Group 1: Recent Operational Performance - As of April 2025, Shenzhen Airport achieved a domestic passenger throughput of 19.83 million, representing a year-on-year increase of 8.01% [1] - The domestic cargo and mail throughput reached 298,500 tons, with a year-on-year growth of 6.85% [1] - The total passenger throughput for Shenzhen Airport was 21.87 million, marking a 10.03% increase year-on-year, including international passenger throughput of 1.89 million, which grew by 37.74% [2] Group 2: Future Development and Capacity Planning - Shenzhen Airport has no significant capital expenditure plans currently, focusing on leveraging its developed route network and operational resources [2] - Future plans include establishing a structure of "three runways, three terminal areas, three cargo areas, and one satellite hall" to enhance its role as a comprehensive international transportation hub [2] Group 3: Commercial Revenue and Business Operations - The rapid growth in passenger throughput has led to steady improvements in commercial operations, with the introduction of 15 international luxury brands and 9 new projects [2] - Shenzhen Airport aims to enhance non-aeronautical revenue by optimizing advertising placements and adjusting duty-free shop locations [2] Group 4: Regional Competition and Cooperation - Shenzhen Airport is strategically located in the core of the Guangdong-Hong Kong-Macao Greater Bay Area, serving as a hub for domestic and international connections [3] - The airport will leverage its market advantages to develop a route network that aligns with local city functions, catering to the travel needs of passengers in Shenzhen and surrounding areas [4]

证券代码：000089 证券简称：深圳机场 深圳市机场股份有限公司投资者关系活动记录表 编号：2025003 | 投资者关系活动类 | 特定对象调研□分析师会议 | | --- | --- | | 别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及人 | 天风证券李宁 | | 员姓名 | | | 时间 | 2025 年 5 月 21 日 | | 地点 | T3 商务办公楼 A 座 601 会议室 | | 上市公司接待人员 | 林俊、郝宇明、吴晨阳 | | 姓名 | 1、2024 年经营业绩情况？2025 年业绩展望？ | | | 回答：2024 年，深圳机场完成航班起降 42.8 万架次，旅客吞 | | | 吐量 6,147.7 万人次，全国排名均为第四，分别同比增长 8.9%、 | | | 16.6%；货邮吞吐量 188.1 万吨，同比增长 17.6%，排名全国第三； | | | 其中国际及地区货邮量96.5万吨，同比增长25.3%；国内货邮量91.7 | | 投资者关系活动主 | 万吨，同比增长 ...

Investment Rating - The airport industry is rated with a stable outlook, indicating a positive long-term growth potential supported by government policies and infrastructure investments [34]. Core Insights - The airport industry is a crucial part of China's transportation infrastructure, with 263 civil transport airports as of the end of 2024, reflecting a net increase of 4 airports from the previous year [4][10]. - The revenue structure of airport operations is divided into aviation-related income, which is quasi-public, and non-aviation income, which is market-driven, allowing for improved profitability [5][6]. - The industry is experiencing a robust recovery in operational metrics, with passenger throughput exceeding pre-pandemic levels, although international passenger traffic has not fully recovered [10][14]. Industry Overview - The airport industry is characterized by strategic importance and public service, with strict management by the Civil Aviation Administration of China [4]. - The revenue from aviation-related services includes essential operations such as takeoff and landing fees, while non-aviation services encompass various commercial activities [5]. - The industry is undergoing a transformation with the gradual marketization of non-aviation service fees, enhancing the revenue structure and competitive edge of airport operators [6]. Policy Environment - Recent policies, such as the "Guidance on Promoting International Aviation Hub Construction," aim to enhance the functionality of international aviation hubs and improve operational efficiency [7][9]. - The "14th Five-Year Plan" outlines a target to increase the number of civil transport airports from 241 to at least 270 by 2025, indicating significant growth potential [8][27]. - The government continues to support the industry through subsidies and funding for infrastructure projects, which is crucial for the sector's recovery and expansion [8][30]. Operational Performance - In 2024, the airport industry saw a significant recovery, with passenger throughput increasing by 15.9% year-on-year, surpassing 2019 levels [10][14]. - The total revenue for airport enterprises reached 1136.7 billion yuan, marking an 8.5% increase from the previous year, while the total profit showed a substantial reduction in losses [26]. - The operational metrics indicate a strong recovery trajectory, with domestic passenger traffic growing by 12.2% compared to 2019, while international traffic is still recovering [16][18]. Supply and Demand Dynamics - The airport industry has substantial growth potential, driven by ongoing fixed asset investments and improvements in flight capacity [27][28]. - The demand for air travel is expected to continue rising, supported by economic recovery and increased consumer spending [30]. - The competitive landscape is characterized by regional monopolies, with airports facing limited competition due to geographical and regulatory constraints [32][33]. Future Development - The airport industry is positioned for rapid growth, with ongoing investments in infrastructure and a clear policy framework supporting its expansion [34]. - The recovery of domestic and international travel demand is anticipated to sustain the industry's growth momentum in the coming years [34].

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].

