上海机场2024年净利润翻倍，国际航线恢复显著 今年一季度业绩持续增长

Core Insights - Shanghai Airport reported a revenue of nearly 12.4 billion yuan for 2024, representing a year-on-year growth of approximately 12% [1] - The net profit attributable to shareholders reached nearly 2 billion yuan, achieving a year-on-year increase of 100% [1] - In Q1 2025, the revenue exceeded 3 billion yuan, with a slight year-on-year increase, and net profit surpassed 500 million yuan, reflecting a growth of nearly 35% [1] Company Performance - The growth in performance is attributed to a record passenger throughput of over 124 million at Shanghai Pudong and Hongqiao airports in 2024, along with a cargo throughput exceeding 4.2 million tons, surpassing 2019 levels [1] - The international flight operations at Pudong Airport saw a nearly 70% increase in aircraft movements, with passenger throughput reaching 27 million, doubling compared to the previous year [1] - The company forecasts continued growth in aircraft movements, passenger throughput, and cargo throughput for both airports in 2025 [1] Industry Overview - According to the Civil Aviation Administration, the entire industry experienced approximately 20% growth in total transport turnover, passenger transport volume, and cargo transport volume in 2024 [1] - The industry collectively reduced losses by 20.6 billion yuan, achieving a turnaround to profitability [1] - Other listed airport companies in China showed a clear performance divergence in 2024, with Shenzhen Airport and Baiyun Airport reporting growth in both revenue and net profit, while Hainan Airport faced significant profit decline due to non-aeronautical business impacts [2]