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]

从沪深300交通设施指数持仓的市场板块来看，上海证券交易所占比70.62%、深圳证券交易所占比 29.38%。 从沪深300交通设施指数持仓样本的行业来看，机场占比44.74%、高速公路占比38.07%、港口占比 17.19%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 金融界4月24日消息，A股三大指数收盘涨跌不一，沪深300交通设施指数 (300交通设施，L11620)报 1316.02点。 数据统计显示，沪深300交通设施指数近一个月下跌0.25%，近三个月下跌1.65%，年至今下跌6.81%。 据了解，为反映沪深300指数样本中不同行业公司证券的整体 ...

Core Insights - Beijing Daxing International Airport has been recognized as an "Excellent Service Quality Airport" for the fourth consecutive year, reflecting high industry and public recognition of its service quality [1][3] Summary by Categories Service Quality Evaluation - The 2024 evaluation for airports with over 10 million passengers includes five dimensions: passenger satisfaction, airline satisfaction, flight punctuality, complaint management, and professional review [3] - Daxing Airport achieved a perfect score in ACI passenger satisfaction for five consecutive years and ranked first in CAPSE satisfaction [3] Operational Efficiency - In 2024, Daxing Airport recorded a flight departure punctuality rate of 88.31% and a release punctuality rate of 92%, ranking first and second among 23 major coordinated airports in the country [4] - The airport operates over 220 flight routes, connecting more than 200 domestic and international destinations, enhancing travel options for passengers [4] Service Innovations - Daxing Airport has upgraded its international paperless service and enhanced security check efficiency, contributing to improved passenger flow [4] - The airport introduced a Wi-Fi login passport authentication method and established seven functional zones to cater to diverse needs of international travelers [5] Cultural and Commercial Integration - Daxing Airport promotes a blend of urban lifestyle services and aviation experiences, offering a variety of dining options and commercial services [8] - The airport features exhibitions and cultural performances, enhancing the travel experience and promoting Chinese culture [8] Accessibility and Special Services - Daxing Airport has received a three-star certification for its barrier-free environment and offers personalized services for elderly and disabled travelers [12] - The airport provides amenities such as sleep pods and 24-hour dining options to accommodate overnight and transit passengers [12]

Core Points - The 2024 Civil Airport Service Quality Evaluation Report was jointly released by the China Civil Airport Association, the Civil Aviation Science and Technology Research Institute, and the Civil Aviation News, highlighting the performance of 102 airports with annual passenger throughput exceeding 1 million [1] - Inner Mongolia Airport Group's six member airports received the Excellent Airport Service Quality Award, with Hohhot, Hulunbuir, and Tongliao airports winning for four consecutive years, and Baotou and Chifeng airports for three consecutive years [1] - The evaluation criteria required airports to rank in the top third of their category and achieve a score of 85 or above, with 35 airports recognized for their service quality [1] Company Initiatives - Inner Mongolia Airport Group focuses on customer-centric service, enhancing service management, brand value, and proactive service culture to support high-quality development [2] - In 2024, the group launched a "Civil Aviation Service Quality Improvement Year" initiative, implementing 151 service measures aimed at addressing passenger needs [2] - The group established a closed-loop management mechanism for passenger feedback, conducted 69 service risk warnings, and developed four new service training courses to improve staff capabilities [2] Achievements - The group received 57 awards in total, including the "Inner Mongolia Top 100 Brands" for its "China Service Enjoy the Prairie" brand, and was recognized as a "Benchmark Enterprise for Brand Building in Inner Mongolia" [2] - The implementation of a service empowerment mechanism led to over 1,050 instances of assistance for passengers, resulting in a 60.93% year-on-year decrease in complaint acceptance rates and a 115.21% increase in service commendations [2] - The group aims to enhance passenger experience by exploring new ideas and solutions for service quality improvement, aligning with the strategic directives of the regional government and the Civil Aviation Administration's "Genuine Service" requirements [3]

中国民航网 通讯员陈子旭、张喜欣 报道：2025年4月21日，由中国民用机场协会、中国民航科学技术研 究院和中国民航报社共同发布《2024年民用机场服务质量评价报告》，正式公布2024年度民用机场服务 质量评优结果，天津滨海国际机场获评"服务规范优秀机场"。 天津滨海机场始终秉持以旅客为中心的服务理念，紧盯打造"一流机场"实现高质量发展的目标，围 绕"保安全、创价值、聚合力、走前列"工作主线，赋能特殊需求旅客服务，优化服务设施及环境，升级 全流程人文感受，丰富航空服务产品，持续提升服务管理能力和治理水平，以服务质量评价为"助推 器"，让主动提升服务质量成为机场服务发展的内生动力。 ( 本文图片均由天津滨海机场提供 ) 以旅客需求为中心 赋能特殊需求旅客服务 机场开展专项需求调研，持续做好各类特殊客群旅客的差异化服务，落实天津市、民航局各级对老人等 特殊旅客、军人及随行家属相关服务工作要求。 问询环节，为方便老年旅客、聋哑人士及外籍旅客快速找到服务点，设置大号字符提示牌、四国语言指 示牌、手绘位置指示图、航站楼内"点对点"步行距离可视图等，此外，还准备了小米书写板、医药箱等 便民物品，方便及时取用。 值机及登机 ...

