SIA(600009) Huafu Securities·2024-08-21 01:00Investment Rating - The report maintains a "Hold" rating for Shanghai Airport [3][5] Core Insights - Shanghai Airport reported a significant increase in revenue and net profit for H1 2024, with revenue reaching 6.06 billion yuan, up 24.5% year-on-year, and net profit of 810 million yuan, up 515.0% year-on-year [4] - The recovery in various business metrics is notable, with passenger throughput at Pudong Airport reaching 43.96 million, a 58.6% increase year-on-year, and flight takeoffs and landings at 305,000, up 33.3% year-on-year [4] - The new duty-free agreement has led to a decline in duty-free contract revenue, which totaled 648 million yuan, down 16.9% year-on-year [4][5] Financial Data Summary - For 2023A, the company is projected to have a revenue of 11.05 billion yuan, with a net profit of 934 million yuan, and an EPS of 0.38 yuan per share [9] - The revenue growth rate is expected to be 102% in 2023A, followed by 16% in 2024E, and 12% in 2025E [9] - The net profit is forecasted to reach 1.86 billion yuan in 2024E, with a growth rate of 99% compared to 2023A [9] Business Performance - The report highlights a strong recovery in both aviation and non-aviation sectors, benefiting from the ongoing demand recovery and deep ties with duty-free operations [5] - The company’s net profit margin improved to 13.4%, up 10.7 percentage points year-on-year, indicating a strong recovery compared to 2019 levels [4]