GBIAC(SH:600004) SINOLINK SECURITIES·2025-08-21 09:28Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the next 6-12 months [4]. Core Views - The company reported a revenue of 3.73 billion RMB for H1 2025, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 750 million RMB, up 71.3% [1]. - The growth in business volume has driven revenue increases across various segments, with international passenger volume rising by 24% year-on-year [2]. - The company is expanding its duty-free business by establishing city duty-free stores and signing contracts for T3 duty-free operations, which are expected to enhance revenue further [3]. Summary by Sections Performance Review - In H1 2025, the company achieved an operating income of 3.73 billion RMB, a 7.7% increase year-on-year, and a net profit of 750 million RMB, reflecting a 71.3% growth [1]. - Q2 2025 saw revenues of 1.9 billion RMB, with a net profit of 450 million RMB, marking an 81.5% increase year-on-year [1]. Operational Analysis - The company recorded 265,800 aircraft takeoffs and landings, with passenger throughput reaching 40.04 million, and cargo volume at 116,890 tons, representing growth rates of 7%, 9%, and 2% respectively [2]. - Aviation revenue was 1.57 billion RMB, up 9.4%, while non-aviation revenue reached 2.15 billion RMB, a 6.5% increase, with leasing and licensing income growing by 19% [2]. - The gross profit margin improved to 28.9%, a 1.3 percentage point increase year-on-year, while the net profit margin rose to 20.1%, up 7.5 percentage points [2]. Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised upwards to 1.41 billion RMB, 930 million RMB, and 1.14 billion RMB respectively [4]. - The report indicates a positive outlook based on operational efficiency improvements and additional income from non-operational sources [4]. Business Expansion - The company is actively pursuing duty-free business opportunities, including a joint investment in a city duty-free store in Guangzhou and a contract for T3 terminal duty-free operations, which is expected to enhance profitability [3].