上 市 公 司 交通运输 2025 年 08 月 21 日 美兰空港 (00357) ——25H1 净亏损同比收窄，封关运作后优势可期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 20 日 | | --- | --- | | 收盘价（港币） | 10.63 | | 恒生中国企业指数 | 9013.27 | | 52 周最高/最低（港币） | 12.18/6.04 | | H 股市值（亿港币） | 50.30 | | 流通 H 股（百万股） | 226.91 | | 汇率（人民币/港币） | 1.0932 | 一年内股价与基准指数对比走势： -16% 34% 84% HSCEI 美兰空港 资料来源：Bloomberg 证券分析师 刘衣云 A0230524100007 liuyy@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 研究支持 刘衣云 A0230524100007 liuyy@swsresearch.com 财务数 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the next 6-12 months [4]. Core Views - The company reported a revenue of 3.73 billion RMB for H1 2025, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 750 million RMB, up 71.3% [1]. - The growth in business volume has driven revenue increases across various segments, with international passenger volume rising by 24% year-on-year [2]. - The company is expanding its duty-free business by establishing city duty-free stores and signing contracts for T3 duty-free operations, which are expected to enhance revenue further [3]. Summary by Sections Performance Review - In H1 2025, the company achieved an operating income of 3.73 billion RMB, a 7.7% increase year-on-year, and a net profit of 750 million RMB, reflecting a 71.3% growth [1]. - Q2 2025 saw revenues of 1.9 billion RMB, with a net profit of 450 million RMB, marking an 81.5% increase year-on-year [1]. Operational Analysis - The company recorded 265,800 aircraft takeoffs and landings, with passenger throughput reaching 40.04 million, and cargo volume at 116,890 tons, representing growth rates of 7%, 9%, and 2% respectively [2]. - Aviation revenue was 1.57 billion RMB, up 9.4%, while non-aviation revenue reached 2.15 billion RMB, a 6.5% increase, with leasing and licensing income growing by 19% [2]. - The gross profit margin improved to 28.9%, a 1.3 percentage point increase year-on-year, while the net profit margin rose to 20.1%, up 7.5 percentage points [2]. Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised upwards to 1.41 billion RMB, 930 million RMB, and 1.14 billion RMB respectively [4]. - The report indicates a positive outlook based on operational efficiency improvements and additional income from non-operational sources [4]. Business Expansion - The company is actively pursuing duty-free business opportunities, including a joint investment in a city duty-free store in Guangzhou and a contract for T3 terminal duty-free operations, which is expected to enhance profitability [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 11.50, up from the previous target of HKD 11.00 [6][5][17] Core Views - The company reported a revenue of RMB 1.079 billion for 1H25, a decrease of 6.1% year-on-year, with a net loss attributable to shareholders of RMB 70 million, which is a 71.7% improvement compared to the previous year [1][3] - The weak performance in passenger traffic, which decreased by 4.1% to 13.91 million passengers, is attributed to changes in popular travel destinations and competition from other airports and transport modes [2][4] - The company is expected to benefit from the upcoming Hainan Free Trade Port policies, which are anticipated to stimulate passenger flow and enhance the operational efficiency of the airport [4][5] Financial Performance Summary - The company's operating costs for 1H25 were RMB 1.046 billion, an increase of 5.5% year-on-year, leading to a gross profit decline to RMB 33 million [3] - The report projects a downward revision of the company's net profit for 2025 to a loss of RMB 76 million, with subsequent years showing a recovery to profits of RMB 271 million in 2026 and RMB 499 million in 2027 [5][10] - The earnings per share (EPS) are forecasted to be -0.16 for 2025, 0.57 for 2026, and 1.05 for 2027 [10][5] Market Position and Future Outlook - The establishment of a joint venture with Changi Airport Group is expected to enhance the company's ability to monetize non-aeronautical revenues [1][4] - The anticipated completion of the acquisition of control over Hainan Airport is expected to improve the utilization of aviation resources on Hainan Island, reinforcing the company's hub status [4][5] - The report highlights the potential for long-term profitability improvements driven by the Free Trade Port's benefits and the company's capacity expansion [5][4]

Group 1 - The A-share market showed mixed performance on August 21, 2025, with the transportation ETF (159666) rising by 0.59%, indicating strong momentum in the sector [1] - In the first seven months of this year, fixed asset investment in rural roads reached 206.24 billion yuan, with 51% of the annual target already completed through the construction of 51,000 kilometers of new and renovated rural roads [1] - During the "14th Five-Year Plan" period, a total of 716,000 kilometers of rural roads are planned to be newly constructed or renovated, resulting in a total length of 4.644 million kilometers, which is a 6% increase compared to the end of the "13th Five-Year Plan" [1] Group 2 - Dongxing Securities believes that the highway sector will benefit from a long-term interest rate cut cycle due to its stable performance and high dividend willingness, suggesting a strong outlook for the sector [1] - The transportation ETF (159666) and its linked funds (019405/019404) are the only ETFs tracking the CSI All-Transportation Index, reflecting the overall performance of listed companies in the A-share transportation industry, including logistics, railways, highways, shipping ports, and airports [1] - Companies within the transportation sector are characterized by high dividends, low valuations, and stable performance, making them attractive investment opportunities [1]

