Airport Corp(SH:600463) Xin Lang Cai Jing·2025-06-23 23:40Core Viewpoint - The company, Airport Holdings (600463.SH), plans to sell 80% of its subsidiary, Beijing Tianyuan Construction Engineering Co., Ltd., to its controlling shareholder, Beijing Airport Economic Development Co., Ltd., in a cash transaction, which will lead to the complete divestment from the construction engineering sector and a significant reduction in revenue [1][5]. Group 1: Financial Performance - In 2022, Airport Holdings reported revenue of 653 million yuan, which declined to 517 million yuan in 2023, representing a year-on-year decrease of 20.89%. The projected revenue for 2024 is 482 million yuan, a further decline of 6.73% [5]. - The construction business, represented by Tianyuan Construction, accounted for over 70% of Airport Holdings' total revenue in 2024, with an estimated revenue of 344 million yuan out of the total 482 million yuan [5]. - Tianyuan Construction has experienced continuous losses over the past three years, with losses of 86.92 million yuan in 2022, 114.32 million yuan in 2023, and 91.24 million yuan in 2024, alongside negative gross margins [5][6]. Group 2: Business Strategy and Market Reaction - The market reacted positively to the news of the divestment, with shares hitting the daily limit up, indicating investor optimism regarding the potential benefits of shedding a loss-making asset [2][7]. - Post-transaction, Airport Holdings' main business will shift to property leasing (21.76% of revenue) and property management (7.19%), with the new heating service business expected to contribute 171 million yuan in revenue starting in 2025 [6][7]. - Despite the positive outlook from the market, the company faces a significant revenue gap of approximately 70%-75% due to the divestment, which could impact cash flow stability and overall valuation [7][8].