\u3000\u30006 Oceanwide Holdings Co.Ltd(000046) 00004)
Core view
Guangzhou Baiyun International Airport Company Limited(600004) disclose the 2021 annual report. In 2021, the operating revenue reached 5.18 billion, a year-on-year decrease of 0.8%, and the net profit attributable to the parent company was – 406 million, with a slight increase in the loss range year-on-year. In the fourth quarter of 2021, the operating revenue was 1.551 billion, an increase of 6.0% year-on-year, and the net profit attributable to the parent company was 84 million.
Flight take-off and landing and passenger throughput decreased slightly year-on-year, and the revenue of non aviation business stabilized. In 2021, the company completed 362500 flights, a year-on-year decrease of 2.9%, 40.26 million passengers, a year-on-year decrease of 8.0%, and 2.045 million tons of cargo and mail, a year-on-year increase of 16.2%. Structurally, the country is still close to closing, and the number of take-off and landing flights and passenger throughput of international lines, which have made a great contribution to the revenue and tax-free income of the main aviation industry in the past, have further decreased, dragging down the performance of the main industry. Among the non aviation revenue, from the perspective of segment revenue, the revenue of VIP service and ground transportation decreased slightly year-on-year, the revenue of aviation catering and ground service increased slightly, and the advertising revenue increased by 23.5% to 844 million, driving the revenue to stabilize, and the annual operating revenue decreased slightly by 0.8%. Cost savings, expenses increased slightly, and losses expanded. Under the background that the industry has not fully recovered, the company has made great efforts to reduce operating costs. Among them, the labor cost has increased slightly by 5.8% to 1.74 billion, the depreciation cost, direct cost and labor cost are basically stable, the water and electricity cost has increased slightly, the maintenance cost has decreased significantly by 28.6% to 257 million, and other operating costs have decreased by 39.6% to 501 million. Considering the leased income statement, the depreciation cost of the company’s new use right assets is 268 million. Overall, the company’s annual operating cost was 5.23 billion yuan, a year-on-year decrease of 1.1%, gross profit of – 50 million yuan and gross profit margin of – 0.9%, a year-on-year increase of 0.2pct. On the expense side, the company’s sales, management and R & D expense ratio was basically stable. The financial expense ratio increased significantly by 3.97pct to 1.77% due to the leased in statement, which dragged down the annual net profit margin by 3.00pct to -7.44%. The annual loss expanded year-on-year, but the profit in the fourth quarter exceeded expectations.
Risk tip: macroeconomic downturn, repeated epidemics, delayed opening of the country, tax-free sales lower than expected investment suggestion: maintain the “buy” rating.
The business volume of international lines and tax-free rent have a crucial impact on the performance of hub airports. We continue to be optimistic about the development prospect of airport tax-free. However, at present, China’s epidemic situation is spreading, and the policy level adheres to “dynamic clearing”. Compared with the expectation in the previous report, the time point of opening the door of the country is likely to be postponed, and the profit forecast for 20222023 is reduced from 250 million and 1.59 billion to – 540 million and 280 million, and the profit forecast for 2024 is introduced, The profit is expected to be 2.01 billion. There is still pressure on the company’s operation before the door is opened. Once the door is restarted in the future, the value of the hub airport is expected to return comprehensively and maintain the “buy” rating.
