上海机场(600009)：1H25业绩基本符合预期；非航业务增长稍显乏力 成本控制良好

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, with a focus on the performance of its aviation and non-aviation businesses [1][2]. Financial Performance - In 1H25, the company achieved revenue of 6.353 billion yuan, a year-on-year increase of 4.78%, and a net profit attributable to shareholders of 1.044 billion yuan, up 28.14% [1]. - For 2Q25, revenue reached 3.181 billion yuan, reflecting a year-on-year growth of 4.84% and a quarter-on-quarter increase of 0.28%. The net profit for the quarter was 525 million yuan, showing a year-on-year rise of 22.39% and a quarter-on-quarter increase of 1.19% [1]. - The aviation business generated revenue of 2.916 billion yuan in 1H25, marking an 8.35% increase year-on-year, driven by the recovery in airport traffic [1]. - Non-aviation business revenue grew by only 2% year-on-year in 1H24, with commercial catering and logistics services increasing by 2% and 1%, respectively [1]. Cost and Investment - Operating costs and expenses increased slightly by 1% in 1H25, with labor, amortization, and maintenance costs remaining stable compared to the previous year, indicating operational leverage [2]. - Investment income improved significantly, reaching 457 million yuan in 1H25, a 27% increase year-on-year, primarily due to better returns from investments in various companies [2]. Development Trends - The company is expected to focus on the progress of new duty-free contract negotiations, as the current contract with its duty-free partner is set to expire at the end of 2025 [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged at 2.261 billion yuan and 2.742 billion yuan, respectively. The current stock price corresponds to a price-to-earnings ratio of 35.6 times for 2025 and 29.3 times for 2026 [4]. - The company maintains an outperform rating and a target price of 34.5 yuan, which implies a 7% upside potential from the current stock price [4].