\u3000\u30006 Shenzhen Guangju Energy Co.Ltd(000096) 00009)
Event:
Shanghai International Airport Co.Ltd(600009) issue annual report for 2021
In terms of business, the company completed 349500 flights / yoy + 7.32%, 322068 million passengers / yoy + 5.68% and 3.9826 million tons / yoy + 8.03% in 2021, reaching 68.29%, 42.29% and 109.59% in 2019 respectively.
Among them, 4q2021 company completed 81600 flights / yoy-10.01%, passenger throughput of 6716700 person times / yoy-19.14% and cargo throughput of 951900 tons / yoy-9.00%, respectively reaching 64.39%, 36.82% and 94.58% of the same period in 2019.
In terms of finance, the company achieved an operating revenue of 3.728 billion yuan / yoy-13.38% in 2021, up from 34.06% in the same period in 2019; The net profit attributable to the parent company is -1.711 billion yuan / yoy-35.08%, and the net profit not attributable to the parent company is -1.718 billion yuan / yoy-24.33%.
Among them, 4q2021 achieved an operating revenue of 980 million yuan / yoy + 13.27%, up from 35.82% in the same period in 2019; The net profit attributable to the parent company is – 460 million yuan / yoy + 13.11%, and the net profit not attributable to the parent company is – 467 million yuan / yoy + 26.37%.
Key investment points:
The recovery was again disturbed by the epidemic, and the annual revenue decreased by 576 million
Under the influence of the rebound of the epidemic in many local places, the company’s business recovery process is disturbed again. In 2021, the passenger throughput increased slightly by 5.68% year-on-year, but it is still less than 50% of the level in 2019. Among them, the passenger throughput of 4q2021 decreased by 19.14% year-on-year, only 36.82% in the same period in 2019. From the perspective of revenue splitting, the company’s annual aviation revenue increased by 124 million yuan, up 7.21% year-on-year in 2020, of which the revenue of 2h2021 takeoff and landing sorties was 559 million yuan, up 14.43% year-on-year, or driven by factors such as the cancellation of flight charge reduction in the second half of the year. In terms of non aviation business, due to the low business volume of international routes and the re signing of tax-free operation agreements, the company’s annual non aviation revenue decreased by 700 million yuan, a year-on-year decrease of 27.18%, of which the rent of duty-free stores recorded 486 million yuan, a year-on-year decrease of – 48.23%, a decrease of 670 million yuan compared with 2020. The rental income of 4q2021 duty-free shops was 116 million yuan, down 22.15% month on month. Based on this, the passenger flow adjustment coefficient of the company in 2021 can be calculated × The area adjustment coefficient is about 2.14. Affected by this, the company’s annual revenue decreased by 576 million yuan compared with 2020, a year-on-year decrease of – 13.38%.
The total operating cost increased slightly by 214 million, and the net loss attributable to the parent company increased year-on-year
Due to the year-on-year increase in employee social security expenditure in the current period, Shanghai International Airport Co.Ltd(600009) labor cost increased by 10.49% year-on-year. After combining the financial expenses increased due to the issuance of ultra short-term financing bonds in the current period, the total operating cost of the company increased slightly by 214 million in 2021, with a year-on-year increase of 3.26%. The operating profit decreased by about 762 million, a year-on-year decrease of 50.34%. Meanwhile, affected by the year-on-year decrease in government subsidies received in the current period, the company’s other income decreased by 142 million in 2021, a year-on-year decrease of 90.91%. However, due to the year-on-year increase in deductible losses in deferred income tax assets recognized this year, the company’s income tax expenses in 2021 decreased by 311 million, a year-on-year decrease of 89.56%. In addition, due to the increased operating efficiency of Pudong aviation oil and the better return of the investment fund, the company’s annual net investment income increased by 187 million, a year-on-year increase of 31.73%. In conclusion, under the influence of factors such as the persistence of the epidemic, the net profit attributable to the parent company in 2021 decreased by 35.08% year-on-year, an increase of 444 million yuan compared with 2021.
Repeated outbreaks do not change the long-term value and patiently wait for the inflection point to appear
Airports in first tier cities are the core assets of China’s civil aviation industry. With the new infrastructure put into operation, the airport is evolving from a single public infrastructure to a shopping center integrating top luxury brands and online popular catering. Affected by the continuous impact of the epidemic, the business income of Shanghai International Airport Co.Ltd(600009) international line declined, and the short-term performance was obviously under pressure. However, its nature as a traffic platform has not changed, and its natural monopoly position and long-term growth space have not changed. In the current airport model, tax exemption is still the business with the most performance flexibility, so the performance recovery is still highly dependent on the recovery of international passenger flow, and the inflection point still needs to wait patiently.
Profit forecast and investment rating: considering the impact of the current epidemic and the company’s future business recovery progress and other factors, additional issuance and reorganization are not considered temporarily. It is estimated that the company’s operating revenue from 2022 to 2024 will be 3.878 billion yuan, 6.438 billion yuan and 9.627 billion yuan respectively; The net profit attributable to the parent company was -1.601 billion yuan, 451 million yuan and 2.766 billion yuan respectively. As China’s anti epidemic entered the second half, the inflection point of China’s epidemic was gradually approaching. We continued to be optimistic about the long-term investment value of the company and maintained the rating of “overweight”.
Risk tip: the epidemic rebounds again, major policy changes, infrastructure progress is less than expected, store investment is less than expected, and there is uncertainty in the reorganization.
