上海机场：业务量持续恢复，Q3净利小幅增长

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company reported a revenue of 9.19 billion RMB for the first three quarters of 2024, representing a year-on-year growth of 16%. The net profit attributable to shareholders reached 1.2 billion RMB, a significant increase of 142% [2]. - In Q3 2024, the company achieved a revenue of 3.13 billion RMB, with a year-on-year growth of 2.5%, and a net profit of 390 million RMB, up by 6.2% [2]. - The recovery in air passenger and cargo markets continues, with Pudong Airport seeing a 12% increase in aircraft movements and a 24% increase in passenger throughput year-on-year [2]. - The company plans to increase international flight frequencies in the upcoming winter-spring season, with an average of 561 international flights per day, a 5.2% increase year-on-year [2]. Summary by Sections Performance Overview - For the first three quarters of 2024, the company achieved a total revenue of 9.19 billion RMB, a 16% increase compared to the previous year, and a net profit of 1.2 billion RMB, up 142% [2]. - In Q3 2024, the company recorded a revenue of 3.13 billion RMB, reflecting a 2.5% year-on-year growth, and a net profit of 390 million RMB, which is a 6.2% increase [2]. Operational Analysis - The air passenger and cargo markets are recovering, with Pudong Airport's aircraft movements increasing by 12% and passenger throughput rising by 24% year-on-year [2]. - The company reported a gross margin improvement in Q3 2024, with a gross margin of 22.4%, an increase of 0.7 percentage points year-on-year [2]. Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 1.6 billion RMB, 2.6 billion RMB, and 3.6 billion RMB, respectively [2]. - The company plans to enhance international routes, including increased flights to major destinations such as Los Angeles, London, and Sydney [2].