\u3000\u300 China High-Speed Railway Technology Co.Ltd(000008) 9 Shenzhen Airport Co.Ltd(000089) )
Business data: affected by the epidemic in the second half of the year, the annual passenger throughput decreased slightly compared with the same period last year, and the freight throughput maintained an increase
1) takeoff and landing sorties: 317900 flights took off and landed in 2021, a year-on-year decrease of 0.78% and recovered to 88% in 2019. There were 84000 take-off and landing sorties of single Q4 flight, with a year-on-year decrease of 11.3%, which was somewhat alleviated compared with Q3 (21q3 year-on-year – 18%).
88% of the total. There were 84000 take-off and landing sorties of single Q4 flight, with a year-on-year decrease of 11.3%, which was somewhat alleviated compared with Q3 (21q3 year-on-year – 18%).
2) passenger throughput: in 2021, the passenger throughput decreased by 4.11% year-on-year and recovered to 69% in 2019. The passenger throughput of single Q4 decreased by 23% year-on-year and recovered to 68% in 2019. In terms of routes, China’s passenger throughput in 2021 recovered to 77% in 2019, and Chinese passengers accounted for more than 99%.
3) cargo and mail throughput: in 2021, the cargo and mail throughput increased by 12% year-on-year and 22% compared with 2019. The growth was mainly driven by international routes. In 2021, the cargo and mail throughput of China, regions and international routes increased by 4%, 1% and 30% respectively.
Revenue performance: the satellite hall was put into operation, the advertising revenue increased by 19% year-on-year, and the increase of expense rate led to the loss of the whole year.
1) advertising and logistics revenue increased significantly. Revenue split, the main aviation industry / Aviation Advertising / Aviation Logistics / aviation value-added revenue of the company’s four sectors increased by 9.17% / 24.45% / 18.57% / – 1.62% respectively. The satellite hall was put into operation in December 21, and the bidding of the operator has been completed. The company will continue to tap the value of new advertising resources. In terms of shipping, the company has successively developed new modes such as “air rail combined transport” and “air sea combined transport”, and promoted the opening of 5 new and encrypted 12 international all cargo aircraft destinations and 1 new and encrypted 3 Chinese all cargo aircraft destinations throughout the year.
2) the increase of expense rate leads to the loss of the whole year. Under the background that the international business has not yet recovered, the company’s gross profit margin continues to be low, with a gross profit margin of 8.3% in 2021, an increase of 2pct year-on-year. In terms of period expenses, affected by the inclusion of interest expenses of lease liabilities in financial expenses and new short-term borrowings under the new accounting standards, the financial expenses increased significantly to 126 million, compared with – 34.08 million last year. Compared with the same period last year, the sales expense rate and management expense rate have little change, which are + 0.04pct / – 0.31pct respectively.
Outlook: China’s business hall is optimistic about the recovery of tax-free travel and the promotion of internationalization in the short term.
The proportion of Chinese tourists of the company is higher than Guangzhou Baiyun International Airport Company Limited(600004) and Shanghai International Airport Co.Ltd(600009) , which is expected to benefit from the recovery of China’s civil aviation travel demand to the greatest extent. From the medium and long-term perspective, the satellite hall has been put into operation in December 21, which may bring new development opportunities for the company’s tax-free and taxable retail business. At present, 151 outlets of T3 terminal and 96 outlets of the satellite hall have been completed with high quality
Profit forecast and valuation we expect the company to achieve operating revenue of 3.986 billion yuan, 4.581 billion yuan and 5.291 billion yuan from 2022 to 2024, and net profit attributable to the parent company of 94 million yuan, 288 million yuan and 524 million yuan, corresponding to EPS of 0.05 yuan, 0.14 yuan and 0.26 yuan respectively, maintaining the rating of “overweight”.
Risk tips: the recovery of passenger flow is less than expected, and the recovery of epidemic situation is less than expected.
