海南机场（600515）：自筹资金控股美兰空港，打造海南自贸港空中门户

Investment Rating - The investment rating for Hainan Airport is "Accumulate" (maintained) [1] Core Views - Hainan Airport plans to acquire a controlling stake in Meilan Airport through self-raised funds, aiming to establish itself as the air gateway for Hainan Free Trade Port [8] - The integration of Meilan Airport's revenue into Hainan Airport's financial statements is expected to enhance overall income from outbound passenger traffic [8] - The company is positioned to benefit from the growth in tourism and the favorable policies associated with the Hainan Free Trade Port [8] Financial Forecasts - Total revenue is projected to reach CNY 6,762 million in 2023, with a significant increase to CNY 8,799 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.38% [1] - The net profit attributable to shareholders is expected to decline to CNY 458.50 million in 2024, before recovering to CNY 1,372.90 million by 2027, indicating a strong rebound in profitability [1] - The earnings per share (EPS) is forecasted to grow from CNY 0.04 in 2024 to CNY 0.12 in 2027, showcasing an improving earnings trajectory [1] Market Data - The closing price of Hainan Airport's stock is CNY 3.51, with a market capitalization of CNY 40,102.84 million [5] - The price-to-earnings (P/E) ratio is projected to decrease from 87.47 in 2024 to 29.21 in 2027, indicating a more attractive valuation over time [1] Operational Insights - Hainan Airport is in a growth phase, with both Sanya Phoenix Airport and Haikou Meilan Airport undergoing capacity expansion, which is expected to drive future revenue growth [8] - The company aims to fully consolidate the revenues from three airports in Hainan, enhancing its market position and operational efficiency [8]