SIA(600009) 光大证券·2025-04-06 12:44Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The Shanghai aviation transportation market is entering a phase of accelerated recovery, with the company expected to achieve significant year-on-year growth in 2024 [2]. - The company reported an estimated operating revenue of 12.369 billion yuan for 2024, representing a year-on-year increase of 11.97%, and a net profit attributable to shareholders of 1.934 billion yuan, reflecting a substantial growth of 107.05% [1][4]. - The company is actively expanding its market presence through joint marketing efforts with domestic and international airports and airlines, aiming to restore international flights and develop new routes [2]. Summary by Sections Financial Performance - For Q4 2024, the company anticipates an operating revenue of 3.178 billion yuan, a year-on-year increase of 1.7%, and a net profit of 732 million yuan, which is a 67.5% increase year-on-year [1]. - The company’s operating revenue and net profit forecasts for 2024-2026 have been adjusted downward due to slower-than-expected recovery in overseas routes and limited recovery in duty-free business [3]. Market Dynamics - The passenger throughput at Shanghai's two airports exceeded 124 million in 2024, setting a new historical record, while cargo and mail throughput surpassed 4.2 million tons, exceeding 2019 levels [2]. - The report highlights the strong recovery trend in the aviation market, particularly at Pudong Airport, which saw a 5.4% increase in aircraft movements and an 11.8% increase in passenger throughput in early 2025 [2]. Strategic Initiatives - The company is focusing on the integrated development of the Yangtze River Delta, enhancing regional collaboration and intermodal connectivity, and advancing the construction of a world-class aviation hub network [3].