研报掘金丨民生证券：维持深圳机场“推荐”评级，盈利延续逐季同比增长

Core Viewpoint - Shenzhen Airport's net profit attributable to shareholders for the first three quarters of 2025 reached 468 million yuan, representing a year-on-year increase of 43% [1] Financial Performance - The net profit for Q3 2025 was 156 million yuan, showing a year-on-year growth of 2.2% [1] - The significant year-on-year growth in profit for the first three quarters is attributed to the recovery phase of the company's operations in 2024, with a notably low base in the first half of the year [1] - Q3 2025 profit growth remains positive but returns to a moderate level compared to previous periods [1] Future Outlook - The company's profitability is expected to benefit from improved international passenger and cargo transport capabilities, while also needing to manage the operational costs of the satellite terminal [1] - The opening of the Shenzhen-Zhongshan Channel and Shenzhen-Jiangmen Railway is anticipated to enhance Shenzhen Airport's position as a hub in the Greater Bay Area [1] - Due to effective cost control and strong performance in non-aeronautical business, the forecast for net profit attributable to shareholders for 2025-2026 has been raised to 640 million and 790 million yuan, respectively [1] - The net profit forecast for 2027 has been adjusted down to 780 million yuan, considering the new terminal may be operational by 2027, with corresponding price-to-earnings ratios of 23, 19, and 19 for 2025-2027 [1] - The company maintains a "recommend" rating [1]