The passenger throughput of Haikou airport in February was + 46.48% year-on-year, returning to 70% in the same period before the epidemic. In February 2022, the passenger throughput of Meilan Airport reached 1759500 person times, with a year-on-year increase of + 46.48% and a month on month increase of + 2.35%, returning to 69.86% in the same period in 2019; A total of 13773 flights took off and landed, with a year-on-year increase of + 40.41% and a month on month increase of – 3.78%, returning to 91.23% in the same period in 2019.
Meilan Airport issued a performance announcement in 2021. In 2021, the company’s franchise revenue reached 668 million yuan, a year-on-year increase of + 19.55%. China tax exemption group holds 51% of the off Island duty-free stores of Meilan Airport. In 2021, the duty-free stores of the airport increased their promotion efforts, significantly increased their offline sales, and paid the franchise fee according to 4% of the sales, which increased the revenue of the airport franchise.
International passenger flow of the airport in February (including Hong Kong, Macao and Taiwan): Shanghai International Airport Co.Ltd(600009) : the number of inbound and outbound passengers reached 171400, with a year-on-year increase of + 115.87% and a month on month increase of + 3.32%. Beijing Capital Airport: the number of inbound and outbound passengers was 46500, with a year-on-year increase of + 212.66% and a month on month increase of + 28.26%. Hong Kong Airport: there were 86000 inbound and outbound passengers, with a year-on-year increase of + 82.98% and a month on month increase of + 21.13%. Macao airport: the number of inbound and outbound passengers was 106800, with a year-on-year increase of + 198.47% and a month on month increase of + 0.67%.
The closure and control of the national epidemic continued, and the passenger flow in Hainan was still low in March. The average daily inbound and outbound passengers of Haikou airport this week were about 32000, down 10% from last week; The average daily inbound and outbound passengers of Sanya airport were about 19000, down 4.6% from last week.
Investment suggestion: focus on the long-term logic of tax exemption – scale advantage and the solidifying ability of China tax exemption for scale advantage. It is suggested to pay attention to the value investment attribute of China Tourism Group Duty Free Corporation Limited(601888) [ China Tourism Group Duty Free Corporation Limited(601888) . Sh]. It is estimated that the net profit attributable to the parent company in 2022 / 2023 will be RMB 11.461 billion / 16.068 billion respectively, and the corresponding PE will be 27.7/19.8 respectively.
Risk warning: repeated outbreaks in China; Promotion discount rate fluctuation; Changes in immigration policies.
