Investment Rating - The report maintains an "Outperform" rating for Hainan Airport [1]. Core Views - Hainan Airport plans to acquire a 50.19% stake in Meilan Airport for 2.339 billion yuan, aiming to enhance its core business and competitiveness [5]. - The acquisition will consolidate Hainan's core aviation hub, supporting the development of the Hainan Free Trade Port and expanding the company's airport operations [5]. - The financial forecast for Hainan Airport shows a projected revenue increase from 4.368 billion yuan in 2024 to 5.492 billion yuan in 2025, with a net profit expected to rise from 459 million yuan to 787 million yuan in the same period [4][7]. Financial Data and Profit Forecast - Total revenue projections are as follows: - 2024: 4,368 million yuan - 2025E: 5,492 million yuan - 2026E: 6,020 million yuan - 2027E: 6,705 million yuan - Net profit projections are as follows: - 2024: 459 million yuan - 2025E: 787 million yuan - 2026E: 936 million yuan - 2027E: 987 million yuan - The gross profit margin is expected to improve from 41.3% in 2024 to 43.3% in 2025E [4][7].