SIA(600009) 东兴证券·2024-04-07 16:00Investment Rating - The report maintains a "Recommended" rating for Shanghai Airport [9] Core Views - In 2023, Shanghai Airport achieved revenue of 11.05 billion yuan, a year-on-year increase of 101.6%, and turned a profit with a net income of 829 million yuan, recovering from a loss of 3.076 billion yuan the previous year [8] - The recovery in passenger traffic, particularly in international routes, is expected to drive significant revenue growth in 2024 [8] - The company’s non-aeronautical revenue, including duty-free sales, is projected to continue growing, although returning to pre-pandemic levels may be challenging [8] Financial Performance Summary - Revenue Growth: - 2022: 5.48 billion yuan - 2023: 11.05 billion yuan (growth of 101.57%) - 2024E: 13.91 billion yuan (growth of 25.92%) [4] - Net Profit: - 2022: -2.99 billion yuan - 2023: 934 million yuan (growth of 75.05%) - 2024E: 2.34 billion yuan (growth of 150.15%) [5] - Return on Equity: - 2022: -7.56% - 2023: 2.30% - 2024E: 5.54% [6] - Earnings Per Share (EPS): - 2022: -1.26 yuan - 2023: 0.38 yuan - 2024E: 0.94 yuan [6] Passenger Traffic and Revenue Insights - In 2023, Pudong Airport's passenger throughput reached 54.48 million, recovering to 71.5% of the 2019 level, with domestic traffic exceeding 2019 figures [8] - International passenger volume is expected to continue increasing significantly in 2024, contributing to higher revenues [8] Non-Aeronautical Revenue - Non-aeronautical revenue reached 6.671 billion yuan in 2023, a year-on-year increase of 82.3%, with duty-free sales showing substantial growth [8] - Duty-free revenue was 1.788 billion yuan in 2023, up from 363 million yuan in 2022, but still below the 5.21 billion yuan level in 2019 [8]