| --- | --- | |-------------------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 26 日 | | 收盘价（元） | 7.11 | | 一年内最高 / 最低（元） | 7.56/5.82 | | 市净率 | 1.3 | | 息率（分红 / 股价） 流通 A 股市值（百万元） | 14581 | | 上证指数/深证成指 | 3088.64/9463.91 | | 注："息率"以最近一年已公布分红计算 | | ⚫ 投资分析意见：深圳机场国际航线占比相对较低，短期国际客流恢复进度较快，业绩恢复 有望领先行业。根据公司计划，在卫星厅的支持下，2025 年深圳机场国际旅客吞吐量有 望达到 1000 万人次，整体机场容量为 6700 万人次，仍具备较大长期客流增长空间。我 们维持 2024E 归母净利润 4.39 亿元，新增 25-26E 盈利预测为 5.90、7.38 亿元，维持"增 持"评级。 证券分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询 ...

Financial Performance - The net profit for the first quarter of 2024 is CNY 94,551,663.63, a significant recovery from a net loss of CNY 104,728,027.12 in the same period last year[27]. - Operating profit for the first quarter is CNY 116,092,121.84, compared to an operating loss of CNY 135,124,974.53 in the previous year[27]. - Total profit for the quarter stands at CNY 115,870,751.43, recovering from a total loss of CNY 135,021,550.08 in the prior year[27]. - The company reported a basic earnings per share of CNY 0.0461, compared to a loss per share of CNY 0.0526 in the same quarter last year[27]. - The total investment income for the quarter is CNY 28,387,737.11, a recovery from an investment loss of CNY 1,445,580.11 in the same period last year[27]. - Net profit attributable to the parent company was CNY 94,577,796.94, up 187.67% year-on-year, with a 36% increase in net profit compared to the previous year[53]. - The total profit for the first quarter reached CNY 115,870,751.43, a 185.82% increase compared to a loss of CNY 135,021,550.08 in the same period last year[53]. - Investment income surged to CNY 28,387,737.11, a significant increase of 2063.76% compared to a loss of CNY 1,445,580.11 in the same period last year[53]. Cash Flow and Financial Position - Cash and cash equivalents at the end of the quarter are CNY 580,314,878.98, down from CNY 633,725,034.46 at the beginning of the quarter[29]. - The company experienced a net cash outflow from financing activities of CNY 268,530,654.66, compared to a higher outflow of CNY 321,811,094.24 in the previous year[29]. - Cash flow from operating activities generated a net amount of ¥592,210,294.18, significantly higher than ¥178,216,862.66 in the previous period, reflecting a growth of approximately 232.5%[41]. - The company's cash outflow for investment activities was ¥884,211,592.87, compared to ¥561,878,199.64 in the previous period, indicating an increase of approximately 57.3%[41]. - The net cash flow from operating activities was ¥592,210,294.18, which is a 232.30% increase compared to ¥178,216,862.66 in the same period last year[57]. Investments and Financial Products - The company utilized RMB 300 million for structured deposits with expected annualized returns of 1.7%-3%, which matured on January 31, 2024, yielding a total return of RMB 4.23 million[10]. - Another RMB 200 million was invested in structured deposits with expected annualized returns of 1.7%-3%, also maturing on January 31, 2024, generating a return of RMB 2.82 million[16]. - As of March 13, 2024, the company invested RMB 76 million in structured deposits with expected annualized returns of 1.3% or 3.95%, maturing on September 9, 2024[18]. - The company has not yet realized returns from structured deposits totaling RMB 20 million, with expected annualized returns of 1.55% or 2.96%, maturing on September 13, 2024[19]. - The company plans to roll over its idle funds for investment in short-term financial products, with a limit of RMB 2 billion within one year[10]. Operational Developments - The company has completed the construction and acceptance of the South Cargo Area, enhancing operational efficiency and resource management[13]. - The management contract for the South Cargo Area was signed with a three-year term, with management fees based on 8% of actual rental income[12]. - The number of flights increased by 21% year-on-year, contributing to the overall growth in operating revenue[53]. Shareholder Information - The company reported a total of 12,626,500 shares held by major shareholders, representing 0.62% of total share capital[9]. - The largest shareholder, Shenzhen Airport Group Co., Ltd., holds 56.97% of the shares[55]. - The number of common stock shareholders at the end of the reporting period was 70,409[55]. Assets and Liabilities - Total assets amounted to ¥23,992,960,615.20, a decrease from ¥24,173,020,057.56 in the previous period, reflecting a decline of approximately 0.75%[36]. - Total liabilities were ¥12,779,425,578.99, down from ¥13,053,656,535.24 in the previous period, representing a decrease of about 2.1%[38]. - Non-current assets totaled ¥20,289,831,390.59, down from ¥20,988,378,798.90 in the previous period, indicating a decrease of about 3.3%[36]. - The company reported a decrease in long-term borrowings to ¥3,840,291,497.60 from ¥4,004,774,507.46 in the previous period, reflecting a reduction of about 4.1%[38]. - The equity attributable to shareholders of the listed company increased to ¥11,209,310,548.21, up 0.85% from ¥11,115,112,901.01 at the end of the previous year[57]. Miscellaneous - The company recorded a government subsidy of CNY 454,500.00 during the quarter[52]. - The total amount of non-operating income and expenses was CNY 24,193,319.88 after tax impacts[52]. - The company does not have any non-recurring gains or losses that meet the definition of non-recurring items[58].

