SACL(SZ:000089)2024-08-21 02:36Investment Rating - The report maintains a "Recommended" rating for Shenzhen Airport (000089.SZ) [4] Core Insights - In H1 2024, the company achieved a flight takeoff and landing volume of 206,000, a year-on-year increase of 10.2%, reaching 113.9% of the same period in 2019. Passenger throughput was 29.377 million, up 20.6% year-on-year, also at 113.7% of 2019 levels. Domestic and international passenger throughput reached 27.0395 million and 2.3376 million, respectively, with year-on-year increases of 14.71% and 195.23% [4] - The company reported operating revenue of 2.251 billion yuan in H1 2024, a 15.6% increase year-on-year, achieving 121.22% of the same period in 2019. The net profit attributable to shareholders was 174 million yuan, recovering to 56.49% of the same period in 2019 [4] - The company is experiencing significant growth in business volume due to the release of industry demand, which has accelerated revenue growth [4] - The company has made progress in cost reduction, with operating costs rising only 2.96% year-on-year to 1.804 billion yuan, significantly lower than the revenue growth rate [4] - The construction of the third runway is progressing as planned, expected to be completed and operational by 2026, which will further increase the company's capacity [4] - A joint venture with Shenzhen Duty Free Group has been established to operate duty-free businesses, enhancing operational synergies [4] Financial Projections - The company forecasts operating revenue of 4.754 billion yuan for 2024, with a growth rate of 14.15%. The net profit attributable to shareholders is projected to be 409 million yuan, with a profit growth rate of 3.14% [9] - The expected EPS for 2024, 2025, and 2026 is 0.20 yuan, 0.30 yuan, and 0.36 yuan, respectively, with corresponding PE ratios of 31.98X, 21.59X, and 17.70X [4][9]