深圳机场2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - Shenzhen Airport reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue reached 2.528 billion yuan, a year-on-year increase of 12.32% [1] - Net profit attributable to shareholders was 312 million yuan, up 79.13% year-on-year [1] - In Q2 2025, total revenue was 1.273 billion yuan, reflecting a 13.45% increase year-on-year [1] - Q2 net profit attributable to shareholders was 149 million yuan, an increase of 87.35% year-on-year [1] - Gross margin improved to 24.16%, a year-on-year increase of 21.73% [1] - Net margin rose to 12.35%, up 59.56% year-on-year [1] Cost Management - Total selling, administrative, and financial expenses amounted to 237 million yuan, accounting for 9.39% of revenue, a decrease of 18.74% year-on-year [1] - The company reported a significant improvement in operational efficiency, as indicated by the reduction in expense ratios [1] Asset and Liability Management - Cash and cash equivalents increased to 2.782 billion yuan, a 50.18% rise year-on-year [1] - Interest-bearing liabilities decreased to 3.877 billion yuan, down 7.45% year-on-year [1] Earnings and Cash Flow - Earnings per share (EPS) increased to 0.15 yuan, a rise of 79.06% year-on-year [1] - Operating cash flow per share was 0.54 yuan, reflecting a 5.71% increase year-on-year [1] - Net asset value per share was reported at 5.57 yuan, up 3.01% year-on-year [1] Operational Insights - The company’s return on invested capital (ROIC) was 3.61%, indicating a relatively weak capital return [3] - The company has faced challenges in the past, with a median ROIC of 4.13% over the last decade and two years of losses since its listing [3] Market and Competitive Environment - The opening of the Shenzhen-Zhongshan Channel has significantly improved transportation convenience, leading to increased passenger traffic at the airport [5] - The company is actively managing flight operations to enhance on-time performance, contributing to the growth in passenger numbers [5] - The company is monitoring the performance of its investment in Chengdu Shuangliu Airport, which has faced challenges but is expected to improve operational efficiency [6]