SIA(600009) China Post Securities·2025-05-12 06:35Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index of over 20% [6][13]. Core Views - The company has shown a recovery in performance with a significant increase in both revenue and net profit for 2024 and Q1 2025, driven by a rise in international passenger traffic [3][4]. - The demand for civil aviation passenger and cargo transport continues to grow, with an upward trend in hub airport business volume expected to persist [6]. Company Overview - The latest closing price is 32.08 yuan, with a total market capitalization of 798 billion yuan and a circulating market value of 616 billion yuan [2]. - The company reported a revenue of 12.37 billion yuan in 2024, a year-on-year increase of 12.0%, and a net profit attributable to shareholders of 1.93 billion yuan, up 107.1% [3][9]. - In Q1 2025, the company achieved a revenue of 3.17 billion yuan, reflecting a 4.7% year-on-year growth, and a net profit of 519 million yuan, which is a 34.5% increase [3][5]. Financial Performance - The passenger throughput at Shanghai Pudong and Hongqiao airports showed significant growth, with Pudong airport handling 76.79 million passengers (up 41.0%) and Hongqiao airport 47.94 million passengers (up 12.8%) in 2024 [4]. - The company's operating costs for 2024 were 9.66 billion yuan, a 4.7% increase year-on-year, while the operating profit margin improved due to stable cost management and additional disposal gains [4][12]. - Forecasts for net profit attributable to shareholders for 2025-2027 are 2.44 billion yuan, 2.94 billion yuan, and 3.36 billion yuan, respectively, indicating a strong growth trajectory [6][9].