Hainan Airport Infrastructure(SH:600515) Soochow Securities·2024-04-30 05:30Investment Rating - The investment rating for Hainan Airport is "Accumulate" (maintained) [1] Core Views - The Q1 2024 performance of Hainan Airport was below expectations, with revenue of 1.193 billion yuan, down 5.28% year-on-year, and a net profit attributable to shareholders of 219 million yuan, down 5.97% year-on-year [3] - The decline in revenue was primarily due to a decrease in revenue recognition from the real estate business, with a gross margin of 46.0%, down 4.5 percentage points year-on-year [3] - Despite the challenges in the real estate sector, the tourism sector remains robust, with Sanya Phoenix Airport's passenger throughput showing a positive trend [3] - The company is expected to focus on its core airport operations and plans to add five new international routes in 2024 [3] - The profit forecast for 2024-2026 has been adjusted downwards, with net profits projected at 1.28 billion yuan, 1.52 billion yuan, and 1.75 billion yuan respectively [3] Financial Summary - Total revenue for 2022 was 4.701 billion yuan, increasing to 6.762 billion yuan in 2023, with an expected rise to 7.218 billion yuan in 2024 [2] - The net profit attributable to shareholders was 1.852 billion yuan in 2022, dropping to 952.78 million yuan in 2023, with an expected recovery to 1.282 billion yuan in 2024 [2] - The latest diluted EPS is projected to be 0.11 yuan per share in 2024, with a P/E ratio of 31.80 [2] - The company's total assets are estimated to be 55.795 billion yuan in 2023, with a projected increase to 57.801 billion yuan in 2024 [9]