机场、航司下半年业绩有望持续向好

Industry Overview - The civil aviation industry in China has shown steady growth in 2023, with total transport turnover reaching 783.5 billion ton-kilometers, passenger transport volume at 370 million, and cargo mail transport volume at 4.784 million tons, representing year-on-year increases of 11.4%, 6%, and 14.6% respectively, setting new records [1] - The recovery in the passenger market is attributed to strong demand for domestic tourism, increased willingness of residents to travel, and favorable policies for inbound tourism [1] Company Performance - Shenzhen Airport Co., Ltd. reported revenue of 2.528 billion yuan, a year-on-year increase of 12.32%, and net profit of 312 million yuan, up 79.13% [2] - Xiamen International Airport Co., Ltd. achieved revenue of 991 million yuan, a 7.1% increase, and net profit of 253 million yuan, up 1.1% [2] - Guangzhou Baiyun International Airport Co., Ltd. recorded revenue of 3.726 billion yuan, a 7.68% increase, and net profit of 750 million yuan, up 71.32% [3] - Shanghai Juneyao Airlines Co., Ltd. reported revenue of 11.067 billion yuan, a 1.02% increase, and net profit of 505 million yuan, up 3.29% [3] International Business Recovery - The international passenger market is recovering, with a 30.2% year-on-year increase in foreign citizens entering and exiting China, totaling 38.053 million people in the first half of 2025 [3] - The number of international passenger transport routes increased by 123, with a year-on-year growth of 28.5% in international passenger transport volume [4] - The demand for international cargo transport is also rising, with a year-on-year increase of 23.4% [4] Market Trends - The aviation market is experiencing a "dual boom" in both passenger and cargo sectors, with July 2023 seeing a record transport turnover of 14.8 billion ton-kilometers, a year-on-year increase of 8.6% [5] - The passenger transport volume in July reached 64.73 million, a 2.7% increase year-on-year, while international passenger transport volume reached 7.09 million, up 15.7% [6] - The industry is expected to maintain steady growth in the second half of the year, supported by holiday travel demand and the recovery of the tourism market, particularly in lower-tier cities [6]