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Shanghai Airport (600009) Annual Report 2018 Review: Strong growth in non-aviation business Core core maintains high growth

Shanghai Airport released its 18-year annual report, and gradually realized revenue of 93 in 18 years.

10,000 yuan, an annual increase of 15.

5%, achieving net profit attributable to mother 42.

3 ppm, an increase of 14 in ten years.

9%; combined basic profit income 2.

20 ppm, an increase of 15 in ten years.


Among them, the fourth quarter achieved revenue of 24.

10,000 yuan, an increase of 17 in ten years.

5%, realizing net profit of return to mother 10.

900 million, an increase of 10 in ten years.


The total takeoff and landing increased slightly at the lowest pressure at the moment, and the normal rate of flight release increased significantly.

In 18 years, Pudong Airport achieved 50 aircraft takeoffs and landings.

50,000 sorties, with an annual increase of 1.

6%, achieved 7,400 passenger explosions.

60,000 person-times, an annual increase of 5.


The average normal rate of preliminary flights was 82% higher.

7%, an increase of 14 per year.

8%, strong growth in non-aviation business, driving rapid growth in high-level revenue.

Shanghai Airport achieved revenue of 93 in 18 years.

1 ‰, an increase of 15 in ten years.

5%, of which aviation industry income 39.

7 ppm, a six-year increase of 6.

6%, non-aviation business income 53.

4 ten percent, an increase of 23 per year.

2%, non-aviation business accounted for 57% of total revenue.

Revenue growth from tax-exempt business is expected to be 37.

5%, the international passenger unit price increased by 27% per year to 300 yuan / person, we remain optimistic about the overall tax-free sales in 19 years, while considering the increase in the deduction rate under the new tender contract, it is expected that Shanghai Airport’s 19-year non-aircraft business revenue is stillWill maintain high growth rates.

Affected by the progress of expansion projects, operating costs increased rapidly.

The total operating cost of Shanghai Airport for 18 years was 45.

0 million yuan, an increase of 11 in ten years.

2%, the growth rate is significantly higher than the business volume growth rate, the expansion of construction projects, rapid increase in maintenance costs caused by the increase in operating costs, etc. is the cost side of the higher growth rate itself.

Looking forward to 19 years, due to the increase in site and asset leasing costs, the expansion project is advanced and put into operation, it is expected that operating costs will still maintain a rapid growth, but relative to the significant increase in income, the cost increase is still controllable.

Investment income increased slightly, and core profit maintained high growth.

Shanghai Airport realized investment income for 18 years8.

93 ‰, a ten-year average of 8.4%. Without considering 四川耍耍网 the impact of non-core business such as investment income, the operating profit of Shanghai Airport before tax was 47.

4 ppm, an increase of 22 in ten years.


Investment strategy: Shanghai Airport has a large space for the construction of long-term satellite halls, and the airport’s punctual operation has gradually improved in the near future. At the same time, the non-aerospace business has a strong growth momentum, and the increase of the deduction rate has significantly increased the airport performance.

The recent growth of non-aviation services at airports continues to validate our consolidation of traffic monopoly advantages at hub airports. The increase in non-aerospace business brings the logic of continuous improvement of ROE. We are still optimistic about the medium-term market capitalization of Shanghai 北京桑拿洗浴保健 Airport. It is estimated that the Shanghai Airport’s 19-21 eps will2.

65, 2.

79, 3.

21 yuan, corresponding to 22, 20, and 18 times the pe on March 25, maintaining the level of “prudent increase”.

Risk prompts: economic transformation fails, the volume is always less than expected, the uncertainty on the cost side, the air crash, etc.