（二）关联关系 证券代码：000089 证券简称：深圳机场 公告编号：2024-029 深圳市机场股份有限公司 关于广告媒体资产交易的关联交易公告 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。 一、关联交易概述 （一）关联交易事项 前期，公司广告资源授权深圳机场雅仕维传媒有限公司（以下简称"机场雅仕维"） 经营。机场雅仕维经营广告资源期间，投资建设了部分广告媒体资产，现其广告经营权 已到期。为便于开展深圳机场广告媒体资源整体规划，深圳市机场广告有限公司（本公 司控股子公司，本公司持股 95%，以下简称"机场广告公司"）拟购置机场雅仕维上述广 告媒体资产。 本交易事项的交易双方为本公司控股子公司机场广告公司和本公司合资公司机场雅 仕维。根据《深圳证券交易所股票上市规则》的有关规定，构成了关联交易。 （三）审议程序 本交易事项经公司第八届董事会第十二次会议按照关联交易审议程序进行了表决； 本事项未涉及关联董事，没有董事需回避表决，本事项以 9 票赞成，0 票反对，0 票弃权 获得一致通过。 根据关联交易监管政策规定、本公司《公司章程》和本公司《关联交易决策制度 ...

证券代码：000089 证券简称：深圳机场 公告编号：2024-026 深圳市机场股份有限公司 第八届董事会第十二次会议决议公告 全体董事认真审阅了公司 2024 年第一季度报告，发表如下意见： 公司 2024 年第一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 4 月 27 日刊登在《中国证券报》《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）上的公司 2024 年第一季度报告。 本项议案以 9 票同意，0 票反对，0 票弃权获得通过。 二、关于广告媒体资产交易的关联交易议案。 为便于开展深圳机场广告媒体资源整体规划，本公司控股子公司深圳市机场广告有 限公司与本公司合资公司深圳机场雅仕维传媒有限公司拟交易相关广告媒体资产。具体 内容请见 2024 年 4 月 27 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《关于广告媒体资产交易的关联交易公告》。 本项议案以 9 票同意，0 票反对，0 票弃权获得通过。 1 本公司及董事会全体成员，保证信息披露的内容 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 6.82 CNY and a fair value of 8.23 CNY [4][3]. Core Insights - The company is expected to achieve net profits of 437 million CNY, 639 million CNY, and 756 million CNY for the years 2024 to 2026, respectively. The DCF model estimates the company's fair value at 8.23 CNY per share, corresponding to PE ratios of 39X and 26X for 2024 and 2025, respectively [3][84]. Financial Summary - **Revenue (Million CNY)**: - 2022A: 2671 - 2023A: 4165 - 2024E: 4531 - 2025E: 4982 - 2026E: 5373 - Growth Rate: 2023A: 55.9%, 2024E: 8.8%, 2025E: 9.9%, 2026E: 7.9% [2] - **EBITDA (Million CNY)**: - 2022A: 77 - 2023A: 1458 - 2024E: 1750 - 2025E: 1996 - 2026E: 2129 [2] - **Net Profit (Million CNY)**: - 2022A: -1124 - 2023A: 397 - 2024E: 437 - 2025E: 639 - 2026E: 756 - Growth Rate: 2024E: 10.2%, 2025E: 46.2%, 2026E: 18.2% [2] - **EPS (CNY/Share)**: - 2022A: -0.55 - 2023A: 0.19 - 2024E: 0.21 - 2025E: 0.31 - 2026E: 0.37 [2] - **P/E Ratio**: - 2023A: 33.25 - 2024E: 32.36 - 2025E: 22.14 - 2026E: 18.72 [2] - **ROE (%)**: - 2022A: -10.5% - 2023A: 3.6% - 2024E: 4.0% - 2025E: 5.7% - 2026E: 6.3% [2] - **EV/EBITDA**: - 2023A: 15.81 - 2024E: 13.20 - 2025E: 10.80 - 2026E: 9.83 [2] Business Model - The company operates primarily in the aviation sector, focusing on both aviation and non-aviation businesses. Aviation revenues are government-regulated, while non-aviation revenues are market-driven, allowing for higher profit margins [24][33]. Growth Trends - The company has shown strong growth in passenger throughput and flight operations, with Q1 2024 figures reaching 10.89 million flight operations (up 21.29% YoY) and 15.57 million passengers (up 36.03% YoY), surpassing 2019 levels [41][59]. Market Position - The company is strategically located in the Guangdong-Hong Kong-Macao Greater Bay Area, which is expected to see significant growth in air travel demand due to its large population and economic output [67][76]. Future Outlook - The company aims to increase its annual passenger throughput to over 70 million by 2025, with international and regional passenger throughput expected to reach approximately 10 million [81]. Non-Aviation Revenue - Non-aviation revenue is projected to grow significantly, driven by market-based pricing strategies and the introduction of high-end retail brands at the airport [56][60]. Logistics and Cargo - The company has expanded its international cargo routes and is collaborating with major e-commerce platforms to enhance its logistics capabilities, which is expected to contribute to revenue growth [65][72]. Conclusion - The report indicates a positive outlook for the company, supported by strong recovery trends in passenger traffic, strategic location advantages, and growth in non-aviation revenue streams [3][84].

