白云机场：出行需求旺盛，Q3利润大增

Investment Rating - The report maintains a "Buy" rating for Baiyun Airport [2][3] Core Views - Baiyun Airport reported a revenue of 5.3 billion RMB for the first three quarters of 2024, a year-on-year increase of 15%, and a net profit attributable to shareholders of 670 million RMB, up 143.7% year-on-year [2] - The third quarter of 2024 saw a revenue of 1.84 billion RMB, growing by 7.2% year-on-year, with a net profit of 230 million RMB, reflecting a 98% increase year-on-year [2] - The strong demand for travel during the peak season in Q3 2024 contributed to revenue growth, with flight takeoffs and landings reaching 130,000, and passenger throughput at 19.69 million, representing year-on-year growth of 6% and 13% respectively [2] - The international route recovery continues, with Q3 international passenger volume at 3.91 million, approximately 81% of the 2019 level, indicating ongoing improvement [2] - The gross profit margin increased to 26.1%, up 4.1 percentage points year-on-year, while the expense ratio decreased significantly [2] - The ongoing expansion project at Baiyun Airport is expected to be completed by 2025, which will significantly increase passenger and cargo capacity, positioning the airport among the top globally [2] Summary by Sections Financial Performance - For 2024, net profit forecasts have been adjusted to 930 million RMB, 1.26 billion RMB, and 750 million RMB for 2024-2026, down from previous estimates of 1.21 billion RMB, 1.53 billion RMB, and 770 million RMB respectively [3] - The revenue growth rate is projected at 12.3% for 2024, 8.41% for 2025, and 6.03% for 2026 [7] Operational Insights - The expansion project includes the construction of four runways and a new terminal, which will enhance the airport's capacity to handle 120 million passengers and 3.8 million tons of cargo annually [2] - The operational metrics indicate a strong recovery trajectory, with significant improvements in both aviation and non-aviation revenue streams [2] Market Position - Baiyun Airport's strategic expansion and recovery in international travel are expected to drive future growth, enhancing its competitive position in the aviation market [2]