Core Viewpoint - The Shanghai Pudong International Airport has implemented a significant upgrade to its shared rest areas for outdoor workers, enhancing their working conditions and operational efficiency through improved facilities and services [1][10]. Group 1: Shared Rest Areas Implementation - The first shared rest area at Pudong Airport was opened in December 2021, providing 24-hour access for outdoor workers [1]. - A total of five shared rest areas have been established across the airport, strategically located to minimize travel distance for workers, thus improving their rest time and operational efficiency [2][3]. - The upgraded rest areas include various amenities such as seating, air conditioning, refrigerators, microwaves, and charging stations, adhering to a "6+N" standard for facilities [5][9]. Group 2: Management and Operations - The management of the shared rest areas involves regular inspections and maintenance to ensure cleanliness and functionality, with daily checks and updates on supplies [9][11]. - A "service-feedback" loop has been established, allowing workers to provide input on their needs and experiences, fostering a sense of ownership and community involvement in the upkeep of the facilities [11]. Group 3: Cultural and Safety Initiatives - The shared rest areas serve multiple purposes, including cultural promotion and safety education, with features like safety knowledge videos and interactive platforms for worker engagement [7][10]. - The airport has integrated safety training sessions within the rest area framework, promoting a culture of safety among the workers [10]. Group 4: Broader Impact and Recognition - The initiative has been recognized as a significant project for public welfare in Shanghai, contributing to the overall well-being of over 30,000 airport staff [11]. - The upgrades are expected to enhance the operational readiness of workers, especially during peak travel seasons, thereby supporting smoother flight operations and passenger experiences [11].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is experiencing a gradual recovery in profitability, with a focus on exploring non-aeronautical revenue potential [1][4] - The company has shown strong cost control, leading to a significant increase in net profit [2][3] - Future growth is expected from steady increases in airport traffic, although the recovery of duty-free sales remains uncertain [1][4] Financial Performance Summary - In Q1 2025, the company's revenue reached 3.172 billion RMB, a year-on-year increase of 4.7%, while net profit attributable to shareholders was 519 million RMB, up 34.5% [1][2] - For the year 2024, the company reported revenue of 12.369 billion RMB, a 12.0% increase, and net profit of 1.934 billion RMB, which is a 107.0% increase, largely due to compensation from land acquisition [1][3] - The company’s operating costs remained stable, contributing to a gross profit increase of 19.9% in Q1 2025 [2] Revenue and Profit Forecast - The company’s revenue is projected to grow from 11.047 billion RMB in 2023 to 15.703 billion RMB in 2027, with a compound annual growth rate of approximately 6.14% [5] - Net profit attributable to shareholders is expected to increase from 934 million RMB in 2023 to 3.386 billion RMB in 2027, reflecting a strong growth trajectory [5] - The earnings per share (EPS) is forecasted to rise from 0.38 RMB in 2023 to 1.36 RMB in 2027 [5] Valuation - The target price for the company is set at 37.00 RMB, based on a discounted cash flow (DCF) analysis [4][6] - The valuation reflects a weighted average cost of capital (WACC) of 10.4% and a perpetual growth rate of 2.0% [4][5]

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 Insights - Shanghai Airport reported a revenue of nearly 12.4 billion yuan for 2024, representing a year-on-year growth of approximately 12% [1] - The net profit attributable to shareholders reached nearly 2 billion yuan, achieving a year-on-year increase of 100% [1] - In Q1 2025, the revenue exceeded 3 billion yuan, with a slight year-on-year increase, and net profit surpassed 500 million yuan, reflecting a growth of nearly 35% [1] Company Performance - The growth in performance is attributed to a record passenger throughput of over 124 million at Shanghai Pudong and Hongqiao airports in 2024, along with a cargo throughput exceeding 4.2 million tons, surpassing 2019 levels [1] - The international flight operations at Pudong Airport saw a nearly 70% increase in aircraft movements, with passenger throughput reaching 27 million, doubling compared to the previous year [1] - The company forecasts continued growth in aircraft movements, passenger throughput, and cargo throughput for both airports in 2025 [1] Industry Overview - According to the Civil Aviation Administration, the entire industry experienced approximately 20% growth in total transport turnover, passenger transport volume, and cargo transport volume in 2024 [1] - The industry collectively reduced losses by 20.6 billion yuan, achieving a turnaround to profitability [1] - Other listed airport companies in China showed a clear performance divergence in 2024, with Shenzhen Airport and Baiyun Airport reporting growth in both revenue and net profit, while Hainan Airport faced significant profit decline due to non-aeronautical business impacts [2]

今年"五一"假期，大兴机场航班量和旅客量预计双双创下同期新纪录。假日期间，大兴机场预计执行航 班4687架次，日均937架次，运送旅客71.4万人次，日均约14.2万人次，航班量、旅客量预计较去年假期 分别增长5.7%、8.1%。假期首个高峰日预计将出现在5月1日，预计航班量989架次，进出港旅客量15.6 万人次；返程高峰日预计出现在5月5日，预计航班量988架次，进出港旅客量15.8万人次。（北京日 报） ...

