SACL(000089) 广发证券·2025-01-23 03:13Investment Rating - The report maintains a "Buy" rating for Shenzhen Airport (000089.SZ) with a target price of 7.84 CNY, indicating an expected upside from the current price of 6.88 CNY [3]. Core Views - The company is projected to achieve a net profit of 39.98 million to 44.38 million CNY in 2024, representing a year-on-year growth of 0.78% to 11.88%. The non-recurring net profit is expected to grow significantly by 289.24% to 327.59% [8]. - The strategic partnership with "Zhongji Renjian" and "Low-altitude Industry Service Company" aims to enhance the company's presence in the smart airport and low-altitude economy sectors, which is expected to boost domestic demand [8]. - The report highlights a strong recovery in passenger throughput, with an expected annual total of over 60 million passengers in 2024, a 16.6% increase year-on-year [8]. Financial Summary - Revenue Forecast: - 2022: 2,671 million CNY - 2023: 4,165 million CNY (growth of 55.9%) - 2024: 4,531 million CNY (growth of 8.8%) - 2025: 4,912 million CNY (growth of 8.4%) - 2026: 5,291 million CNY (growth of 7.7%) [2] - Net Profit Forecast: - 2022: -1,124 million CNY - 2023: 397 million CNY (growth of 135.3%) - 2024: 437 million CNY (growth of 10.2%) - 2025: 639 million CNY (growth of 46.2%) - 2026: 759 million CNY (growth of 18.8%) [2] - Earnings Per Share (EPS): - 2022: -0.55 CNY - 2023: 0.19 CNY - 2024: 0.21 CNY - 2025: 0.31 CNY - 2026: 0.37 CNY [2] - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2023 is 33.25, decreasing to 18.59 by 2026 [2].