with its wholly-owned subsidiary for the operation of a newly constructed cargo facility, with a total investment of RMB 355.79 million[10] - The company has entered into an advertising media management contract with MediPayle, with the first-year advertising management fee set at RMB 401.8 million, excluding tax[11] - The company plans to acquire 227 advertising media assets from its previous operator, with a net assessed value of RMB 5.27 million[11] Audit Information - The company did not conduct an audit for the Q3 report[19]

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十四次会议通知提前十日通过邮件和 短信送达各位监事，会议于 2024 年 10 月 23 日以通讯表决方式召开。会议应收监事 表决票 3 张，实收 3 张。监事会主席叶文华、监事潘明华、监事李洁亲自参与了本 次会议的表决。会议的召开符合相关法律法规及规章和《公司章程》的规定。审议 并表决通过如下议案： 一、 公司 2024 年第三季度报告； 公司全体监事认真审阅了公司 2024 年第三季度报告，发表审核意见如下： 证券代码：000089 证券简称：深圳机场 公告编号：2024-054 深圳市机场股份有限公司 第八届监事会第十四次会议决议公告 本项议案以 3 票同意，0 票反对，0 票弃权获得通过。 特此公告。 深圳市机场股份有限公司监事会 二〇二四年十月二十三日 1 经审核，公司 2024 年第三季度报告所载资料不存在任何虚假记载、误导性陈述 或者重大遗漏，其内容真实、准确、完整。 ...

证券代码：000089 证券简称：深圳机场 公告编号：2024-053 深圳市机场股份有限公司 第八届董事会第十四次会议决议公告 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。 公司第八届董事会第十四次会议通知提前十日以电话、邮件通知等方式送达全体董 事，会议于 2024 年 10 月 23 日以通讯表决方式召开。会议应收董事表决票 9 张，实收 9 张，其中独立董事 3 张。董事长陈繁华、董事林小龙、刘锋、徐燕、张岩、陈进泉，独 立董事贺云、张敦力、曾迪亲自参与了本次会议的表决。会议的召开符合相关法律法规 和《公司章程》的规定。会议审议并表决通过了如下议案： 一、公司 2024 年第三季度报告； 特此公告。 深圳市机场股份有限公司董事会 二〇二四年十月二十三日 1 全体董事认真审阅了公司 2024 年第三季度报告，发表如下意见： 公司 2024 年第三季度报告所载资料内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 具体内容请见 2024 年 10 月 25 日刊登在《中国证券报》《证券时报》和巨潮资讯网 （http://www.cni ...

Investment Rating - The report maintains a "Buy" rating for Shenzhen Airport (000089.SZ) with a target price of 8.33 CNY per share, compared to the current price of 6.94 CNY [3]. Core Views - Shenzhen Airport is expected to achieve a net profit attributable to shareholders of 302-356 million CNY for the first three quarters of 2024, representing a year-on-year increase of 84.34%-117.28%. The non-recurring net profit is projected to be 228-272 million CNY, with a year-on-year increase of 3.66-4.10 million CNY [1]. - The business growth momentum is strong, with significant improvements in operational efficiency. For the first three quarters of 2024, the airport's flight takeoffs and landings, passenger throughput, and cargo/mail throughput are expected to reach 316,400 flights (+10% YoY), 45.23 million passengers (+19% YoY), and 134,150 tons (+17% YoY), respectively [1]. - The opening of the Shenzhen-Zhongshan Corridor is expected to enhance passenger flow to the airport, with a total traffic volume of 8.9 million vehicles recorded in the first 100 days since its opening [1]. Financial Summary - Revenue for 2022 was 2,671 million CNY, with a projected increase to 4,165 million CNY in 2023 and further growth to 4,531 million CNY in 2024, reflecting a growth rate of 55.9% in 2023 and 8.8% in 2024 [2]. - The EBITDA is expected to rise from 77 million CNY in 2022 to 1,458 million CNY in 2023 and 1,750 million CNY in 2024 [2]. - The net profit attributable to shareholders is forecasted to improve from a loss of 1,124 million CNY in 2022 to a profit of 397 million CNY in 2023 and 437 million CNY in 2024 [2]. Profitability and Valuation Metrics - The report projects an EPS of 0.19 CNY for 2023, increasing to 0.21 CNY in 2024 and 0.31 CNY in 2025 [2]. - The P/E ratio is expected to be 33.25 in 2023, decreasing to 32.55 in 2024 and further to 22.27 in 2025 [2]. - The ROE is anticipated to improve from -10.5% in 2022 to 3.6% in 2023 and 4.0% in 2024 [2].

