Investment Rating - The report maintains a "Recommended" rating for Meilan Airport (00357.HK) [1] Core Views - The aviation business has shown a strong recovery, supported by the broader context of Hainan Free Trade Port development [1] - The company reported a total revenue of 2.101 billion yuan in 2023, with a year-on-year growth of 79.5% [1] - The net profit attributable to shareholders is projected to turn positive in 2024, reaching 177 million yuan, with significant growth expected in subsequent years [1] Financial Summary - Revenue Forecast: - 2023: 2,101 million yuan - 2024E: 2,575 million yuan (22.6% YoY growth) - 2025E: 3,040 million yuan (18.1% YoY growth) - 2026E: 3,278 million yuan (7.8% YoY growth) [1] - Net Profit Forecast: - 2023: -136 million yuan - 2024E: 177 million yuan (230.2% YoY growth) - 2025E: 436 million yuan (146.1% YoY growth) - 2026E: 564 million yuan (29.4% YoY growth) [1] - Earnings Per Share (EPS): - 2023: -0.29 yuan - 2024E: 0.37 yuan - 2025E: 0.92 yuan - 2026E: 1.19 yuan [1] - Valuation Ratios: - Price-to-Earnings (PE) ratio for 2024E: 22.4x - PE ratio for 2025E: 9.1x - PE ratio for 2026E: 7.0x - Price-to-Book (PB) ratio for 2024E: 0.9x [1] Business Segments - Aviation Business: - Revenue from aviation services reached 970 million yuan in 2023, a 170% increase YoY, contributing 47% to total revenue [1] - Passenger throughput reached 24.34 million, recovering to 101% of 2019 levels [1] - Non-Aviation Business: - Non-aviation revenue was 1.111 billion yuan, a 42% increase YoY, accounting for 53% of total revenue [1] - Duty-free sales in Hainan reached 43.76 billion yuan in 2023, a 25% increase YoY, benefiting the company's non-aviation segment [1] Long-term Outlook - The company is positioned as a core hub in the Hainan Free Trade Port, with significant growth potential as the second phase of the airport project is completed [1] - The projected passenger throughput for Meilan Airport is expected to reach 30 million by 2025, further solidifying its status as a key regional hub [1]
美兰空港：2023年报点评：航空业务全年复苏，看好海南自贸港大背景下核心枢纽发展