SACL(000089) 光大证券·2024-04-07 16:00Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company reported a significant recovery in its aviation business, with a notable reduction in losses and record profits from terminal leasing [5] - The aviation demand continues to rebound, with passenger throughput nearly returning to pre-pandemic levels [5] - The company is expected to benefit from ongoing infrastructure expansions, including a new runway projected to be operational by early 2026 [5] Summary by Relevant Sections Financial Performance - In 2023, the company achieved operating revenue of 4.16 billion yuan, a year-on-year increase of 55.9% (adjusted) [5] - The net profit attributable to shareholders was 400 million yuan, a 135% increase (adjusted) compared to the previous year [5] - The company plans to distribute a dividend of 0.1 yuan per share, with a cash dividend rate of approximately 52% [5] Operational Highlights - The number of aircraft takeoffs and landings reached approximately 393,000 in 2023, a 67% increase from 2022 and a 6.2% increase from 2019 [5] - Passenger throughput was about 52.74 million, a 145% increase from 2022, recovering to 99.6% of 2019 levels [5] - The company’s aviation main business revenue was 3.04 billion yuan, up 72.4% year-on-year, although still down 3.5% from 2019 [5] Business Segments - The aviation value-added services, particularly terminal leasing, achieved record operating profits of 270 million yuan, a 64% increase year-on-year [5] - The advertising business saw a slight decline in operating profit, down 2.3% year-on-year, attributed to a sluggish advertising market [5] Future Outlook - The company is expanding its capacity with plans for a new terminal layout and additional runways, enhancing its position as a comprehensive transportation hub [5] - The forecast for net profit attributable to shareholders is 460 million yuan for 2024, 770 million yuan for 2025, and 650 million yuan for 2026 [5]