
Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company has shown significant improvement in Q3 performance, with a year-on-year increase in net profit and a strong recovery in passenger throughput, nearing pre-pandemic levels [3][5][6] - The non-aeronautical revenue is anticipated to improve, despite a decline in duty-free income [6] - The merger of Hongqiao and Pudong airports is expected to enhance resource integration and operational synergy, supporting a positive outlook for international route recovery [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit attributable to shareholders of 1.202 billion yuan, a 142% increase year-on-year [4] - The operating revenue for 2024 is projected to reach 13.453 billion yuan, reflecting a 22% growth rate [4] - The net profit forecast for 2024-2026 is estimated at 2.052 billion yuan, 2.667 billion yuan, and 3.415 billion yuan, respectively [6] Operational Metrics - In Q3 2024, the passenger throughput at Pudong Airport reached 99.56% of the 2019 levels, with domestic market recovery showing a strong performance [5] - Hongqiao Airport's passenger throughput increased by 14% year-on-year, indicating a robust recovery in air travel demand [5] Revenue Breakdown - Duty-free contract revenue in Q3 2024 was 267 million yuan, showing a significant decline compared to the previous year [6] - The company is expected to enhance its non-aeronautical revenue streams as the market stabilizes [6]