深圳机场（000089.SZ）2024 年年报及 2025 年一季报点评 年报业绩落于预告上沿，非航业务步入新阶段 2025 年 04 月 28 日 ➢ 2025 年 4 月 24 日公司发布 2024 年年报：2024 年公司营业收入 47.4 亿元，同比 +14%，归母净利润 4.4 亿元，同比+12%，落于业绩预告上沿（公司预告 2024 年归母 净利润 4.0-4.4 亿元），扣非归母净利润 3.5 亿元（上年同期扣非归母净亏 1.6 亿元）； 4Q24 公司营业收入 12.7 亿元，同比+13%，归母净利润 1.2 亿元，同比-50%，扣非归 母净利润 1.1 亿元（4Q23 扣非归母净亏 0.2 亿元）。公司发布 2025 年一季报：1Q25 公司营业收入 12.5 亿元，同比+11%，归母净利润 1.63 亿元，同比+72%，接近业绩预 告盈利中位（公司预告 1Q25 归母净利润 1.3-1.8 亿元），扣非归母净利润 1.36 亿元， 同比+93%。 ➢ 经营生产数据持续提升，强化国际航线资源投入。受益民航业复苏，公司经营数据持 续提升：2024 年深圳机场飞机起降 42.8 万架次，同比+8 ...

Group 1: Transportation Industry Overview - In Q1 2025, Guangzhou's transportation industry showed steady growth, with airport passenger throughput exceeding 20 million, and international air passenger throughput increasing by 26.1% year-on-year [1] - Guangzhou Baiyun International Airport, now the only four-runway airport in the Guangdong-Hong Kong-Macao Greater Bay Area, achieved a passenger throughput of 20.06 million and a cargo throughput of 560,000 tons, reflecting year-on-year growth of 2.3% and 0.2% respectively [1] - The optimization of transit visa policies led to the opening and resumption of six international routes in Q1, further expanding the airport's international connections [1] Group 2: Port and Cargo Performance - Guangzhou Port has strengthened its connections with Southeast Asia, Africa, Europe, and the United States, becoming one of the most closely linked ports with countries involved in the Belt and Road Initiative [1] - In Q1, the total cargo throughput of Guangzhou's ports reached 162 million tons, with container throughput at 6.52 million TEUs, marking year-on-year increases of 3.2% and 7.0% respectively [1] - Foreign trade cargo throughput reached 46.48 million tons, a year-on-year increase of 16.9%, with foreign trade container volume surpassing domestic trade for the first time, achieving a throughput of 3.31 million TEUs, up 22.5% year-on-year [1] Group 3: Freight and Public Transport Statistics - In Q1, Guangzhou completed a freight volume of 212 million tons, reflecting a year-on-year growth of 1.2% [2] - The city handled 3.527 billion express deliveries in Q1, which is a year-on-year increase of 16.2% [2] - The total passenger volume for the city reached 80.45 million in Q1, with the Guangzhou Metro facilitating 782 million trips, accounting for 73.7% of the city's public transport passenger volume, and showing a year-on-year growth of 3.2% [2]

海南机场（600515）公告，2025年第一季度营收为10.9亿元，同比下降8.61%；净利润为1亿元，同比下 降54.09%。 ...

Core Insights - The upcoming May Day holiday is expected to significantly boost travel demand, with various promotional activities and policies in place to attract tourists to Shenzhen [1][2][3] Group 1: Travel Demand and Policies - The implementation of the "immediate refund" tax policy for outbound travelers and the 240-hour visa-free transit policy has led to a substantial increase in foreign visitors to Shenzhen, with over 241,000 entries, marking a 54.4% year-on-year growth [2] - The proportion of visa-free entrants has surged by 159.7%, indicating a strong appeal of these policies [2] - Shenzhen Airport has seen nearly 20,000 inbound and outbound flights this year, reflecting a 29.9% increase compared to the previous year [2] Group 2: Expected Travel Peaks - The Shenzhen Border Inspection Station predicts a peak of approximately 105,000 travelers during the May Day holiday, with nearly 900 flights expected, representing a growth of over 40% [2] - Specific peak travel times have been identified, with outbound peaks on May 1 and 2, and inbound peaks on May 5 [2][4] Group 3: Regional Events and Promotions - The overlap of the May Day holiday with the 137th Canton Fair and various promotional events in Hong Kong is anticipated to drive short-distance travel from mainland residents to Hong Kong and other destinations [3] - The expansion of China's visa-free travel options and the popularity of social media influencers are expected to further enhance inbound tourism and spending by foreign travelers [3]

