海南机场(600515)：海南机场 2025Q3点评 主业聚焦收购机场 迎接自贸港封关

Core Insights - Hainan Airport reported a total revenue of 3.28 billion RMB for the first three quarters of 2025, reflecting a year-on-year increase of 6.1%, while net profit attributable to shareholders was 64 million RMB, down 69.8% year-on-year [1] - The company has a weighted ROE of 0.27% and basic earnings per share of 0.0056 RMB, with a net cash flow from operating activities of -240 million RMB [1] - The company plans to distribute cash dividends of approximately 57 million RMB in 2024, equating to about 0.005 RMB per share, which represents 12.5% of the annual net profit [1] Business Overview - Hainan Airport Facilities Co., Ltd. primarily focuses on airport management while also engaging in duty-free and commercial operations, real estate, property management, and hotel businesses [2] - The company manages and operates 11 airports, with Sanya Phoenix International Airport being the core airport [2] - In the duty-free and commercial sector, the company participates in five duty-free shops in Hainan and manages six real estate commercial projects, including Haikou Sun Moon Plaza [2] - The real estate segment includes 25 ongoing and land reserve projects covering over 3,650 acres [2] - The property management division oversees 165 projects with a managed area exceeding 18 million square meters [2] - The hotel business includes five hotels that are either self-managed or managed under commission [2] Revenue Structure - As of the first half of 2025, the revenue structure is as follows: airport business 42%, real estate 23%, property management 15.6%, duty-free 4.6%, and other approximately 14% [3] - Key operational metrics for the airport business in the first three quarters of 2025 include 123,000 aircraft movements (up 3.74% year-on-year), 19.26 million passenger throughput (up 4.0% year-on-year), and 104,000 tons of cargo and mail throughput (up 10.8% year-on-year) [3] Acquisition Plans - In May 2025, the company announced plans to acquire a controlling stake in Meilan Airport, which would result in the company and its wholly-owned subsidiary holding a combined 50.19% stake [4] - If the acquisition is completed, the company will consolidate the performance of Hainan's major airports, enhancing its position as a key airport hub in Hainan Free Trade Port [4]