海南机场2024年一季报点评：地产结转拖累营收，机场客流持续增长

Investment Rating - The investment rating for Hainan Airport (600515) is "Cautious Accumulate" [1][2] - Previous rating was "Accumulate" [1][2] Core Views - The report highlights that revenue has been impacted by the decline in real estate business, while airport passenger traffic continues to grow [1] - The company is expected to benefit from the growth opportunities brought by the construction of the Free Trade Port [1] Summary by Sections Financial Performance - In Q1 2024, revenue was 1.193 billion yuan, a year-on-year decrease of 5.28% [1] - Net profit attributable to shareholders was 219 million yuan, down 5.97% year-on-year [1] - The decline in revenue is primarily due to the decrease in income from real estate business [1] Earnings Forecast - EPS for 2024 is forecasted at 0.10 yuan, down from previous estimates [1] - The report anticipates a slight recovery in earnings in the following years, with EPS expected to reach 0.11 yuan in 2025 and 0.13 yuan in 2026 [1] Valuation - The target price is maintained at 4.00 yuan, with a valuation based on a PE ratio of 36x, which is above the industry average [1] - Current price is 3.57 yuan, indicating potential upside [1][2] Market Position - Hainan Airport is positioned as a significant entry point for traffic in Hainan, benefiting from the Free Trade Port policy [1] - The company has a market capitalization of 40.788 billion yuan [2]