SACL(SZ:000089) Guohai Securities·2024-04-07 16:00Investment Rating - The report maintains a "Buy" rating for Shenzhen Airport (000089) as of April 8, 2024 [1][30]. Core Views - The company has shown a strong recovery in domestic business, with significant increases in flight operations and passenger throughput in 2023, reaching levels close to those of 2019 [1][26]. - The financial performance for 2023 indicates a substantial revenue growth of 55.91% year-on-year, with total revenue reaching 4.165 billion yuan, surpassing the 2019 figures [2][30]. - The report highlights the positive impact of non-operating income from the relocation compensation related to the Shenjiang Railway project, which contributed to the company's return to profitability [4][14]. Financial Performance Summary - In 2023, the company completed 393,100 flight operations, a year-on-year increase of 66.77%, and handled 52.7349 million passengers, up 144.56% year-on-year [1][26]. - The total cargo and mail throughput reached 1.6 million tons, reflecting a 6.20% increase year-on-year [1]. - The operating revenue for Q4 2023 was 1.123 billion yuan, marking an 80.01% increase compared to the same quarter in the previous year [12]. - The net profit attributable to shareholders for 2023 was 397 million yuan, a significant recovery from a loss of 1.124 billion yuan in the previous year [2][30]. Future Outlook - The company expects continued revenue growth, with projected revenues of 4.714 billion yuan, 5.218 billion yuan, and 5.729 billion yuan for 2024, 2025, and 2026, respectively [30]. - The report anticipates a long-term growth potential for passenger traffic, with the terminal's planned capacity reaching 100 million passengers, indicating a 90% growth potential compared to 2019 levels [29][30]. - The company has also increased its cash dividend payout ratio to 51.70%, reflecting a commitment to shareholder returns [14][28].