Core Viewpoint - Shenzhen Airport reported significant growth in revenue and profit for 2024, with key operational metrics reaching historical highs, indicating a strong recovery and expansion in the aviation sector [2][4]. Financial Performance - The company achieved operating revenue of 4.74 billion yuan, a year-on-year increase of 13.8% [2]. - Net profit attributable to shareholders was 443 million yuan, up 11.7% year-on-year [2]. - The net profit after deducting non-recurring items was 354 million yuan, marking a successful turnaround [2]. - Operating cash flow net amount reached 1.906 billion yuan, a significant increase of 65.6% year-on-year [2]. Operational Metrics - The airport recorded 428,000 flight takeoffs and landings, with passenger throughput reaching 61.477 million, both representing year-on-year growth of 8.9% and 16.6% respectively [2]. - Cargo and mail throughput was 1.881 million tons, showing a year-on-year increase of 17.6% [2]. Revenue Composition - Aviation revenue amounted to 2.095 billion yuan, up 16.22% year-on-year [2]. - Ground service revenue was 768 million yuan, increasing by 10.58% [2]. - Leasing and franchise revenue reached 963 million yuan, a growth of 10.64% [2]. - Logistics revenue grew by 30.57% to 410 million yuan [2]. - Advertising revenue was 390 million yuan, up 3.28% [2]. - Other non-aviation revenue totaled 109 million yuan, increasing by 7.07% [2]. Subsidiary Performance - Shenzhen Airport's domestic cargo station subsidiary contributed the highest profit of 34.64 million yuan [3]. - The airport's media subsidiary reported a loss of 12.7262 million yuan [3]. - The international cargo station subsidiary achieved a net profit of 178 million yuan, while Chengdu Shuangliu International Airport reported a loss of 18.2 million yuan [3]. Asset and Equity Position - As of the end of Q4 2024, total assets were 24.174 billion yuan, and net assets attributable to shareholders were 11.352 billion yuan, reflecting a 2.1% increase from the previous year [3]. Strategic Initiatives - The company emphasized ongoing expansion in aviation logistics and commercial leasing, driven by the rapid growth of cross-border e-commerce and the addition of new cargo routes [4]. - Investments in technological innovation, including smart management and automation, were highlighted as key to improving operational efficiency and service quality [4]. Executive Compensation - The total compensation for 14 directors and senior management was 8.442 million yuan, with an average salary of 874,100 yuan [4]. - The highest-paid executive, the general manager, received 992,300 yuan, while the lowest-paid executive earned 622,900 yuan [4]. Q1 2025 Performance - For Q1 2025, the company reported total revenue of 1.255 billion yuan, a year-on-year increase of 11.20% [4]. - Net profit attributable to shareholders was 163 million yuan, up 72.20% year-on-year [4]. - The net profit after deducting non-recurring items was 136 million yuan, reflecting a 93.30% increase [4]. - Operating cash flow net amount for the quarter was 849 million yuan, a growth of 43.29% [4].

虽然很多朋友不买股票，或者股票只是配置之一， 但我的全部资金，将将七位数，都放在了 股票。 目前持仓5支如下：平安银行，中国平安，上海机场，伊利股份，金龙鱼，大约各1/5，总体 处于盈亏边缘。 配置思路：打新、分红，偏点进攻。 准备至少拿个三五年，希望翻倍。以上配置，问题大不大，如何优化？ 再次是现金比例：没有现金的仓位，没有容错的能力； 最后是目标选择：你的目标是至少拿个三五年，希望翻倍，那么预期收益率是20%-33%； 这样的结果是你必须进行高风险的操作，以高于市场20%-33%的风险实现自己的收益。大 概率的结果是毁于某次风险事件。 qgj8848 我觉得没啥问题，楼主就是打新、收息，顺便赚点差价。不过根据我自身配置给点建议： 1、持仓最好收息+成长并重。 jakkeew 斗胆建议：楼主策略似是蓝筹、长期和分散。在这个原则下，（1）两个平安配置显重叠，择 一即可，（2）上海机场PB不低，公用事业不如长电国投或类似；（3）伊利的护城河一般， 私有化存疑，不如配个酒水股；（4） 金龙鱼行业太差了，简单加工，品牌价值低，没有长 持意义，不如增加两个制造业。综上，平安银行、国投电力、贵州茅台、美的集团和宁德时 ...

上海机场：第一季度营收31.7亿元，同比增长4.72%；净利润5.19亿元，同比增长34.53%。 ...

上海机场：一季度净利润同比增长34.53% 智通财经4月28日电，上海机场(600009.SH)发布2025年第一季度报告，实现营业收入31.72亿元，同比增 长4.72%；归属于上市公司股东的净利润5.19亿元，同比增长34.53%。净利润增长主要由于本期上海两 场航空业务量同比增加，经营效益增长及股权投资收益增长所致。同日发布年报，2024年营业收入 123.69亿元，同比增长11.97%；净利润19.34亿元，同比增长107.05%。公司拟每10股派发现金红利3元 （含税）。 ...

《中国民航报》、中国民航网 记者冯智君 报道：伴随第137届广交会持续开展和"五一"假期临近，广州白云机场口岸出入境客流持续高位运行。据广州白云 出入境边防检查站统计，本届广交会开幕以来，广州白云机场口岸出入境客流（截至4月27日24时）超65万人次、日均超5万人次，同比增长27.8%。 白云机场口岸入境现场（广州白云边检站供图） "与去年广交会期间的口岸客流相比，现在外国人占比更高了，尤其是'一带一路'共建国家客商的面孔明显增多。"广州白云边检站边检处处长姜明哲介绍， 本届广交会开幕以来，来自"一带一路"共建国家的人员超10万人次，同比增长29.7%，占比约74.1%。 广州白云边检站预测，今年"五一"假期期间，白云机场口岸或现多时段客流高峰。其中，4月30日至5月1日为中国籍旅客出境高峰、5月5日至6日为外国籍旅 客出境高峰；4月30日至5月1日为外国籍旅客入境高峰、5月4日至5日为中国籍旅客入境高峰。预计假期口岸日均客流量约为5万人次、峰值或将超过5.3万人 次。 具体时段上，广州白云国际机场T1航站楼的入境高峰主要在凌晨1时至3时和14时至18时，出境高峰则集中在22时至24时。广州白云国际机场T2航 ...