Investment Rating - The report maintains a "Buy" rating for Meilan Airport [3] Core Views - Meilan Airport's net loss for the first half of 2025 narrowed by 71.7% year-on-year, with total revenue of RMB 1.079 billion, a decrease of 6.3% compared to the same period last year [8] - The company is expected to benefit from the upcoming closure of the Hainan Free Trade Port, enhancing its competitive edge through resource integration [8] - The financial forecasts for 2025 and 2026 have been adjusted downwards due to lower-than-expected passenger transport volume and flight operations [8] Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: RMB 2,101 million - 2024: RMB 2,171 million - 2025E: RMB 2,421 million - 2026E: RMB 2,694 million - 2027E: RMB 3,066 million - Net profit forecasts show a recovery starting in 2025, with expected profits of RMB 92 million in 2025E, RMB 268 million in 2026E, and RMB 529 million in 2027E [7][10] - The earnings per share (EPS) is projected to turn positive in 2025, reaching RMB 0.19 [7][10] Operational Highlights - In the first half of 2025, Meilan Airport recorded 95,500 aircraft movements, a decline of 3.43% year-on-year, with domestic flights decreasing by 3.86% [8] - Passenger throughput decreased by 4.05% to 13.907 million, while international and regional routes saw a 15.53% increase [8] - The company's operating costs increased by 5.79% year-on-year, impacting overall profitability despite a rise in concession income [8]
美兰空港（00357）：25H1净亏损同比收窄，封关运作后优势可期