海南机场：2024半年报点评：业绩符合预告区间，地产和免税销售承压

Investment Rating - The investment rating for Hainan Airport is maintained at "Accumulate" [1] Core Views - The 2024 half-year report indicates that the company's performance aligns with the forecast range, with significant pressure on real estate and duty-free sales [3][4] - The company aims to establish a new operational model focusing on airport operations, duty-free commercial real estate, and property hotel services, leveraging the development of the Hainan Free Trade Port [4] Financial Performance Summary - In H1 2024, Hainan Airport achieved revenue of 2.251 billion yuan, a year-on-year decrease of 33.22%, and a net profit attributable to shareholders of 289 million yuan, down 50.35% [3] - Q2 2024 revenue was 1.058 billion yuan, a decline of 49.9% year-on-year, primarily due to a drop in real estate revenue [3] - The company reported a gross margin of 41.1% in Q2, with a net profit margin of 6.7%, reflecting a decrease of 9.9 percentage points year-on-year [3] Business Segment Performance - Revenue from airport/duty-free and commercial/real estate/property management/other businesses in H1 2024 was 946 million, 104 million, 484 million, 358 million, and 360 million yuan, respectively, with declines of 1.1%, 26.3%, 68.2%, 1.3%, and 9.8% year-on-year [3] - The number of takeoffs and passenger throughput at Sanya Phoenix Airport in H1 2024 was 62,700 and 10.889 million, down 9.0% and 3.2% year-on-year [3] Future Outlook - The company has adjusted its profit forecast for 2024-2026, with net profits projected at 980 million, 1.088 billion, and 1.210 billion yuan, respectively, corresponding to P/E ratios of 39, 35, and 31 times [4] - The report emphasizes the potential benefits from the Hainan Free Trade Port policies and the expected recovery in tourism [4]