Core Viewpoint - The Xiamen Xiang'an International Airport aims to transform from a "city airport" to an "airport city," integrating aviation, commerce, culture, and smart services into a comprehensive urban complex [1][2][3] Group 1: Airport Development Strategy - The airport will leverage its dual advantages of air transport and free trade zones to create a multi-faceted economic hub, targeting a market opportunity worth hundreds of billions [2] - The airport is positioned as a core engine for Xiamen's "cross-island development," enhancing urban capabilities and promoting deep integration of industry and city [2] Group 2: Commercial Layout - The airport's commercial strategy includes the development of two major commercial centers, six themed street blocks, and a multi-level themed shopping street, focusing on cultural and tourism integration [5] - The T1 terminal will have a commercial area of nearly 40,000 square meters, with over 350 projects planned, and an initial leasing area of 25,000 square meters [5] Group 3: Policy and Collaboration - The event featured discussions on development opportunities, with insights from industry leaders on leveraging policy benefits and operational strategies [8] - The Xiang'an International Airport is a key component of the "1011" regional strategy, which aims to foster cross-sector collaboration and drive high-quality regional economic development [8]

事件：深圳机场发布2024 年年报及2025 年一季报。2024 全年，公司实现总营业收入47.39 亿元，同比 增长13.8%；实现归母净利润4.43 亿元，同比增长11.68%。25Q1 公司实现总营业收入12.55 亿元，同比 增长11.2%；实现归母净利润1.63 亿元，同比增长72.2%，处于业绩快报中枢，符合预期。 流量稳步复苏，深圳机场2024 年经营持续增长。根据公司公告，深圳机场2024 年旅客吞吐量达到6148 万人次，恢复至 19 年同期的116%，同比2023 年增长17%，其中国内旅客吞吐量5630 万人次，同比 2023 年增长12%；国际旅客吞吐量472 万人次，同比2023 年增长120%；地区旅客吞吐量47 万人次，同 比2023 年增长40%。深圳机场2024年飞机起降架次达428278 次，已恢复至19 年同期的116%，同比2023 年增长9%；货邮吞吐量达188 万吨，恢复至19 年同期的147%，同比23 年增长18%。 深圳机场2025 年Q1 客运、货运增保持强劲增长。航空出行市场基本常态化，深圳机场客流稳步提升， 1-3 月深圳机场旅客吞吐量达到1655 万人 ...

4月25日，深圳机场（000089.SZ）公布了2024年年报。报告期内，公司实现营业收入47.4亿元，同比上 升13.8%；实现归母净利润4.43亿元，同比上升11.7%；实现扣非归母净利润3.54亿元，成功扭亏；经营 现金流净额为19.06亿元，同比增长65.6%。 | | 2024 年 | 2023 年 | 本年比上年 | 2022年 | | --- | --- | --- | --- | --- | | | | | 增减 | | | 营业收入(元) | 4.739.308.234.91 | 4.164.718.288.90 | 13. 80% | 2.671.177,612.39 | | 归属于上市公司股东的净利润 | 443.039.612.74 | 396, 692, 272, 66 | 11.68% | -1.123.951.387.52 | | (元) | | | | | | 归属于上市公司股东的扣除非经常 性损益的净利润(元) | 354. 116. 078. 15 | -156, 472, 428. 71 | 326. 31% | -1.260, 189, 387. 57 | | 经营活动 ...

