SACL(SZ:000089)2024-10-27 15:06Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company achieved a record high in quarterly performance for Q3 2024, with a total of 316,000 flight takeoffs and landings, a year-on-year increase of 9.91%, and reaching 115.12% of the 2019 level [4]. - Passenger throughput reached 41.47 million for domestic and 3.76 million for international, reflecting a year-on-year change of +13.5% and +131.78%, respectively, and 118.9% and 84.1% of the 2019 levels [4]. - The company reported operating revenue of 3.465 billion yuan for Q1-Q3 2024, a year-on-year growth of +13.91%, achieving 123.3% of the 2019 level [4]. - The net profit attributable to the parent company for the same period was 327 million yuan, recovering to 68.13% of the 2019 level [4]. - The company is focusing on cost control, with operating costs for Q1-Q3 2024 at 2.737 billion yuan, a year-on-year increase of +0.625%, which is 132.09% of the 2019 level [4]. - The gross profit margin as of Q3 2024 was 21.02%, showing a slight increase from the half-year report [4]. - The third runway project is progressing as planned, expected to be completed by 2026, which will further enhance the company's capacity [4]. Financial Forecasts - The company’s projected operating revenue for 2024, 2025, and 2026 is 4.754 billion yuan, 5.220 billion yuan, and 5.603 billion yuan, respectively, with growth rates of 14.15%, 9.80%, and 7.33% [9]. - The net profit attributable to the parent company is forecasted to be 409 million yuan, 574 million yuan, and 679 million yuan for the same years, with growth rates of 3.14%, 40.36%, and 18.24% [9]. - The projected EPS for 2024, 2025, and 2026 is 0.20 yuan, 0.28 yuan, and 0.33 yuan, with corresponding PE ratios of 34.99X, 24.93X, and 21.08X [4][9].