上海机场：国际线驱动业务增长，商业变现待提升

Investment Rating - The investment rating for the company is "Accumulate (First Time)" [4] Core Views - The company reported a revenue of 9.19 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 16%. The net profit attributable to shareholders for the same period was 1.20 billion yuan, showing a significant increase of 141.9% year-on-year [2][6] - The international flight recovery has significantly driven the growth in aviation business volume, with passenger throughput at Pudong Airport increasing by 48.8% year-on-year [6] - The company's commercial monetization capabilities are under pressure, with a gross profit margin of 22.6% in Q3 2024, which is still significantly lower than the 54.8% in 2019 [6] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.13 billion yuan, a year-on-year increase of 2.5%, and a net profit of 390 million yuan, up 6.2% year-on-year [2][6] - The total passenger throughput for the first three quarters reached 93.43 million, with international flights accounting for 22.3% [6] Business Growth Drivers - The recovery of international flights has led to a substantial increase in aviation business volume, with Pudong Airport's aircraft takeoffs and landings increasing by 27.1% year-on-year [6] - The international business at Pudong Airport saw a remarkable growth, with aircraft takeoffs and landings increasing by 85.6% year-on-year [6] Profitability and Cost Structure - The company's gross profit margin in Q3 2024 was 22.6%, consistent with the second half of 2024, but still significantly lower than pre-pandemic levels [6] - Management and financial expense ratios were 4.76% and 3.72%, respectively, showing slight changes year-on-year [6] Future Projections - Revenue projections for 2024-2026 are 12.66 billion, 14.50 billion, and 15.95 billion yuan, with year-on-year growth rates of 14.6%, 14.6%, and 10.0% respectively [6] - Net profit projections for the same period are 1.71 billion, 2.41 billion, and 3.07 billion yuan, with growth rates of 82.5%, 41.2%, and 27.7% respectively [6]