\u3000\u30006 Shenzhen Guangju Energy Co.Ltd(000096) 00009)
Shanghai International Airport Co.Ltd(600009) disclose the 2021 annual report. In 2021, the annual operating revenue was 3.73 billion, a year-on-year decrease of 13.4%, and the net profit attributable to the parent company was – 1.71 billion, with a slight increase in the loss range.
The international line remained low, the overall passenger flow declined, and the revenue was under pressure. In 2021, the number of flights taking off and landing at Shanghai Pudong airport was 345000, with a year-on-year increase of 7.8%, the passenger throughput was 32.21 million, with a year-on-year increase of 5.7%, and the cargo and mail throughput was 3.983 million tons, with a year-on-year increase of 8.3%. As the incremental passengers were mainly contributed by the China line, the international passenger flow further decreased, dragging down the tax-free rental income to 486 million yuan, a year-on-year decrease of 670 million yuan. The company’s aviation revenue increased by 7.2% year-on-year to 1.85 billion, but the non aviation revenue decreased by 27.2% to 1.88 billion. The overall revenue was 3.73 billion, a year-on-year decrease of 13.4%.
The cost is basically stable, and the decline in performance is basically in line with expectations. In 2021, the company’s operating cost was 6.08 billion yuan, a year-on-year decrease of 7.9%. In terms of breakdown, the company’s labor cost increased slightly, the operating cost decreased significantly due to the decline of rent expense, and the amortization cost increased due to the increase of depreciation expense. The annual gross profit margin of the company was – 63.0%, with a year-on-year decrease of 9.6pct. On the expense side, the absolute amount of the company’s administrative expenses increased slightly, and the expense rate increased due to the decline of income. The financial expenses generated interest due to the leased statement, and the expense rate increased significantly.
Among the main joint-stock companies of the company, the oil company achieved a net profit of 507 million, an increase year-on-year, the land service company achieved a net profit of 12 million, reversed its losses, the net profit of the advertising company was 181 million, a slight decrease year-on-year, and the investment income of the company was 777 million, an increase of 187 million year-on-year. Overall, due to the downturn of the international line, the decline of the company’s performance is basically in line with expectations.
Risk tip: the macroeconomic downturn, the epidemic continued to exceed expectations, and the tax-free sales were less than expected.
Investment suggestion: at present, the policy level adheres to “dynamic clearing”, and it is expected that the international line passenger flow of Shanghai Pudong Airport is still in a phased downturn. If the policy changes one day, it is expected that the passenger volume of Shanghai International Airport Co.Ltd(600009) international line will rise rapidly, driving the aviation and non aviation revenue to return to normal and reach a new high. On the premise of not considering the tax-free contract and re talking about the acquisition of Hongqiao Airport and logistics company, in view of the delay in the opening time of the country, compared with the previous report, the profit forecast for 20222023 was lowered from 350 million and 3.34 billion to -1.36 billion and 1.23 billion respectively. The profit forecast for 2024 was introduced, and the net profit attributable to the parent company in 2024 is expected to be 4.23 billion. We continue to be optimistic about the traffic monopoly position of hub airports gathering high net worth passengers and the long-term development space of airport tax exemption, and maintain the “buy” rating.
