BEIJING AIRPORT(00694) 东兴证券·2025-04-02 12:23Investment Rating - The report maintains a "Buy" rating for Beijing Capital International Airport Co., Ltd. [2][5] Core Views - The company achieved a revenue of 5.492 billion yuan in 2024, representing a year-on-year growth of 20.5%. The pre-tax net loss significantly narrowed to 629 million yuan from a loss of 1.719 billion yuan in the same period last year. However, the income tax expense rose to 760 million yuan due to the large reversal of deferred tax assets, resulting in a post-tax net loss of 1.39 billion yuan, which is an 18.1% improvement compared to the previous year's loss of 1.697 billion yuan [3][5]. - Passenger throughput reached 67.37 million, a year-on-year increase of 27.4%, driving a 27.2% growth in aviation revenue to 2.668 billion yuan. Domestic passenger volume grew by 17.4%, while international passenger volume surged by 103.0%. Notably, passenger service revenue increased by 35.2% due to higher service fees for international flights compared to domestic ones [3][5]. - Non-aeronautical revenue was 2.824 billion yuan, up 14.7%, with concession revenue at 1.570 billion yuan, growing by 12.2%. However, the growth in duty-free revenue lagged behind international passenger growth due to reduced commission rates [4][5]. - The company effectively controlled costs, with total operating costs decreasing by 1.0% to 5.857 billion yuan. Concession management fees dropped significantly by 18.7% to 274 million yuan, contributing to the reduction in pre-tax losses [4][5]. - The company is expected to approach breakeven in 2025 as the international aviation hub status remains intact, and profitability is anticipated to improve with the recovery of international routes [5][10]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 5.492 billion yuan, a 20.5% increase from 2023. The aviation revenue was 2.668 billion yuan, up 27.2%, while non-aeronautical revenue reached 2.824 billion yuan, growing by 14.7% [3][10]. - The pre-tax net loss narrowed to 629 million yuan, and the post-tax net loss was 1.39 billion yuan, reflecting an 18.1% improvement year-on-year [3][10]. Revenue Breakdown - Aviation revenue growth was driven by a 27.4% increase in passenger throughput, with international passenger volume increasing by 103.0% [3][4]. - Non-aeronautical revenue growth was limited, with concession revenue growing by 12.2% and duty-free revenue growth lagging behind international passenger growth [4][5]. Cost Management - The company successfully reduced total operating costs by 1.0%, with a significant decrease in concession management fees contributing to the overall cost control [4][5]. Future Outlook - The company is projected to achieve near breakeven in 2025, with expectations of improved profitability as international routes continue to recover [5][10].