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机场、航司下半年业绩有望持续向好
Zheng Quan Ri Bao· 2025-08-25 16:12
Industry Overview - The civil aviation industry in China has shown steady growth in 2023, with total transport turnover reaching 783.5 billion ton-kilometers, passenger transport volume at 370 million, and cargo mail transport volume at 4.784 million tons, representing year-on-year increases of 11.4%, 6%, and 14.6% respectively, setting new records [1] - The recovery in the passenger market is attributed to strong demand for domestic tourism, increased willingness of residents to travel, and favorable policies for inbound tourism [1] Company Performance - Shenzhen Airport Co., Ltd. reported revenue of 2.528 billion yuan, a year-on-year increase of 12.32%, and net profit of 312 million yuan, up 79.13% [2] - Xiamen International Airport Co., Ltd. achieved revenue of 991 million yuan, a 7.1% increase, and net profit of 253 million yuan, up 1.1% [2] - Guangzhou Baiyun International Airport Co., Ltd. recorded revenue of 3.726 billion yuan, a 7.68% increase, and net profit of 750 million yuan, up 71.32% [3] - Shanghai Juneyao Airlines Co., Ltd. reported revenue of 11.067 billion yuan, a 1.02% increase, and net profit of 505 million yuan, up 3.29% [3] International Business Recovery - The international passenger market is recovering, with a 30.2% year-on-year increase in foreign citizens entering and exiting China, totaling 38.053 million people in the first half of 2025 [3] - The number of international passenger transport routes increased by 123, with a year-on-year growth of 28.5% in international passenger transport volume [4] - The demand for international cargo transport is also rising, with a year-on-year increase of 23.4% [4] Market Trends - The aviation market is experiencing a "dual boom" in both passenger and cargo sectors, with July 2023 seeing a record transport turnover of 14.8 billion ton-kilometers, a year-on-year increase of 8.6% [5] - The passenger transport volume in July reached 64.73 million, a 2.7% increase year-on-year, while international passenger transport volume reached 7.09 million, up 15.7% [6] - The industry is expected to maintain steady growth in the second half of the year, supported by holiday travel demand and the recovery of the tourism market, particularly in lower-tier cities [6]
深圳机场(000089):产能放量+经营杠杆 盈利有望增长
Xin Lang Cai Jing· 2025-08-11 10:30
Core Viewpoint - The company, operating Shenzhen Bao'an International Airport, is experiencing continuous operational improvements due to the recovery of the civil aviation industry, with significant increases in passenger and cargo throughput expected in the coming years [1][2]. Group 1: Operational Performance - In 2024, the airport will have 186 passenger routes and is expected to handle 61.477 million passengers, ranking second in domestic passenger throughput [1]. - For the first half of 2025, the airport recorded 221,000 aircraft movements, a year-on-year increase of 7.2%, and a 26.1% increase compared to the same period in 2019 [1]. - Cargo throughput reached 188.1 million tons in 2024, maintaining the top position in domestic cargo and mail throughput [1][2]. Group 2: Non-Aeronautical Business Development - The joint venture for duty-free business commenced operations in November 2023, with projected revenue of 210 million yuan and a net loss of 36 million yuan in 2024, which may temporarily impact profitability but enhance competitive strength in the long term [2]. - Advertising revenue is expected to reach 390 million yuan in 2024, reflecting a year-on-year increase of 3.3%, with operating profit of 387 million yuan [2]. - The logistics revenue is projected at 450 million yuan in 2024, with operating profit of 88 million yuan, supported by significant growth in domestic and international cargo throughput [2]. Group 3: Infrastructure Expansion and Shareholder Returns - The third runway is expected to be operational by the end of 2025, with the T2 terminal bidding completed, which will impact revenue and cost structures [3]. - The company commits to distributing at least 45% of its distributable profits as cash dividends annually, with a projected dividend payout ratio of 55.6% for 2024, up from 51.7% in 2023 [3]. Group 4: Financial Forecasts - The forecast for net profit attributable to shareholders for 2025 has been adjusted to 620 million yuan, down from the previous estimate of 740 million yuan, with new projections for 2026 and 2027 set at 770 million yuan and 920 million yuan, respectively [4]. - The company maintains a "buy" rating despite economic fluctuations and moderate recovery in non-aeronautical business [4].
