公司研究 证 券 研 究 报 告 白云机场（600004）2025 年半年报点评 推荐（维持） Q2 归母净利 4.5 亿，同比+81.5%，受益于业 务量持续恢复及仲裁赔偿 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,424 | 8,182 | 9,703 | 10,289 | | 同比增速(%) | 15.4% | 10.2% | 18.6% | 6.0% | | 归母净利润(百万) | 926 | 1,402 | 942 | 1,114 | | 同比增速(%) | 109.5% | 51.5% | -32.8% | 18.2% | | 每股盈利(元) | 0.39 | 0.59 | 0.40 | 0.47 | | 市盈率(倍) | 25 | 17 | 25 | 21 | | 市净率(倍) | 1.3 | 1.2 | 1.2 | 1.1 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 22 日收盘价 ...

Core Viewpoint - Zhuhai Zhimian Group is transitioning its strategic focus from real estate to core duty-free business, aiming to enhance its competitiveness in the consumer sector [3][4][5]. Group 1: Company Overview - The company held an investor briefing on June 4, 2025, to discuss its 2024 annual performance and Q1 2025 results [1][2]. - Key executives, including the chairman and president, participated in the meeting to address investor inquiries [1]. Group 2: Financial Performance - In Q1 2025, the company reported a revenue of 919 million yuan and a net loss attributable to shareholders of 91 million yuan [5][6]. - The company’s total liabilities and total assets are both over 4 billion yuan, indicating a significant financial restructuring [4]. Group 3: Strategic Transition - The company completed a major asset restructuring by the end of December 2024, planning to gradually exit the real estate sector [3][4]. - The strategic focus will now be on the duty-free business, leveraging resources from its indirect controlling shareholder, Huafa Group [3][5]. Group 4: Market and Policy Environment - The company is closely monitoring policy changes in the Hainan Free Trade Port and the Hengqin Guangdong-Macao Deep Cooperation Zone, which are key areas for future business development [5][6]. - Recent government policies aimed at expanding domestic demand and consumption are expected to positively impact the company's duty-free and consumer business [8].

证券研究报告 上海机场 (600009 CH) 盈利逐步回升，需挖掘非航变现潜力 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 29 日│中国内地 | 机场 | 上海机场 1Q25 营收 31.72 亿，同增 4.7%，归母净利润 5.19 亿，同增 34.5%， 相比我们预期的 5.0 亿高 4%，或主因成本控制效果良好。同时公司 2024 年营业收入 123.69 亿，同增 12.0%，归母净利润 19.34 亿，同增 107.0%， 与公司业绩快报一致，房屋征收获得补偿 6.9 亿使得公司盈利得以翻倍提 升。展望之后，机场流量有望持续稳步上涨，不过仍在消化免税业务所遭受 的冲击，免税客单价恢复仍需观察，需挖掘有税、餐饮等流量变现潜力，盈 利恢复至 19 年需等待。维持"增持"。 1Q25 流量稳步提升，成本管控良好，盈利同比较快提升 受益于浦东机场国际线继续恢复，上海机场 1Q25 流量同比较快增长，浦东 +虹桥旅客吞吐量达到 3238 万人次，同比提升 7.5%，其中浦东机场国际线 旅客吞吐量达到 772 万人次，同增 29.9%。流量增加推 ...

Core Viewpoint - Wangfujing Group is undergoing a significant transformation as it approaches its 70th anniversary in 2025, evolving from a traditional department store to a comprehensive retail model, including duty-free operations [1] Group 1: Business Transformation and Growth - Wangfujing is actively innovating its retail formats to adapt to a segmented consumer market, opening 4 shopping centers in 2024 while closing underperforming stores [2] - The company introduced 2,454 new brands across 192,000 square meters in its stores during the year [2] - Marketing initiatives have engaged nearly 80 stores and collaborated with over 200 media outlets, achieving an exposure of over 500 million times, with a 20% increase in foot traffic during the "925 Beautiful Life Festival" compared to the previous year [2] Group 2: Duty-Free Business Expansion - In 2024, the number of foreign visitors with visa-free entry reached 20.115 million, a 112.3% increase year-on-year, benefiting the duty-free sector [3] - Wangfujing has 26 stores authorized for departure tax refund services, with 10 of them offering "buy and refund" services, leading to a significant increase in transaction volumes [3] - The company has expanded its duty-free operations to include two airport and two city duty-free projects, achieving comprehensive coverage of duty-free business types [3] Group 3: ESG and Sustainable Practices - Wangfujing promotes a green and healthy lifestyle, focusing on low-carbon operations and social responsibility, with 13 shopping centers certified as green [4] - The company aims to leverage the dual advantages of "taxable + duty-free" business models to capture growth opportunities in the evolving market landscape [4]

在互动易平台及社交媒体上，中小股东对免税资产注入延期提出质疑。如一位投资者提问，"在海南自 贸试验区发展的大好时期，贵公司却要将免税资产延迟三年注入，精品店以前亏损，后面可能盈利啊， 这样做很可能错过发展的大好时机，这种决定是不是有些草率？"还有投资者称："贵公司延长承诺资产 注入，导致股票连续性跌停，让更多投资者亏损严重，感觉这是严重违规的。"分析人士认为，近期免 税行业热度攀升，海南控股的"跳票"行为与市场预期形成强烈反差，加剧了抛售情绪。 4月15日晚间，海南发展（002163）（002163.SZ）公告称，公司2025年第二次临时股东大会否决了控股 股东海南省发展控股有限公司（简称"海南控股"）提出的免税资产延期注入议案。由于关联股东海南控 股回避表决，中小股东成为决议关键力量，最终以56.22%的反对票比例否决议案。 根据公告，中小股东投票结果显示，反对票达7093.82万股，占比56.22%，远超同意的38.08%。市场对 此反应强烈，自3月28日海南发展披露延期计划后，公司股价连续两日一字跌停，截至4月9日盘中最低 跌至6.20元/股，较3月28日收盘价9.02元/股累计跌幅超30%，市值缩水显 ...