深圳市机场股份有限公司 关于举办 2023 年度业绩说明会的公告 证券代码：000089 证券简称：深圳机场 公告编号：2024-025 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。 ●会议召开地点：价值在线（www.ir-online.cn） ● 会 议 问 题 征 集 ： 投 资 者 可 于 2024 年 4 月 26 日 前 访 问 网 址 https://eseb.cn/1dKl2RqXGSs 或使用微信扫描下方小程序码进行会前提问，公司将通过 本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 深圳市机场股份有限公司（以下简称"公司"）已于 2024 年 4 月 8 日在巨潮 资讯网上披露了《2023 年年度报告全文》及《2023 年年度报告摘要》。为便于广 大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2024 年 4 月 26 日（星期五）15:00-16:00 在"价值在线"（www.ir-online.cn）举办深圳市机 场股份有限公司 2023 年度业绩说明会，与投资者进行沟通和交流，广泛听取投资 ...

一、上述数据为快报数据，与实际数据可能存在差异； 二、上述运输生产数据源自公司内部统计，仅供投资者参考。 深圳市机场股份有限公司董事会 二〇二四年四月十五日 证券代码：000089 证券简称：深圳机场 公告编号：2024-024 深圳市机场股份有限公司 关于 2024 年 3 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） | 509.88 | 24.90% | 1,557.15 | 36.03% | | 其中：国内航线 | 471.19 | 18.19% | 1,445.35 | 28.31% | | 地区航线 | 3.79 | 1673.26% | 10.80 | 4960.00% | | 国际航线 | 34.91 | 273.45% | 100.99 | 459.14% | | 货邮吞吐量（万吨） | 15.01 | 18.24% | ...

Financial Performance - The company expects a net profit attributable to shareholders of approximately 82.72 million yuan, compared to a loss of 107.72 million yuan in the same period last year[3]. - The net profit after deducting non-recurring gains and losses is projected to be around 62.50 million yuan, compared to a loss of 84.50 million yuan in the previous year[3]. - Basic earnings per share are estimated at 0.0403 yuan to 0.0550 yuan, compared to a loss of 0.0526 yuan per share last year[3]. - The performance forecast indicates a turnaround from loss to profit for the period from January 1 to March 31, 2024[7]. Operational Highlights - Passenger throughput increased by 36% year-on-year, and flight takeoffs and landings rose by 21% year-on-year, contributing to revenue growth[4]. - The company is experiencing a positive trend in its main business due to the continued recovery of the civil aviation market[4]. Reporting and Governance - The financial data provided is a preliminary forecast and will be detailed in the Q1 2024 report[5]. - The company emphasizes the importance of cautious decision-making and awareness of investment risks[5]. - The board of directors guarantees the accuracy and completeness of the disclosed information[6]. - The announcement was made on April 12, 2024[8].

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 ...

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]