SIA(600009) 东吴证券·2024-11-01 07:00Investment Rating - The investment rating for Shanghai Airport is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 9.191 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 16.0%. The net profit attributable to shareholders was 1.202 billion yuan, up 141.9% year-on-year [2] - In Q3, the net profit attributable to shareholders was 387 million yuan, a year-on-year increase of 6.2%, recovering to 30% of the level in the same period of 2019 [2][3] - The company is expected to receive over 600 million yuan in compensation for land acquisition, which will positively impact profits in 2024 [3] Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue was 9.191 billion yuan, with a net profit of 1.202 billion yuan, and a non-recurring net profit of 1.181 billion yuan [2] - In Q3 alone, revenue reached 3.127 billion yuan, with a gross margin of 22.4% and a net profit margin of 12.4% [2][3] Passenger Traffic Recovery - International passenger traffic has recovered to 96% of the pre-pandemic levels, with domestic passenger throughput increasing by 9% year-on-year [3] - The company is seeing a significant recovery in international and regional routes, with a 52% year-on-year increase in international passenger throughput [3] Compensation and Future Earnings - The Shanghai government has decided to acquire part of the company's real estate, with a total compensation amounting to 689 million yuan, which is expected to enhance the company's profits in 2024 [3][4] Earnings Forecast and Valuation - The earnings forecast for 2024-2026 has been adjusted to net profits of 2.1 billion, 2.9 billion, and 3.7 billion yuan respectively, with corresponding P/E ratios of 42, 30, and 24 times [4]