SACL(000089) 华创证券·2024-10-25 10:40Investment Rating - The report maintains a "Recommended" rating for Shenzhen Airport (000089) with a target price of 8.09 CNY, compared to the current price of 6.97 CNY [3][4]. Core Insights - Shenzhen Airport achieved a revenue of 34.65 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 13.9% and a 23.3% increase compared to 2019 [3][4]. - The airport's passenger throughput reached 4.523 million in Q3 2024, showing a significant recovery with a 71.2% increase in domestic passengers compared to the same period last year [3][4]. - The report highlights the ongoing development of international aviation hub construction and the continuous exploration of growth potential [3][4]. Summary by Sections Financial Performance - For Q1-3 2024, Shenzhen Airport reported a net profit of 1.53 billion CNY, recovering to 89% of the previous year's level [3]. - The total revenue for Q3 2024 was 12.15 billion CNY, with a year-on-year increase of 10.9% [3][4]. - The operating costs for Q1-3 2024 were approximately 10.6%, showing a decrease compared to the previous year [3][4]. Operational Data - The total number of flights in Q1-3 2024 was 316,000, reflecting a year-on-year growth of 13.5% [3][4]. - Domestic passenger throughput for Q1-3 2024 was 4.147 million, marking a 13.5% increase compared to the same period last year [3][4]. Future Outlook - The report projects a slight upward adjustment in profit forecasts for 2024, estimating a net profit of 4.4 billion to 6.6 billion CNY [3][4]. - The expected earnings per share (EPS) for 2024 is projected to be 0.22 CNY, with further growth anticipated in subsequent years [3][4].