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 ...

截至2025年8月22日收盘，深圳机场（000089）报收于7.19元，较上周的7.2元下跌0.14%。本周，深圳 机场8月18日盘中最高价报7.27元。8月20日盘中最低价报7.06元。深圳机场当前最新总市值147.45亿 元，在航空机场板块市值排名10/12，在两市A股市值排名1272/5152。 本周关注点 机构调研要点 8月19日特定对象调研 问：国际航线恢复情况？答：截至 2025 年 7 月末，深圳机场国际旅客吞吐量 330.58万人次，同比增长 30.07%；地区旅客吞吐量 28.57 万人次，同比增长 7.09%。作为粤港澳大湾区的重要枢纽门户，深圳机 场紧抓机遇，联合航空公司新开或加密往返万象、墨西哥城、利雅得、新加坡等多条国际及地区航线， 有力带动了国际客运市场的增长。未来，深圳机场将持续优化航线布局，以更密集的航线网络，更优质 的服务体验，搭建起联通世界的"空中通道"，丰富市民旅客的跨境出行选择，助力深圳扩大高水平对外 开放。 问：三跑道后续投产进展？答：为满足深圳机场未来航空主业可持续发展的需要，解决基础设施保障资 源面临饱和的制约，2020 年 3月，深圳机场三跑道扩建工程项目正式开 ...

Group 1 - The Guangzhou Baiyun Airport Phase III expansion project is the largest airport expansion project in China's civil aviation history, with a total investment exceeding 100 billion yuan [1] - The project involves the relocation of 62 villages and approximately 62,000 residents, with the first batch of housing for displaced residents expected to be completed six months ahead of schedule [1] - The total planned area for the Phase III housing project is over 12.5 million square meters, making it the largest housing project under construction in Guangdong Province [1] Group 2 - The fifth runway (East Third Runway) of Guangzhou Baiyun International Airport has entered the flight calibration phase, marking a critical verification stage before its operation [2][4] - The calibration will test key systems such as communication navigation, approach lighting, and overall flight procedures, significantly improving operational efficiency during peak flight times once completed [4] - Upon full completion, the airport's annual passenger throughput capacity will exceed 120 million, and cargo throughput will reach 3.8 million tons, reinforcing its status as a core aviation hub in the Guangdong-Hong Kong-Macao Greater Bay Area [4]

Group 1 - The core viewpoint is that the expansion of airports in China is driven by urbanization and high-quality development, with a focus on enhancing the role of airports as economic engines for cities [2] - The Guangzhou Baiyun Airport Phase III expansion is noted as the largest and most complex airport reconstruction project in China's civil aviation history, utilizing shield tunneling technology for the first time in the domestic civil aviation sector [1] - Jinan International Airport is planning for future expansions, including a third terminal, and aims to enter a "dual airport era" with the potential construction of a second airport as outlined in the Shandong Province Comprehensive Transportation Network Planning Outline (2023-2035) [1][2] Group 2 - The current wave of airport expansions in China reflects the increasing demand for air travel due to population concentration in urban centers, making airport expansion a necessary choice [2] - The Jinan Airport Phase II expansion is seen as a microcosm of the construction of a strong transportation network in Shandong Province, highlighting the competitive nature of cities [2] - Airports are evolving from merely serving as transport hubs to becoming vital components of urban economic development, indicating a shift from "capacity expansion" to "functional enhancement" [2]