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）。 ...

Core Insights - The passenger flow at Guangzhou Baiyun Airport is experiencing a high level of activity, with over 650,000 entries and exits recorded since the opening of the 137th Canton Fair, averaging over 50,000 daily, representing a year-on-year increase of 27.8% [1][5] Passenger Flow Statistics - The number of foreign visitors has increased significantly, particularly from countries involved in the Belt and Road Initiative, with over 100,000 arrivals from these nations, marking a 29.7% increase and accounting for approximately 74.1% of total foreign visitors [5] - Predictions for the upcoming "May Day" holiday indicate potential peak passenger flows, with an expected average of 50,000 daily and peak values possibly exceeding 53,000 [5] Peak Travel Times - Specific peak times for inbound and outbound flights at Terminal 1 and Terminal 2 of Guangzhou Baiyun International Airport have been identified, with inbound peaks occurring mainly from 1 AM to 3 AM and 2 PM to 6 PM, while outbound peaks are concentrated from 10 PM to midnight [5][6] Operational Preparedness - In response to the anticipated surge in passenger flow during the holiday, the Guangzhou Baiyun Border Inspection Station is enhancing collaboration with relevant departments, increasing staffing, and implementing AI-driven platforms for real-time passenger assistance [6] - Travelers are advised to stay informed about safety conditions and entry policies at their destinations, check travel documents, and monitor flight and passenger flow updates to avoid peak travel times [6]

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]