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深圳机场(000089):步入产能爬坡甜蜜期 业绩持续释放可期

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]