Investment Rating - The investment rating for China Civil Aviation Information Network (00696) is "Buy" (maintained) [7][10]. Core Views - The report highlights a recovery in the aviation industry, leading to a gradual realization of performance improvements. The company reported a revenue of 4.04 billion yuan for H1 2024, a year-on-year increase of 22.2%, and a net profit attributable to shareholders of 1.37 billion yuan, up 13.9% year-on-year [10][11]. Summary by Sections Financial Performance - In H1 2024, the company processed approximately 350 million passengers, with a year-on-year increase of 24%. The revenue from AIT reached 2.27 billion yuan, a 19.8% increase compared to the previous year, and up 1.8% compared to the same period in 2019 [10][11]. - The company's operating costs for H1 2024 were 1.63 billion yuan, with a growth rate lower than revenue, resulting in an increase in gross margin from 56.5% in H1 2023 to 59.6% in H1 2024 [10][11]. - The report projects revenues for 2024-2026 to be 8.775 billion, 9.378 billion, and 10.337 billion yuan, representing year-on-year growth rates of 25.65%, 6.87%, and 10.23% respectively [10][11]. Business Segments - The report indicates that all major business segments experienced revenue growth due to the strengthening aviation market. The revenue from data networks and settlement services increased by 7.3% and 50.0% year-on-year, respectively [10][11]. - The completion of airport projects and system integration services generated 680 million yuan in revenue, marking a significant year-on-year increase of 111.9% [10][11]. Future Outlook - The report anticipates continued growth in passenger traffic, with a projected 420 million passengers in the first seven months of 2024, a year-on-year increase of 21.2%. This growth is expected to support revenue increases in the company's core and ancillary businesses [10][11]. - The company is expected to enter a phase where revenue growth outpaces cost growth, with potential for further revenue from international routes and system integration services [10][11].
中国民航信息网络：航空景气度回升，业绩上行逐步兑现