三大航日亏数百万元 暑运票价不涨反跌难逆全年亏损
2 1 Shi Ji Jing Ji Bao Dao· 2025-07-16 05:03
Core Viewpoint - The three major Chinese airlines (Air China, China Eastern Airlines, and China Southern Airlines) are expected to report significant reductions in net losses for the first half of 2025, but the overall performance remains uneven compared to international counterparts like Delta Airlines, highlighting a complex recovery landscape in the domestic aviation market [1][2]. Group 1: Financial Performance - Air China anticipates a net loss of between 17 billion to 22 billion yuan, with a non-recurring net loss of 18 billion to 24 billion yuan, showing improvement from a net loss of 27.82 billion yuan in the same period of 2024 [2]. - China Eastern Airlines expects a net loss of 12 billion to 16 billion yuan, with a non-recurring net loss of 16 billion to 21 billion yuan, down from a net loss of 27.68 billion yuan year-on-year [2]. - China Southern Airlines projects a net loss of 13.38 billion to 17.56 billion yuan, with a non-recurring net loss of 17.54 billion to 23.80 billion yuan, although its net loss is slightly higher than the previous year's 12.28 billion yuan [2]. Group 2: Factors Influencing Performance - The reduction in losses for the three major airlines is attributed to various strategies, including improved aircraft utilization, marketing strategies, and cost control measures [2]. - The airlines face challenges from high-speed rail competition on short-haul routes and insufficient ticket revenue, despite passenger volumes recovering to or exceeding 2019 levels [3][6]. - Hainan Airlines is expected to achieve a net profit of 45 million to 65 million yuan, indicating successful capacity adjustments and refined management compared to the larger airlines [3]. Group 3: Market Trends and Expectations - The civil aviation industry in China has shown significant recovery momentum, with passenger transport volume reaching 370 million in the first half of 2025, a 5.9% increase year-on-year [4]. - During the summer travel season, passenger transport volume is expected to reach 150 million, reflecting a 5.4% year-on-year growth [4]. - Despite the recovery, the average ticket price for domestic routes has decreased by 7.1%, indicating ongoing challenges in profitability for airlines [5]. Group 4: Future Outlook - The outlook for the second half of 2025 suggests that the three major airlines may further reduce losses, supported by declining fuel costs and a surge in outbound travel demand [4]. - However, the recovery path is complicated by factors such as consumer travel willingness, weather conditions, and ongoing competition from high-speed rail [6].
“五一”假期民航旅客运输量预计超1000万人次 航空公司加大热门航线运力供给
Zheng Quan Ri Bao· 2025-04-28 18:43
Group 1: Domestic Air Travel Trends - During the upcoming "May Day" holiday, the civil aviation passenger transport volume is expected to reach 10.75 million, averaging 2.15 million per day, representing an 8% increase compared to the same period in 2024, marking a historical high for this period [1] - As of April 27, the search interest for travel during the "May Day" holiday has surged by 326% year-on-year, indicating strong demand for travel [1] - Domestic flight ticket bookings have exceeded 5.42 million, reflecting a 31% increase compared to 2024, with major passenger flows concentrated in key city clusters such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao, and Chengdu-Chongqing [1] Group 2: International Air Travel Developments - The civil aviation authority anticipates that both passenger transport volume and flight numbers for international routes will peak during the "May Day" holiday, with popular destinations including Japan, South Korea, and Southeast Asia [2] - A total of 88,000 scheduled flights have been arranged nationwide for the holiday, representing a 2.3% year-on-year increase, with 173 additional flights approved, marking an 8% increase [2] - Airlines are actively increasing flight frequencies and introducing new routes, such as China Southern Airlines launching new flights from Guangzhou to Nagoya and Shenzhen to Osaka [2] Group 3: Overall Industry Recovery - In the first quarter of this year, China's civil aviation sector saw year-on-year growth in total turnover, passenger transport, and cargo mail transport, with international flight volumes and passenger numbers increasing significantly [3] - The overall recovery of the civil aviation industry is evident, with international passenger volumes returning to pre-pandemic levels for the first time, driven by strong demand during the Spring Festival and favorable policies for inbound tourism [3] - The civil aviation industry is focusing on expanding international routes, particularly to emerging markets in East Asia, which is seen as a valuable recovery strategy [3] Group 4: Policy and Infrastructure Enhancements - The civil aviation authority has been working to enhance the convenience of foreign travelers entering the country, including increasing international flight frequencies and improving payment processes [4] - Recent policy initiatives aim to facilitate international passenger transport and support foreign trade and diplomatic relations, with a total of 6,532 international passenger flights executed in the past week, connecting to 78 countries [4] - The long-term sustainability of the civil aviation industry's growth will depend on its ability to convert policy benefits into competitive service offerings and extend the value of the industry chain [4]