Core Insights - During the recent National Day holiday, Wuhan experienced a record high of 9.9581 million vehicles passing through highway toll gates, highlighting the city's robust transportation network and its contribution to regional economic development [1] - Wuhan is strategically located at the intersection of six major transportation axes in the national comprehensive transportation network, enhancing its role as a key hub in the "eight vertical and eight horizontal" high-speed railway network [1] Transportation Infrastructure Development - The total length of Wuhan's comprehensive transportation network reached 18,500 kilometers over the past five years, with the highway network density reaching 11.4 kilometers per 100 square kilometers, ranking fourth in the country [1] - The completion of the Yangtze River "645 Project" allows for year-round access for 10,000-ton vessels, while the Han River navigation improvement project facilitates all-weather passage for 1,000-ton vessels [1] Economic Impact and Growth - The transportation sector in Wuhan is projected to generate an added value of 115.47 billion yuan in 2024, with total social logistics reaching 5.1 trillion yuan, reflecting growth rates of 56.9% and 39.1% respectively since 2020 [2] - The logistics cost ratio in Wuhan is expected to be 12.2% of GDP in 2024, a reduction of 1 percentage point compared to the end of the 13th Five-Year Plan, which is 2 percentage points lower than the national average [2] International and Domestic Connectivity - Wuhan's transportation network supports over 120 international transport routes, with Tianhe and Huahu airports offering 65 international and regional routes, resulting in passenger and cargo throughput increasing to 5.4 times and 6.3 times that of 2020 respectively [2] - The China-Europe Railway Express has 58 international routes, doubling the number of trains operated compared to 2020, facilitating the export of Wuhan-manufactured goods such as new energy vehicles and photovoltaic products [2]

Investment Rating - The report maintains a "Recommend" rating for Shenzhen Airport, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [3][18]. Core Views - The company reported a net profit of 310 million yuan for H1 2025, representing a year-on-year increase of 79%. The logistics business showed strong performance, and capacity is expected to continue to be released [2][6]. - The target price for the stock is set at 8.72 yuan, with the current price at 7.20 yuan, indicating a potential upside of 21% [3][6]. - The company is benefiting from the opening of the Shenzhen-Zhongshan Channel and the upcoming three-runway project, which will enhance its capacity and operational efficiency [6][8]. Financial Performance - For H1 2025, total revenue reached 2.528 billion yuan, a year-on-year increase of 12.3%, while net profit was 312 million yuan, up 79% [6][7]. - The revenue breakdown shows that the aviation business generated 1.106 billion yuan (up 10.3%), logistics business 273 million yuan (up 57%), and ground services 394 million yuan (up 10.6%) [6][7]. - The company’s operating costs for H1 2025 were 1.917 billion yuan, reflecting a year-on-year increase of 6.3% [6][7]. Future Projections - The report forecasts total revenue for 2025 to be 5.187 billion yuan, with a net profit of 632 million yuan, corresponding to a PE ratio of 23 times [2][8]. - For 2026 and 2027, net profit is projected to be 778 million yuan and 922 million yuan, respectively, with PE ratios of 19 and 16 times [2][8]. Market Position - Shenzhen Airport ranked first among the top ten airports in China for domestic passenger throughput, with 29.52 million domestic passengers in H1 2025, a year-on-year increase of 9.2% [6][7]. - The international and regional passenger throughput reached 3.05 million, marking a significant year-on-year increase of 30.7% [6][7].