证券代码：000089 证券简称：深圳机场 公告编号：2024-051 深圳市机场股份有限公司 关于 2024 年 9 月生产经营快报的 自愿性信息披露公告 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。本公告属自愿性信息披露。 | 项目 | 本月实际 | 同比增长 | 本年累计 | 同比增长 | | --- | --- | --- | --- | --- | | 旅客吞吐量（万人次） | 494.45 | 15.60% | 4,522.91 | 18.53% | | 其中：国内航线 | 450.73 | 11.84% | 4,147.03 | 13.51% | | 地区航线 | 3.80 | 18.11% | 34.83 | 57.12% | | 国际航线 | 39.91 | 85.79% | 341.04 | 143.57% | | 货邮吞吐量（万吨） | 16.28 | 14.26% | 134.15 | 16.50% | | 其中：国内航线 | 8.05 | 5.40% | 65.79 | 9.68% | | 地区航线 | 0.51 | -11.41% ...

证券代码：000089 证券简称：深圳机场 公告编号：2024-052 深圳市机场股份有限公司 2024年前三季度业绩预告 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。 一、本期业绩预计情况 （一）业绩预告期间：2024 年 1 月 1 日—2024 年 9 月 30 日 | --- | --- | --- | |----------------------------|---------------------------------------------------------------------|-----------------------| | （二）预计的经营业绩： | 亏损 扭亏为盈 √同向上升 | 同向下降 | | 项 目 | 前三季度（ 2024 年 1 月 1 日-2024 年 9 月 30 日） | 上年同期 | | | 盈利 :30,221 万元 -35,621 万元 | 盈利： 16,394 万元 | | 归属于上市公司股东的净利润 | 比上年同期增长： 84.34%-117.28% | | | | 盈利 :22,847 万元 ...

深圳市机场股份有限公司 关于使用自有资金购买投资理财产品的进展公告 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。 公司分别于 2023 年 12 月 28 日、2024 年 1 月 29 日召开了第八届董事会第 九次临时会议、2024 年第一次临时股东大会，审议通过了《关于使用自有资金 开展投资理财的议案》，同意公司在保证日常经营及建设资金需求，保障资金安 全的前提下，自公司股东大会审议通过之日起一年内，使用不超过人民币 20 亿 元（含本数）的自有资金在深圳市属国企资金融通平台上开展银行理财产品、深 圳市属国企发行的融资类金融产品等类型的投资理财（以下简称"投资理财"）。 在上述额度范围内，资金可以在一年内进行滚动使用，同时授权公司经营管理层 具体实施和办理上述理财事项。公司监事会发表了明确同意意见。 具体内容详见公司分别于 2023 年 12 月 29 日、2024 年 1 月 30 日刊登在《中 国证券报》《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）上的《深 圳市机场股份有限公司第八届董事会第九次临时会议决议公告》《深 ...

具体如下表： | 中国银行深圳 | 自有 | 结构性 | 9,600 | 2023年12 | 2024年6 | 9,600 | 205 | | --- | --- | --- | --- | --- | --- | --- | --- | | 机场支行 | 资金 | 存款 | | 月28日 | 月29日 | | | | 中国银行深圳 | 自有 | 结构性 | 7,600 | 2024年3 | 2024年9 | 7,600 | 148.04 | | 机场支行 | 资金 | 存款 | | 月13日 | 月9日 | | | | 中国银行深圳 | 自有 | 结构性 | 7,400 | 2024年3 | 2024年9 | 7,400 | 47.34 | | 机场支行 | 资金 | 存款 | | 月13日 | 月10日 | | | | 北京银行深圳 | 自有 | 结构性 | 20,000 | 2024年3 | 2024年9 | 20,000 | 296.81 | | 分行营业部 | 资金 | 存款 | | 月14日 | 月13日 | | | 深圳市机场股份有限公司 关于收回投资理财产品本金及收益的公告 本公司及董事会全体 ...

| 项目 | 本月实际 | 同比增长 | 本年累计 | 同比增长 | | --- | --- | --- | --- | --- | | 旅客吞吐量（万人次） | 557.99 | 16.30% | 4,028.46 | 18.90% | | 其中：国内航线 | 506.67 | 12.53% | 3,696.30 | 13.71% | | 地区航线 | 4.35 | -2.81% | 31.03 | 63.75% | | 国际航线 | 46.97 | 87.45% | 301.13 | 154.04% | | 货邮吞吐量（万吨） | 15.87 | 16.58% | 117.87 | 16.82% | | 其中：国内航线 | 7.32 | 4.96% | 57.74 | 10.30% | | 地区航线 | 0.54 | -7.75% | 4.27 | 8.87% | | 国际航线 | 8.01 | 32.33% | 55.86 | 25.16% | | 航班起降架次（架次） | 37,805 | 10.26% | 281,510 | 10.14% | | 其中：国内航线 | 32,694 | 5.51% | ...