\u3000\u30006 Shenzhen Guangju Energy Co.Ltd(000096) 00009)
Event: the company released the annual report of 2021. The company’s operating revenue in 2021 was 3.73 billion yuan, a year-on-year decrease of 13.4%; The net profit attributable to the parent company lost 1.71 billion yuan, an increase of about 440 million yuan over the loss of 1.27 billion yuan in the previous year; After deducting the net profit not attributable to the parent company, the loss was 1.72 billion yuan, an increase of about 340 million over the loss of the previous year (1.38 billion yuan).
The recovery of air passenger transport demand was limited, and the aviation revenue increased slightly. In 2021, the company took off and landed about 350000 aircraft, an increase of 7.3% over the same period in 2020 and a decrease of 31.7% over the same period in 2019; The passenger throughput was about 32.21 million person times, an increase of 5.68% over the same period in 2020 and a decrease of 57.7% over the same period in 2019. Among them, the passenger throughput of China, regions and international decreased by 18.9%, 97.5% and 86.0% respectively over the same period in 2019; As international passenger flights are still under strict control and the demand for all cargo aircraft freight is still strong, the company has achieved an annual cargo and mail throughput of about 3.98 million tons in 2021, an increase of 8.0% over the same period in 2020 and 9.6% over the same period in 2019. Based on the above factors, the company’s aviation revenue in 2021 was about 1.85 billion yuan, an increase of 7.2% over the same period in 2020 and a decrease of 54.7% over the same period in 2019.
Tax exempt business is at a low level, and non aviation revenue continues to be under pressure. According to the revised tax-free operation agreement, the rental income of the company’s duty-free stores in 2021 was 486 million yuan, a year-on-year decrease of 58.0%. Affected by this, the company’s non aviation revenue in 21 years was 1.88 billion yuan, a decrease of 27.2% compared with the same period in 2020 and 72.7% compared with the same period in 2019.
Some costs are rigid, and the company’s losses increase. The total operating cost of the company in 21 years was about 6.78 billion yuan, up 3.3% year-on-year, mainly due to the rigidity of some operating costs of the company, of which the labor cost increased by 10.5% year-on-year; Affected by the implementation of the new leasing standards, the amortization cost increased by 59.5% year-on-year, and the operation and maintenance cost decreased by 43.3% year-on-year. Combined, the company’s amortization cost, operation and maintenance cost and financial cost in 21 years were about 4.5 billion yuan, a decrease of 0.43% compared with the previous year. Taken together, the company’s gross profit margin in 21 years was – 63.0%, a decrease of 9.6pct year-on-year in 20 years; The company’s operating loss in 21 years was about 22.8 yuan, an increase of 760 million yuan year-on-year.
Asset injection will thicken the company’s performance in the short term and lay the foundation for the company’s development in the long term. The operating revenue of Hongqiao Airport Company and logistics company from January to September of 21 years is about 2.02 billion yuan and 1.33 billion yuan respectively, and the net profit is about 34 million yuan and 360 million yuan respectively. If Hongqiao Airport and other assets are injected into the listed company, the operating revenue of the listed company in 2020 and January September 21 will increase by about 88% and 121% respectively, and the net profit attributable to the parent company will increase by 5.8% and 19.8% respectively (after the increase, the loss will be 1.19 billion yuan and 1 billion yuan respectively). In the long run, if the asset injection is completed, it will help listed companies integrate Hongqiao Airport and Pudong Airport, plan the two flight routes, improve the route quality, and achieve the goal of 130 million passenger throughput of the two major aviation hubs in Shanghai as soon as possible.
Investment suggestion: the profitability of the company cannot be restored under the influence of the epidemic, but the location advantage and competitive advantage of the company have not changed essentially due to the epidemic. 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. Considering that the covid-19 epidemic lasted longer than expected (excluding the impact of asset restructuring and capital injection by major shareholders for the time being), we lowered the company’s 22-23 year net profit forecast to -1.29 billion yuan and + 1.06 billion yuan respectively (originally -990 million yuan and + 2.48 billion yuan), and increased the 24-year net profit forecast to 3.19 billion yuan; We believe that the company’s competitive barriers remain and maintain the company’s “overweight” rating.
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.
