海南机场：多元布局核心资产，乘自贸建设东风发展

Investment Rating - The report initiates coverage on Hainan Airport with an "Overweight" rating [4][7] Core Views - Hainan Airport is positioned to benefit from the development of the Hainan Free Trade Port, leveraging its strategic location and core assets [4][7] - The company's airport and duty-free businesses are expected to drive growth, with projected net profits of 1.176 billion, 1.368 billion, and 1.728 billion yuan for 2024-2026 [4][7] - The target market capitalization is estimated at 40.6 billion yuan, based on the sum of the airport and duty-free businesses' valuations and the net value of its real estate assets [7] Business Overview - Hainan Airport operates five main business segments: airport management, duty-free commercial, real estate, property management, and hotel and flight training [4] - The company holds a dominant position in Hainan's aviation market, controlling key airports such as Sanya Phoenix International Airport and Qionghai Boao International Airport [4] - It has a significant presence in the duty-free market, participating in five duty-free stores in Hainan through equity investments and property leasing [4] Airport Business - Sanya Phoenix Airport's passenger throughput reached 21.78 million in 2023, with capacity utilization at a record high [4] - The third-phase expansion project of Sanya Phoenix Airport is expected to increase capacity to 30 million passengers by the end of 2025, a 38% increase from 2023 [4] - The company manages 11 airports, with Sanya Phoenix Airport handling over 40% of Hainan's air transport tasks [16] Duty-Free Business - Hainan Airport is involved in five duty-free stores in Hainan, with a total operating area of 81,000 square meters [4] - The Sanya Phoenix Airport duty-free store expanded its operating area to 6,000 square meters in September 2023, with further growth expected [4] - The company benefits from the Hainan Free Trade Port's duty-free policies, with the potential for increased revenue from both airport and downtown duty-free stores [4] Real Estate and Other Businesses - The company is gradually reducing its real estate business, focusing on core projects and exiting non-core assets [4] - Property management and hotel businesses have shown stable profitability, with property management revenue recovering to pre-pandemic levels [4] - The company is also developing new businesses in the aviation industry, such as the "Super Operator" project for air cargo [19] Financial Performance - In 2023, the company achieved a net profit of 953 million yuan, with a significant recovery in profitability [24] - The gross profit margin reached 48.91% in 2023, the highest since the pandemic, driven by the recovery of airport and duty-free businesses [25] - The debt-to-asset ratio decreased to 55.59% in 2023, reflecting improved financial health [25] Future Outlook - The company is expected to benefit from the Hainan Free Trade Port's development, with further advantages anticipated after the island's customs closure [7] - The expansion of airport capacity and duty-free operations is expected to drive future growth [4][7] - The company's focus on high-margin businesses, such as duty-free and airport operations, is expected to enhance profitability [4][7]