2023年报点评：扣非净利超预告上限，赴岛

Investment Rating - The investment rating for Hainan Airport is "Accumulate" (maintained) [1] Core Views - Hainan Airport's 2023 annual report shows a significant recovery in airport operations and real estate sales, with total revenue reaching 6.762 billion yuan, a year-on-year increase of 44%, and a net profit attributable to shareholders of 0.953 billion yuan, a year-on-year decrease of 49% [3][4] - The company's non-recurring net profit exceeded the upper limit of forecasts, driven by a strong recovery in airport operations and inventory liquidation [3] - The tourism sector remains robust, with passenger throughput at Sanya Phoenix Airport showing positive growth [3] Financial Performance Summary - Total revenue for 2023 was 6,762 million yuan, up 43.84% year-on-year [2] - Net profit attributable to shareholders was 952.78 million yuan, down 48.57% year-on-year [2] - The company achieved a non-recurring net profit of 467 million yuan, marking a turnaround from losses [3] - Q4 2023 revenue was 2,225 million yuan, a 27% increase year-on-year, with a gross margin of 57% [3] - The company participated in 5 duty-free stores, contributing to 16% of the island's total duty-free sales [3] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 1.464 billion yuan, 1.809 billion yuan, and 2.221 billion yuan respectively, with corresponding P/E ratios of 26, 21, and 17 [4] - The company is expected to benefit from the development of Hainan Free Trade Port and the ongoing tourism boom [4]