GBIAC(600004) Huafu Securities·2024-09-02 05:09Investment Rating - The investment rating for the company is "Buy" with a maintained rating [3][13]. Core Views - The report highlights that the company's performance has improved significantly, with a notable recovery in passenger traffic and cost control measures leading to enhanced profitability. The new duty-free agreement is expected to provide strong future earnings visibility despite a decline in expected duty-free income [5][7]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 3.46 billion yuan, a year-on-year increase of 19.7%, and a net profit attributable to shareholders of 440 million yuan, up 177.0% year-on-year [7][8]. - The revenue for Q1 and Q2 of 2024 was 1.66 billion yuan and 1.80 billion yuan, respectively, representing year-on-year growth of 22.4% and 17.4% [5][8]. - The company’s net profit margin improved to 12.7%, an increase of 7.2 percentage points year-on-year [5]. Business Metrics - The company reported a total passenger throughput of 7.969 million for the first seven months of 2024, a year-on-year increase of 117.4% [5]. - The number of aircraft movements increased by 14.3% year-on-year, recovering to 103.8% of the levels seen in 2019 [8]. - The gross profit margin for the first half of 2024 was 27.6%, up 8.3 percentage points year-on-year [8]. Profit Forecasts - The net profit forecasts for 2024 and 2025 have been adjusted to 930 million yuan and 1.473 billion yuan, respectively, with a new forecast for 2026 set at 1.79 billion yuan [5][6]. - The company is expected to maintain a strong growth trajectory, with revenue projected to reach 7.428 billion yuan in 2024, reflecting a growth rate of 15% [6]. Valuation Metrics - The report indicates an expected EPS of 0.39 yuan for 2024, with a P/E ratio of 23.2 [6]. - The company’s price-to-book ratio is projected to be 1.2 for 2024, indicating a stable valuation relative to its book value [6].