Core Insights - The Jinan Airport Phase II expansion project is a significant infrastructure investment aimed at transforming Jinan into a major transportation hub, with a projected annual passenger throughput of 55 million and cargo capacity of 520,000 tons by 2026 [1][9][20] - The expansion is part of a broader trend in China where major cities are enhancing their airport capacities to support urban integration and regional economic development [12][22] Investment and Infrastructure - The total investment for the Jinan Airport expansion is nearly 70 billion yuan, marking it as the largest investment in Shandong's civil aviation history [1] - Jinan Airport's current passenger throughput reached 20.01 million in 2024, a 14% increase from 2023, while cargo throughput grew by 6.7% to 153,600 tons [2][3] Regional Development and Planning - The Jinan metropolitan area is recognized as a national-level urban agglomeration, with a population of 18.1 million and an economic output exceeding 3 trillion yuan in 2024 [9][20] - The Shandong provincial government has approved multiple planning documents to enhance Jinan and Qingdao's roles as dual core cities, emphasizing the need for integrated transportation systems [9][10] Transportation Integration - The new airport's design includes a 380,000 square meter comprehensive transportation center, facilitating seamless connections between air, rail, and road transport [16][17] - The integration of high-speed rail and urban transit systems is crucial for maximizing the airport's catchment area, targeting a population coverage of 70 million [16][18] Challenges and Considerations - The rapid expansion raises questions about whether the airport can sustain the projected passenger volume, given the current growth trends in air travel [3][8] - Local governments face the challenge of balancing infrastructure investment with economic growth, especially in light of shifting policy priorities from investment-driven growth to consumption-driven growth [11][21]

Group 1 - The core objective of the training program is to achieve compliance with security audit standards by the third quarter of 2025, as part of the Civil Aviation Administration's strategic deployment to enhance aviation security work [1] - The training program, held from May 12 to 17, focuses on core business areas such as security audit preparation and dynamic risk assessment, significantly improving participants' security management capabilities [1][3] - A total of 24 key personnel from Zhuhai Airport and other units completed a six-day systematic training, with all participants passing both theoretical and practical assessments [3] Group 2 - The training utilized a reverse course design method to systematically deconstruct the competency map of security quality control personnel, forming six major teaching modules including regulatory application and risk simulation [4] - An innovative four-dimensional teaching model was adopted, which included project-based learning, scenario-based assessments, real case analysis, and a dual-guidance evaluation mechanism for continuous capability tracking of participants [5] - This training is a key initiative for optimizing and upgrading the security management system at Zhuhai Airport, aiming to build a professional talent team and enhance the modernized level of security management [5]

Core Viewpoint - Guangzhou Baiyun Airport is experiencing significant flight delays due to adverse weather conditions, affecting over 400 flights as of May 23, 15:50 [1] Group 1: Flight Delays - More than 400 flights have been delayed at Guangzhou Baiyun Airport, impacting both arrivals and departures [1] - 17 inbound flights have been diverted to alternative airports, including Shenzhen Bao'an Airport, Zhuhai Jinwan Airport, Nanchang Changbei Airport, Changsha Huanghua Airport, and Jieyang Chaoshan Airport [1]

Group 1: Hedge Funds and Market Trends - Hedge funds reduced their positions in the "Tech Seven" stocks in the US while increasing holdings in Chinese ADRs, with popular choices including Alibaba, Pinduoduo, Baidu, and JD.com [1] - Morgan Stanley upgraded US stocks and bonds from neutral to overweight, predicting the S&P 500 index could reach 6,500 points by Q2 2026, with a forecasted decline in 10-year Treasury yields to 3.45% [3] - UBS expects the Federal Reserve to potentially start cutting rates in September, with a total reduction of 75 basis points anticipated for the year [2] Group 2: Regional Market Insights - Morgan Stanley views Singapore's stock market as an attractive defensive play, with a projected P/E ratio of 14.3 and a dividend yield of 4% [4] - Mitsubishi UFJ analysts believe the Japanese yen will remain supported due to the Bank of Japan's inclination towards further rate hikes, contrasting with other G10 central banks [5] - Galaxy Securities suggests that the airport sector has priced in pessimism regarding duty-free agreements, with future international passenger flow recovery being a key focus [8] Group 3: Economic Policies and Predictions - Dongfang Jincheng anticipates further interest rate cuts by the central bank in the second half of the year to stimulate economic growth [7] - CITIC Securities indicates that recent LPR and deposit rate cuts are part of a transmission chain aimed at stabilizing interest margins and maintaining loan demand [11] - Huatai Securities recommends focusing on real estate companies with strong resources and stable operations, as the market is still in a recovery phase [10]

Core Viewpoint - The expansion of Jinan Airport is a significant infrastructure project aimed at enhancing the airport's capacity and efficiency, reflecting the city's commitment to becoming a major transportation hub in the Yellow River Basin [1][6]. Group 1: Construction Progress - Over 10,000 construction workers and over 1,000 machinery units are actively working on the Jinan Airport expansion, with multiple construction sites operating simultaneously [1]. - The T2 terminal, covering 600,000 square meters, is taking shape, with the main structure and key components nearing completion [1][3]. - The project is on track for completion by the end of next year, marking it as the largest investment in Shandong's civil aviation history [2]. Group 2: Infrastructure and Design - The new T2 terminal will be four times the size of the existing T1 terminal, increasing the number of aircraft parking positions by 173, including 145 for passenger aircraft [3]. - The terminal features an innovative "Y" shaped layout that enhances operational efficiency, with 60% of boarding gates within a 350-meter walking distance [3]. - The construction of two new 3,600-meter runways will elevate the airport's classification to the highest standard (4F), accommodating large aircraft like the Boeing 747 and Airbus A380 [3]. Group 3: Transportation Integration - A comprehensive transportation hub is being developed, integrating air, rail, and road transport, including a new underground high-speed rail station [4]. - The upgraded airport expressway will feature eight lanes and a design speed of 120 km/h, improving connectivity with urban rapid transit [5]. Group 4: Economic Impact - The expansion is expected to significantly boost passenger capacity to 55 million annually and cargo capacity to 520,000 tons, addressing the growing demand for air transport in the region [6]. - The airport's enhanced capabilities are projected to attract more airlines and increase international flight offerings, thereby improving Jinan's global connectivity [6][7]. - The development is anticipated to generate substantial economic benefits, potentially increasing regional GDP by over 100 billion yuan through the "hub+" development model [7].

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]