\u3000\u300 China High-Speed Railway Technology Co.Ltd(000008) 9 Shenzhen Airport Co.Ltd(000089) )
Event:
Shenzhen Airport Co.Ltd(000089) released the first quarterly report of 2022
In terms of business, in the first quarter of 2022, the company completed 52900 flights / yoy-33.79%, 4.3014 million passengers / yoy-52.70% and 334400 tons / yoy-10.11%, respectively, reaching 57.50%, 32.60% and 123.26% of the same period in 2019.
In terms of finance, the company achieved an operating revenue of 648 million yuan / yoy-17.65% in the first quarter of 2022, up from 70.86% in the same period in 2019; Net profit attributable to parent company -299 million yuan / yoy-697.96%; Deduct net profit not attributable to parent company -307 million yuan / yoy-908.20%.
Key investment points:
The epidemic has repeatedly reduced passenger flow, and the revenue has decreased by 139 million year-on-year
Affected by the repeated epidemic situation in Shenzhen, the recovery process of airport passenger flow has been disturbed. In the first quarter, the company’s passenger flow decreased by 52.70% year-on-year, of which the airport passenger throughput decreased by 87.69% year-on-year in March, only about 10% in 2019, the lowest level in a single month since 2020. Under the downturn of passenger flow, the operating revenue of the company in the current period decreased by 139 million yuan, a year-on-year decrease of 17.65%.
The production cost of satellite hall is under pressure, and the quarterly performance turns into loss year-on-year
On the cost side, after the satellite hall was officially put into operation, the depreciation cost of the company increased, superimposed with the increase of epidemic prevention expenditure and other factors, and the operating cost of the current period increased by 242 million yuan, a year-on-year increase of 36.00%. In terms of expenses, interest expenses increased by 61 million yuan, a year-on-year increase of 176.29%, driving the increase of financial expenses by 50 million yuan, a year-on-year increase of 169.25%. In addition, the company’s investment income decreased by 24 million yuan, a year-on-year decrease of 107.05%, or due to the loss of equity participation in airports and other enterprises. Meanwhile, the company’s income tax expenses in the first quarter decreased by 107 million yuan year-on-year. Under the combined action of the above factors, the company’s performance in the first quarter turned into a loss year-on-year, realizing a net loss attributable to the parent company of 299 million yuan.
The upper limit of production capacity continues to increase, and we look forward to the release of non aviation potential in the future
Shenzhen Airport Co.Ltd(000089) is located in the heart of the bay area. With the increase of the capacity to 60 sorties in peak hours and the official operation of the satellite hall, the upper limit of production capacity has been raised again, and the on-site commercial and infrastructure support facilities have been improved day by day. At present, the Shenzhen Airport Co.Ltd(000089) third runway project is accelerating, and the terminal passenger throughput will reach more than 80 million person times in the future. With the official introduction of the diagnosis and treatment plan for novel coronavirus (trial version 9), China’s anti epidemic entered the second half, and the inflection point of China’s epidemic situation is approaching gradually. We look forward to the release of the company’s non aviation potential in the post epidemic era.
Profit forecast and investment rating: Based on the impact of the current epidemic and the company’s future business recovery progress and other factors, 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, maintaining 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.
