GBIAC(SH:600004) Shenwan Hongyuan Securities·2025-08-28 03:46Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a significant increase in profit for the first half of 2025, with total revenue reaching 3.73 billion yuan, a year-on-year growth of 7.7%, and a net profit attributable to shareholders of 750 million yuan, up 71.3% [7] - The operational data shows a steady increase in various business metrics, including flight takeoffs and landings at 265,800 times, passenger throughput of 40.04 million, and cargo throughput of 116,890 tons, reflecting year-on-year growth of 7%, 9%, and 2% respectively [7] - The third phase expansion project of the airport is expected to be operational by the end of the year, which will significantly enhance the airport's capacity [7] Financial Data Summary - For the first half of 2025, the company achieved total revenue of 3.73 billion yuan, with aviation revenue at 1.57 billion yuan (up 9.4%) and non-aviation revenue at 2.15 billion yuan (up 6.5%) [7] - The gross profit margin improved to 28.9%, an increase of 1.3 percentage points year-on-year, due to a lower growth rate in operating costs [7] - The forecast for net profit attributable to shareholders for 2025 is adjusted to 1.376 billion yuan, with estimates for 2026 and 2027 at 935 million yuan and 1.005 billion yuan respectively [7][8]