Hainan Airport Infrastructure(SH:600515) Soochow Securities·2025-03-31 00:23Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for future performance [1]. Core Insights - Hainan Airport's major shareholder increased their stake, reflecting confidence and improving governance by eliminating cross-holding issues. The transaction involved acquiring 41,792,448 shares at a price of 3.69 CNY per share, totaling 154 million CNY, raising the holding from 24.51% to 24.87% [4][9]. - Hainan Airport operates 11 airports, with a peak passenger throughput exceeding 52.81 million in 2023. The airports are crucial for the Free Trade Port and low-altitude economic development in Hainan [10]. - The low-altitude economy is expected to enhance tourism, with significant potential for low-altitude sightseeing and inter-island commuting, which will boost non-aviation revenue for Hainan Airport [11]. Industry Trends - The report highlights a decline in the Shunwan retail index by 2.05% for the week from March 24 to March 28, while the year-to-date performance shows an increase of 5.21% [12][16]. - The report provides a detailed valuation table for various companies within the industry, indicating a generally positive outlook with multiple companies rated as "Buy" [18][19].