中国民用机场行业展望，2025年1月

Investment Rating - The report maintains a stable outlook for the Chinese civil airport industry for the next 12 to 18 months, indicating no significant changes in overall credit quality [5][40]. Core Insights - The airport business volume is expected to continue growing in 2025, although the growth rate will slow down compared to previous years. Domestic passenger traffic has returned to a normalized growth pattern, while international passenger traffic has rapidly recovered to about 90% of pre-2019 levels [6][12]. - The report highlights that the financial performance of the airport industry is improving, with reasonable financial leverage and enhanced debt repayment indicators. The industry is expected to maintain a good level of debt repayment capacity due to ongoing government and civil aviation authority support [5][39]. Summary by Sections Analysis Approach - The report analyzes the civil airport industry's demand, operational characteristics of different regional and airport types, supply capacity, and external competition, focusing on the recovery of the civil aviation sector since 2024 [7]. Industry Fundamentals - The airport business volume has shown steady growth, surpassing 2019 levels, with significant increases in passenger and cargo throughput. The report notes that from January to November 2024, passenger throughput increased by 108.2% compared to the same period in 2019 [8][10]. - The report emphasizes the strong correlation between the airport industry's performance and national economic development, with a notable recovery in international routes driven by global economic recovery and improved cooperation with "Belt and Road" countries [8][12]. Financial Performance - The sample companies' net profits have significantly reduced losses, and their operational cash flow has improved. The financial leverage remains at a reasonable level, with a favorable debt structure and improved repayment indicators [28][39]. - The report indicates that the total revenue of the sample companies decreased by 0.92% to 73.376 billion yuan in the first three quarters of 2024, primarily due to declines in non-airport-related business revenues [29]. Conclusion - The civil airport industry is expected to see continued investment and capacity enhancement, with a stable growth outlook for passenger and cargo traffic. The report concludes that while the growth rate may slow, the overall performance of the industry remains positive [40].