SACL(SZ:000089) Tianfeng Securities·2024-02-21 16:00Investment Rating - The investment rating for the company has been upgraded to "Buy" [7] Core Views - The company's main business is expected to recover profitability, while the non-aviation segment is experiencing rapid growth [1][30] - The airport is projected to achieve revenues of 43.49 billion, 47.55 billion, and 53.90 billion yuan from 2023 to 2025, with year-on-year growth rates of 63%, 9%, and 13% respectively [7] - The net profit attributable to the parent company is expected to turn positive, reaching 364.59 million, 485 million, and 738.63 million yuan over the same period, with growth rates of +131.91%, +33%, and +52% [7] Financial Data and Valuation - Revenue (million yuan): 3,305.64 in 2021, 2,671.18 in 2022, projected 4,349.43 in 2023, 4,754.88 in 2024, and 5,390.43 in 2025 [2] - EBITDA (million yuan): 598.63 in 2021, (152.04) in 2022, projected 1,441.48 in 2023, 1,836.06 in 2024, and 2,172.97 in 2025 [2] - Net profit attributable to the parent company (million yuan): (34.44) in 2021, (1,142.68) in 2022, projected 364.59 in 2023, 485.00 in 2024, and 738.63 in 2025 [2] - EPS (yuan/share): (0.02) in 2021, (0.56) in 2022, projected 0.18 in 2023, 0.24 in 2024, and 0.36 in 2025 [2] - The company is assigned a price-to-earnings (P/E) ratio of 36.73 for 2023, 27.61 for 2024, and 18.13 for 2025 [2] Business Overview - The company operates a modern international airport, ranking fourth in passenger throughput nationwide, with a significant recovery in domestic travel and ongoing improvements in international travel [29][40] - The non-aviation revenue segment is expected to grow, driven by the expansion of commercial space and optimization of the duty-free ecosystem [25][30] - The airport's capacity is set to expand with the completion of new infrastructure projects, including a third runway and terminal upgrades, enhancing its role as a key international hub [13][74][97]