[Table_Page] 公司深度研究|航空机场 建设第三基地[Table_Title] 海南机场（600515.SH） "一主两翼"多元协同，尽享封关红利 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位:Finance] 人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 6,762 | 4,368 | 6,944 | 8,178 | 9,472 | | 增长率（ % ） | 43.8% | -35.4% | 59.0% | 17.8% | 15.8% | | EBITDA | 2,497 | 1,391 | 1,490 | 1,967 | 2,165 | | 归母净利润 | 953 | 459 | 392 | 628 | 721 | | 增长率（ % ） | -48.7% | -51.9% | -14.6% | 60.3% | 14.8% | | EPS（元/股） | 0.08 | 0.04 | 0.03 | 0.05 | 0.06 ...

Core Viewpoint - The development of the Nanjing aviation hub is crucial for enhancing global connectivity and regional influence, serving as a strategic foundation for high-quality regional development [1][3]. Group 1: Current Status and Challenges - Recent research indicates that the Nanjing aviation hub is facing significant developmental pressure, with passenger throughput projected to reach 31.38 million by 2025, which is approximately 62% lower than Hangzhou Airport's 50.46 million [3]. Group 2: Recommendations for Improvement - To enhance the capabilities of the Nanjing hub, it is recommended to accelerate the planning and construction of the T3 terminal and implement intercity railway projects to create an integrated air-rail transport system, thereby promoting coordinated development within the Nanjing metropolitan area [3]. - It is suggested to strengthen the integration and unified operation of airport resources across Jiangsu Province, leveraging the Eastern Airport Group to attract base airlines and open new routes, with a focus on supporting Nanjing Airport [3].

Core Viewpoint - The official launch of the Hainan Free Trade Port on December 18, along with a series of favorable policies, is expected to significantly enhance Hainan's attractiveness as an international tourism consumption center and regional aviation hub, creating favorable conditions for the company's main business growth [1] Group 1: Business Performance - Hainan Airport has seen strong passenger growth, with 86 countries now allowing visa-free entry, and record-breaking passenger throughput at Haikou Meilan Airport and Sanya Phoenix Airport [1] - For the period from January to September 2025, Hainan Airport achieved an operating income of 3.28 billion yuan and a net profit attributable to shareholders of 64 million yuan, with total assets of 52.969 billion yuan and a net asset of 23.543 billion yuan [1] Group 2: Strategic Developments - The company is pursuing the acquisition of Meilan Airport to unify operations across three major international airports in Hainan, with all prerequisites for the transaction now met [2] - The completion of the acquisition is expected to create a large airport operating group with an annual passenger throughput exceeding 50 million [2] Group 3: Policy Impact - A series of policy incentives, including the seventh freedom of the air, visa-free access for 86 countries, and enhanced duty-free shopping policies, are seen as strong drivers for Hainan Airport's development [2] - The seventh freedom of the air is expected to attract foreign airlines to expand routes and establish operational bases in Hainan, enhancing air transport capacity for both passengers and cargo [2]

Core Viewpoint - Hainan Airport has successfully completed its restructuring process and is now focusing on its core airport operations, transitioning from a diversified business model to a streamlined approach centered around airport management and related services [1][2][3]. Group 1: Restructuring and Focus - After a year of bankruptcy restructuring, Hainan Airport has emerged revitalized, with a clear focus on airport operations as its primary business [1][2]. - The company has shifted from a diversified portfolio that included real estate and other sectors to a concentrated focus on airport management, with real estate now contributing only 20.97% to total revenue, down from 62.76% in 2020 [4]. - The restructuring has led to a significant increase in the revenue share from airport management, which has risen to 41.66% from 21.22% in 2020 [4]. Group 2: Operational Performance - In 2024, Hainan Airport is projected to handle 24.63 million passengers and 161,100 aircraft movements, with a cargo throughput of 123,400 tons [5]. - The acquisition of Meilan Airport will unify operations across three major airports in Hainan, aiming for a total passenger throughput exceeding 50 million [5]. Group 3: Strategic Development - Hainan Airport is expanding its international route network, having opened 79 overseas passenger routes covering 21 countries and 39 cities, marking a 30% increase in route numbers compared to 2024 [6]. - The company is enhancing its infrastructure to support increased passenger flow, with ongoing expansion projects at Sanya Phoenix Airport and Qionghai Boao Airport [7]. Group 4: Economic Integration and Innovation - Hainan Airport is positioning itself as a key player in the Hainan Free Trade Port, facilitating the flow of people and goods while leveraging policy advantages such as duty-free shopping [9][11]. - The company is developing a low-altitude economy and has established a dedicated subsidiary to manage low-altitude services, aiming to integrate various economic activities around the airport [13]. Group 5: Future Outlook - With the full implementation of the Free Trade Port policies, Hainan Airport anticipates significant growth opportunities, transforming its operational landscape and enhancing its role as a regional hub [14].

Core Viewpoint - The signing of the cooperation agreement between Hainan Airport Facilities Co., Ltd. and Harbin Institute of Technology (Shenzhen) aims to establish a joint laboratory for technological innovation and development, focusing on enhancing operational efficiency and service quality through digital transformation and intelligent upgrades [1][7]. Group 1: Cooperation Agreement Details - The cooperation agreement establishes a partnership to promote independent innovation and research, with a focus on technology development, achievement transformation, and talent cultivation [1][6]. - The joint laboratory, named "HIT (Shenzhen) - Hainan Airport Robotics and Intelligent Technology Application Joint Laboratory," will integrate resources from both parties to drive technological advancements [1][6]. - The agreement is valid for three years, from May 13, 2025, to May 12, 2028, with an annual investment of no less than RMB 3 million from Hainan Airport for research funding [6][7]. Group 2: Objectives and Tasks - The joint laboratory aims to focus on technology research and innovation, achievement transformation and application, talent training and education, industry standards and policy research, as well as social services and technology popularization [6][7]. - Projects will be categorized into long-term (three-year implementation) and short-term (less than one year) based on strategic significance and implementation potential, ensuring a comprehensive research and development system [7]. Group 3: Impact on the Company - The collaboration is a strategic move for Hainan Airport to build a technology innovation platform, leveraging its airport resources to integrate AI and robotics research with operational processes [7]. - The partnership is expected to enhance operational efficiency, optimize service quality, and achieve cost control, contributing to the company's high-quality development [7].