\u3000\u300 China High-Speed Railway Technology Co.Ltd(000008) 9 Shenzhen Airport Co.Ltd(000089) )
Event:
Shenzhen Airport Co.Ltd(000089) issue annual report for 2021
In terms of business, the company completed 318000 flights / yoy-0.80%, 36.358 million passengers / yoy-4.11% and 1.568 million tons / yoy + 12.08% in 2021, reaching 85.95%, 68.69% and 122.21% in 2019 respectively. Among them, 4q2021 completed 84100 flights / yoy-11.19%, 9.2507 million passengers / yoy-23.04% and 414100 tons / yoy + 2.00%, respectively, reaching 87.97%, 68.09% and 115.57% of the same period in 2019. In terms of finance, the company achieved an operating revenue of 3.306 billion yuan / yoy + 10.31% in 2021, reaching 86.84% in the same period in 2019; Net profit attributable to parent company: – 34 million yuan / yoy-222.68%; Deduct non attributable net profit of – 75 million yuan / yoy-765.27%. Among them, 4q2021 achieved an operating revenue of 944 million yuan / yoy + 9.25%, up from 94.74% in the same period in 2019; Net profit attributable to parent company: – 46 million yuan / yoy-151.86%; Deduct net profit not attributable to parent company -63 million yuan / yoy-205.55%.
Key investment points:
The epidemic interfered with the business recovery, and the annual performance turned into a loss year-on-year
Affected by the local epidemic in the second half of the year, the recovery process of Shenzhen Airport Co.Ltd(000089) business was disturbed again, and the annual passenger flow decreased slightly by 4.11% year-on-year, less than 70% in 2019. On the revenue side, due to the end of some civil aviation fee reduction policies in 2021 in the second half of the year, the company fully tap the value of new advertising resources and the strong demand for air cargo, the annual revenue of the airport’s main aviation industry, aviation advertising and aviation logistics division increased by 9.17%, 24.45% and 18.57% respectively year-on-year, helping the annual revenue to achieve a slight increase of 10.31% year-on-year. However, affected by the increase of epidemic prevention expenditure and other factors, the operating cost of the company increased by 8.01% year-on-year. In addition, in order to ensure the capital demand for the construction of the satellite office project, the airport group provided financial assistance to the company in 2021, totaling 4.439 billion yuan, during which a total interest expense of 56 million yuan was generated. After combining the interest expense and exchange income of new lease liabilities under the new lease standards, the company’s financial expenses in 2021 increased by 160 million yuan year-on-year.
The satellite hall was put into operation at the end of December, and the cost side pressure will be reflected in 2022
Shenzhen Airport Co.Ltd(000089) satellite hall has been officially put into operation in December 2021 and will meet the passenger throughput demand of 22 million people in the future. With the satellite hall put into operation, the conversion of projects under construction to fixed assets and housing construction and equipment projects led to the company’s new fixed assets of 6.89 billion yuan in the current period, driving the new depreciation of fixed assets in 2021 to increase by 64 million yuan to 466 million yuan year-on-year. According to our calculation, it is expected that the commissioning of the satellite hall will increase the airport depreciation cost and related operating expenses by about 500 million yuan this year.
The construction of international aviation hubs continues to advance, and we look forward to the release of non aviation potential in the new era
Shenzhen Airport Co.Ltd(000089) is located in the heart of the bay area, and the planned passenger throughput of the terminal is more than 80 million person times. With the new infrastructure and supporting infrastructure put into operation, the airport peak hour capacity standard has been approved to be increased to 60 sorties, and the capacity ceiling has been raised again. As China’s anti epidemic entered the second half, the inflection point of China’s epidemic situation is gradually approaching. With the continuous promotion of the construction of high-quality and innovative international aviation hub, the development of the company’s non aviation business in the post epidemic era may usher in a new stage.
Profit forecast and investment rating:
Based on the impact of the current epidemic and the company’s future business recovery progress and other factors, we lowered the company’s profit forecast. It is estimated that the operating revenue from 2022 to 2024 will be 3.459 billion yuan, 3.902 billion yuan and 4.493 billion yuan respectively, and the net profit attributable to the parent company will be – 604 million yuan, – 304 million yuan and 105 million yuan respectively. However, considering that the medium and short-term impact does not change the long-term growth trend of the company, maintain the “overweight” rating.
Risk tip: the macro economy is less than expected, the epidemic continues to rebound, major policy changes, infrastructure progress is less than expected, and aviation safety accidents.
