GBIAC(SH:600004)2024-09-05 02:30Investment Rating - The report maintains a "Recommended" rating for the company based on the adjustment of profit forecasts and operational performance [2][3]. Core Insights - The company reported a 15.17% year-on-year increase in flight operations, totaling 248,400 flights in H1 2024, which is 103.20% of the 2019 level [3]. - Passenger throughput reached 36.65 million, reflecting a 26.67% year-on-year growth and 102.82% of the 2019 level [3]. - The company achieved a revenue of 3.46 billion yuan in H1 2024, up 19.72% year-on-year, with a net profit attributable to shareholders of 438 million yuan, marking a 204.25% increase [3]. - The company is benefiting from favorable national policies regarding inbound and outbound travel, which is accelerating the recovery of international passenger flow [3]. - The gross margin improved to 27.56% in H1 2024, with operating costs increasing by only 7.44% year-on-year, indicating effective cost control [3]. - The company is progressing with its Phase III expansion project, which includes the construction of new runways and terminals, expected to enhance capacity further [3]. Financial Projections - The company forecasts revenues of 7.25 billion yuan, 8.11 billion yuan, and 9.03 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 12.76%, 11.78%, and 11.34% [6]. - The projected net profit for 2024 is 919 million yuan, with an expected EPS of 0.39 yuan, and PE ratios of 22.84X for 2024, 19.36X for 2025, and 19.48X for 2026 [6].