Core Viewpoint - The A-share market showed mixed performance on April 22, 2025, with the domestic demand sector strengthening, particularly in the transportation sector, which demonstrated defensive characteristics amid market fluctuations [1] Group 1: Market Performance - The three major A-share indices experienced varied movements, with the transportation ETF (159666) rising against the trend [1] - Key stocks such as Huamao Logistics and Baoshai Technology hit the daily limit, while Zhongchu and Haichen shares increased by over 3% [1] Group 2: Sector Analysis - Short-term focus on domestic demand sectors like highways, railways, and express delivery provides a certain level of defense [1] - Mid-term attention should be directed towards valuation bottoming opportunities in aviation and ports [1] - Long-term exploration of logistics assets related to non-US outbound trade restructuring is recommended [1] Group 3: Transportation Sector Characteristics - The transportation sector is characterized by low valuations and high dividends, contributing to its strong defensive performance during market volatility [1] - The sector's defensive attributes are closely tied to its sensitivity to economic cycles, with ROE remaining highly correlated with economic conditions [1] Group 4: Investment Products - The transportation ETF (159666) and its linked funds (019405/019404) are the only funds tracking the CSI All-Transportation Index, reflecting the overall performance of listed companies in the transportation industry [1] - Companies within the transportation sector exhibit characteristics of high dividends, low valuations, and stable performance, covering logistics, railways, highways, shipping ports, and airports [1]

Group 1 - The core point of the article highlights the significant increase in inbound and outbound passenger traffic at Guangzhou Baiyun Airport, surpassing 5 million for the first time this year, which is 26 days earlier than last year [1] - The airport has seen a remarkable growth in foreign travelers, with 1.64 million foreign passengers from 193 countries, representing a year-on-year increase of 45.3% and accounting for 37.2% of total passenger traffic [2][3] - The increase in foreign travelers is largely driven by business and visit purposes, which together make up nearly 50% of the total inbound foreign travelers, indicating the vibrant international exchanges in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 2 - The airport has expanded its international flight operations, adding and resuming 6 regular international passenger routes, 2 new international airlines, and 2 new international destinations, with nearly 80 international passenger routes and 50 international cargo routes operating weekly [5] - The growth in passenger traffic is attributed to factors such as the expansion of China's "visa-free" policy, the increase in international flights, and the ongoing 137th Canton Fair, with over 370,000 visa-free foreign travelers and 25,000 transit visa-free travelers recorded, marking increases of 151% and 25.4% respectively [5] - The Baiyun Border Inspection Station anticipates continued high passenger flow due to the ongoing Canton Fair and the upcoming May Day holiday, implementing 18 service measures and 5 initiatives to facilitate smooth customs clearance for global merchants [6]

《中国民航报》、中国民航网 记者胡夕姮 报道：4月15日，长三角民航机场协同发展党建联席会（以下 简称联席会）环境协同专委会成立会议在安徽合肥举行。民航华东地区管理局党委书记姜春水出席会议 并讲话，安徽民航机场集团党委书记、董事长、总经理周晞桥主持会议。 在交流环节，多方聚焦绿色实践，共话低碳路径。华东管理局从民航规划、行业发展、监管模式等角度 提出工作思路，华东空管局分享了航线优化与新技术应用成果，明确未来绿色空管方向。上海机场集团 介绍了低碳发展"加减乘除"实践路线；东部机场集团聚焦新能源开发与绿色技术攻关；浙江省机场集团 则展示了能源管理、污染防治及三星级"双碳"机场建设成效。 会上，姜春水与周晞桥共同为环境协同专委会揭牌，宣布专委会正式成立。周晞桥代表专委会表态，将 持续秉承"共商、共建、共治、共享、共学"工作原则，紧密依托联席会和专委会平台，积极发挥长三角 民航机场群的优势力量，全力以赴推动重点项目的实施，协同推进降碳、减污、扩绿、增长，及时总结 好的经验，形成好的做法，为长三角民航机场绿色转型发展贡献力量。 姜春水强调，环境协同专委会是联席会成立以来的重大成果，对推动长三角民航绿色低碳发展，落 实 ...