证券研究报告 深圳机场 (000089 CH) 产能放量周期，盈利有望进一步释放 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 25 日│中国内地 | 机场 | 深圳机场 1Q25 营收 12.55 亿元，同增 11.2%，归母净利润 1.63 亿，同增 72.2%，符合公司盈利预告的 1.3-1.8 亿元。同时公司 2024 年营业收入 47.39 亿元，同增 13.8%，归母净利润 4.43 亿元，同增 11.7%，与业绩快报一致。 我们认为公司目前处于卫星厅产能放量阶段，同时第三跑道接近投产，受益 于腹地大湾区经济发展及深中通道通车，公司流量和国际线占比有望不断提 升，推动净利润进一步释放。维持"买入"。 1Q25 稳步放量，叠加航线结构优化，盈利同比快速提升 深中通道通车推动 1Q25 公司流量稳步提升，同增 6.3%至 1655 万人次。 其中国内线 1505万人次，同增 4.2%，国际+地区线 150 万人次，同增 34.1%， 且国际+地区线占比进一步提高，达到 9.1%，同增 1.9pct。另外公司货运业 务发展迅 ...

本报告来源于"慧博投研",请勿外传! 证券研究报告 深圳机场(000089 CH) 产能放量周期,盈利有望进一步释 | 华泰研究 | 年报点评 | | --- | --- | | 2025年4月25日 中国内地 | 机场 | 深圳机场 1Q25 营收 12.55 亿元,同增 11.2%,归母净利润 1.63 亿,同增 72.2%,符合公司盈利预告的 1.3-1.8 亿元。同时公司 2024年营业收入 47.39 亿元,同增 13.8%,归母净利润 4.43亿元,同增 11.7%,与业绩快报一致。 我们认为公司目前处于卫星厅产能放量阶段,同时第三跑道接近投产,受益 于腹地大湾区经济发展及深中通道通车,公司流量和国际线占比有望不断提 升,推动净利润进一步释放。维持"买入"。 1Q25 稳步放量,叠加航线结构优化,盈利同比快速提升 深中通道通车推动 1Q25 公司流量稳步提升,同增 6.3%至 1655 万人次。 其中国内线 1505万人次,同增4.2%,国际+地区线 150万人次,同增34.1%, 且国际+地区线占比进一步提高,达到 9.1%,同增 1.9pct。另外公司货运业 务发展迅速,1Q25货邮吞吐量 4 ...

Financial Performance - The company reported a basic earnings per share of 0.0794 yuan for Q1 2025, a 72.23% increase compared to 0.0461 yuan in Q1 2024, and a significant improvement from -0.0526 yuan in Q1 2023 [1] - Net profit for Q1 2025 reached 1.63 billion yuan, marking a 71.58% increase from 0.95 billion yuan in Q1 2024, and a recovery from a loss of 1.08 billion yuan in Q1 2023 [1] - Operating revenue for Q1 2025 was 12.55 billion yuan, up 11.26% from 11.28 billion yuan in Q1 2024, and significantly higher than 9.07 billion yuan in Q1 2023 [1] - The return on equity (ROE) improved to 1.42% in Q1 2025 from 0.85% in Q1 2024, and a negative 1.01% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 128,533.21 million shares, accounting for 62.68% of the circulating shares, with a decrease of 1,601.19 million shares compared to the previous period [1] - Shenzhen Airport Group Co., Ltd. remains the largest shareholder with 116,829.55 million shares, unchanged from the previous report [2] - Hong Kong Central Clearing Limited reduced its holdings by 1,027.69 million shares, now holding 2,379.25 million shares [2] - New entrants to the top ten shareholders include Southern CSI 1000 ETF with 766.94 million shares and Zhu Xuesong with 752.50 million shares [2] Dividend Policy - The company has announced that it will not distribute or transfer any dividends this time [3]