\u3000\u30006 Oceanwide Holdings Co.Ltd(000046) 00004)
Event: the company released the annual report of 2021. In 2021, the company realized an operating revenue of about 5.18 billion yuan, a year-on-year decrease of 0.85%; The net loss attributable to the parent company was about 410 million yuan, with a year-on-year increase of about 160 million yuan; The net loss of non parent company deduction was about 460 million yuan, and the loss decreased by about 200 million yuan year-on-year. The company will not pay dividends in 2021.
The epidemic situation outside China has been repeated, and the annual revenue has declined slightly year-on-year. The number of aircraft take-off and landing sorties of the company in 21 years was about 362000, a decrease of 2.9% compared with the same period in 20 years and 26.2% compared with the same period in 19 years; The passenger throughput was about 40.26 million person times, down 8.0% compared with the same period of 20 years and 45.1% compared with the same period of 19 years. Among them, the passenger throughput of China, regions and international decreased by 4%, 80% and 73% respectively compared with the same period of 20 years and 29%, 98% and 96% respectively compared with the same period of 19 years. As international passenger flights are still strictly controlled, the demand for cargo aircraft is still strong. The company’s cargo and mail throughput in 21 years exceeded 2 million tons (a record high), an increase of 16.2% year-on-year, of which the volume of “passenger to cargo” flights is close to 300000 tons. Based on the above factors, the company achieved an operating revenue of 5.18 billion yuan in 21 years, a decrease of 0.85% compared with the same period in 20 years and 34.2% compared with the same period in 19 years. As the current epidemic situation in China is still repeated, the passenger throughput of the company from January to March 2022 decreased by 20.4% year-on-year, and the number of flights took off and landed decreased by 10.2% year-on-year.
The company actively promotes cost reduction and efficiency increase, and promotes the repair of gross profit margin. The overall operating cost of the airport is relatively rigid. The company’s labor cost, depreciation cost and water and electricity cost increased by 5.8%, 0.3% and 10.3% year-on-year respectively in 2021. However, the company actively promoted cost reduction and efficiency increase, and the maintenance cost and other operating costs decreased by 28.6% and 39.6% year-on-year respectively, offsetting some of the increase in rigid costs. Based on the above, the operating cost of the company decreased by 1.1% year-on-year in 2021, which was greater than that of operating revenue. Affected by this, the overall gross profit margin of the company in 2021 was -0.92%, an increase of 0.24pct year-on-year.
The entry of operating leases into the table has a negative impact. Due to the entry of operating leases into the table, the company’s financial expenses in 21 years increased by 210 million year-on-year; In addition, in 2020, the company enjoyed some support policies and benefits from the transfer of equity of logistics companies. The lack of the above two benefits led to the net loss attributable to the parent company before deduction in 21 years, with a year-on-year increase of 160 million yuan.
The third phase of expansion is advancing steadily, with great long-term development potential Guangzhou Baiyun International Airport Company Limited(600004) phase III expansion is planned to be completed and put into operation in 2025. According to the plan, after the completion of Guangzhou Baiyun International Airport Company Limited(600004) phase III expansion, there will be 3 terminals and 5 runways, and the long-term terminal capacity will reach 140 million passengers and 6 million tons of cargo and mail throughput. Compared with the south of Dawan District, the airspace environment of Guangzhou is relatively loose, and the airspace conditions of Guangzhou Baiyun International Airport Company Limited(600004) in the future will be further optimized. Combining the advantages of both open space and air space, Guangzhou Baiyun International Airport Company Limited(600004) will become the aviation hub with the most expansion potential in Dawan district.
Investment suggestion: Although the epidemic situation in China has been repeated, the company’s location advantage and competitive advantage have not changed essentially due to the epidemic situation. With the continuous promotion of covid-19 vaccination / treatment, the recovery of aviation demand and the revaluation of the value of first-line airports are deterministic events. Based on the longer duration of covid-19 epidemic than expected, we lowered the company’s net profit forecast for 22-23 years to – 30 million yuan and + 780 million yuan respectively (originally + 550 million yuan and + 1.34 billion yuan), and increased the net profit forecast for 24 years to 1.43 billion yuan; Based on the location advantages of Guangzhou Baiyun International Airport Company Limited(600004) the company maintains the “overweight” rating of the company.
Risk warning: the duration and scope of covid-19 pneumonia exceeded expectations; Macroeconomic downturn affects aviation demand; The hourly capacity of the airport increases slowly; The passenger throughput of overseas routes grew slowly.