Core Insights - Meilan Airport reported a mid-year revenue of approximately RMB 1.079 billion for 2025, representing a year-on-year decline of 6.09% [1] - The net loss attributable to the parent company shareholders was approximately RMB 70.20 million, narrowing by 71.7% year-on-year [1] Revenue Breakdown - The number of aircraft takeoffs and landings decreased by 3.43% year-on-year, while passenger throughput fell by 4.05%, leading to a reduction in aviation-related revenue by RMB 28.03 million [1] - Non-aviation revenue experienced a year-on-year decline of RMB 41.98 million, influenced by a decrease in passenger consumption willingness [1]

Core Viewpoint - The company, Guangzhou Baiyun International Airport Co., Ltd., has announced significant updates regarding its operations and financial decisions, including an increase in security service costs and the establishment of a new subsidiary for airport management [4][15]. Company Overview - The company is identified by the stock code 600004 and is referred to as Baiyun Airport [4]. - The report is part of the company's semi-annual report for 2025, which has not been audited [2]. Financial Data - The company plans to invest a total of 80 million yuan in cash and physical assets valued at 86.8454 million yuan to establish a new subsidiary, Guangzhou Baiyun International Airport First Terminal Management Co., Ltd., which will hold 100% equity [11]. Important Matters - The board of directors has approved a supplementary agreement for the airport security service, which will increase the monthly cost per auxiliary police from 7,814.24 yuan to 9,333.58 yuan, resulting in an additional cost of approximately 2.3155 million yuan, bringing the total expected service cost to 28.3106 million yuan [16][20]. - The decision to increase security service costs is in line with national regulations and aims to enhance the airport's security capabilities [22]. Board Meeting Details - The board meeting was held on August 20, 2025, with all seven directors present, and the resolutions were passed unanimously [6][7]. - The meeting included discussions on various proposals, including the approval of the semi-annual report and the assessment of senior management's performance for 2023 [13][14]. Related Transactions - The agreement with the airport security company is classified as a related party transaction, as the security company is a wholly-owned subsidiary of the airport group, which holds a 57.20% stake in Baiyun Airport [19]. - The transaction does not constitute a major asset restructuring and has been approved by the board following the necessary procedures [18][22].

Group 1 - The stock price of Hainan Airport reached 3.95 yuan as of August 20, 2025, with an increase of 0.01 yuan, representing a rise of 0.25% compared to the previous trading day [1] - The opening price for the day was 3.93 yuan, with a highest price of 3.95 yuan and a lowest price of 3.90 yuan, resulting in a trading volume of 666,762 hands and a total transaction amount of 262 million yuan [1] - Hainan Airport's main business includes airport operations, related businesses in Hainan Free Trade Zone, and cross-border e-commerce, making it a significant aviation hub operator in Hainan [1] Group 2 - A temporary shareholders' meeting is scheduled for August 21, 2025, to review several proposals, including the appointment of an accounting firm and amendments to the rules of the shareholders' meeting [1] - On August 20, there was a net outflow of 13.81 million yuan in main funds, with a cumulative net outflow of 97.57 million yuan over the past five days [1]

Group 1 - The core point of the article is that Meilan Airport (00357) reported a total revenue of approximately RMB 1.079 billion for the first half of 2025, representing a year-on-year decrease of 6.09% [1] - The net loss attributable to shareholders narrowed to approximately RMB 70.20 million, a reduction of 71.7% compared to the previous year [1] - The decrease in net loss was primarily due to the provision for arbitration compensation recorded in the same period of 2024 [1] Group 2 - Excluding the impact of the arbitration case, the net loss for the first half of 2025 increased by RMB 78.55 million compared to the same period last year [1] - The decline in operational metrics at Meilan Airport contributed to a decrease in aviation revenue, with aircraft takeoffs and landings and passenger throughput down by 3.43% and 4.05% year-on-year, respectively, resulting in a reduction of aviation revenue by RMB 28.03 million [1] - Non-aviation revenue also decreased by RMB 41.98 million year-on-year, influenced by a decline in passenger spending [1]

净亏损减少主要是由于2024年同期计提应付仲裁案件("仲裁案件")赔偿款。倘若剔除仲裁案件影响，集 团2025年上半年净亏损较去年同期增加人民币78,555,038元，主要原因一是美兰机场运营指标下滑，飞 机起降架次及旅客吞吐量同比分别下降3.43%和4.05%，导致航空性收入同比减少人民币28,033,365元； 二是受旅客消费意愿下降等因素影响，非航空性收入同比减少人民币41,980,874元。 格隆汇8月20日丨美兰空港(00357.HK)公告，截至2025年6月30日止6个月，集团总收入为人民币10.79亿 元，较2024年同期下降6.09%；股东应占净亏损为人民币7020.2万元(2024年同期：股东应占净亏损为人 民币2.48亿元)；每股亏损为人民币0.15元(2024年同期：每股亏损人民币0.52元)。 ...

（文章来源：证券日报） 证券日报网讯 8月20日晚间，白云机场发布公告称，2025年半年度公司实现营业收入3，726，046， 191.85元，同比增长7.68%；归属于上市公司股东的净利润为750，045，894.17元，同比增长71.32%。 ...