SACL(SZ:000089) Huachuang Securities·2024-08-19 10:11Investment Rating - The report maintains a "Recommended" rating for Shenzhen Airport (000089) [1] Core Views - The company achieved a revenue of 2.251 billion yuan in H1 2024, representing a year-on-year increase of 15.6%, and a net profit of 174 million yuan, up 416% year-on-year [1] - The report highlights the ongoing recovery in air traffic and the expansion of international routes as key growth drivers for the company [1][2] Financial Performance Summary - H1 2024 Financials: - Revenue: 2.251 billion yuan, up 15.6% year-on-year - Net Profit: 174 million yuan, up 416% year-on-year - Q2 Revenue: 1.122 billion yuan, up 7.9% year-on-year - Q2 Net Profit: 80 million yuan, up 51% year-on-year [1] - Operational Data: - H1 2024: - Takeoffs and landings: 206,000 flights, up 10.2% year-on-year - Passenger throughput: 29.38 million, up 20.6% year-on-year - Q2 2024: - Takeoffs and landings: 97,000 flights, down 0.03% year-on-year - Passenger throughput: 13.81 million, up 6.9% year-on-year [1] - Segment Performance: - Aviation main business: Revenue of 1.636 billion yuan, accounting for 72.7% of total revenue, up 15.3% year-on-year - Aviation value-added services: Revenue of 253 million yuan, up 25.9% year-on-year - Aviation logistics: Revenue of 174 million yuan, up 17.8% year-on-year - Aviation advertising: Revenue of 188 million yuan, up 4.5% year-on-year [1] Future Outlook - Profit Forecast: - Adjusted net profit estimates for 2024-2026 are 430 million, 651 million, and 757 million yuan respectively, with corresponding EPS of 0.21, 0.32, and 0.37 yuan [2] - Valuation: - Target price set at 7.94 yuan, representing a 24% upside from the current price of 6.39 yuan [1][4] - Capacity Expansion: - The company is enhancing its international hub construction and expanding domestic routes, indicating strong growth potential [1]