\u3000\u30006 Shenzhen Guangju Energy Co.Ltd(000096) 00009)
Event:
Shanghai International Airport Co.Ltd(600009) released the first quarterly report of 2022
In terms of business, the company completed 74800 flights / yoy-8.31%, 5.4817 million passengers / yoy-17.99% and 896800 tons / yoy-12.51% in the first quarter of 2022, respectively, reaching 58.93%, 29.12% and 111.42% of the same period in 2019.
In terms of finance, the company realized an operating revenue of 841 million yuan / yoy-2.94% in the first quarter of 2022, which was 30.31% of the same period in 2019; Net profit attributable to parent company -509 million yuan / yoy-16.52%; Deduct net profit not attributable to parent company -509 million yuan / yoy-16.66%.
Key investment points:
The recovery of epidemic spread slowed down, and the revenue decreased slightly by 2.94% year-on-year
From January to February, the passenger throughput of the company increased by 14.47% and 89.24% respectively year-on-year, benefiting from the pick-up of aviation demand during Spring Festival and holidays. However, since March, due to the spread of the local epidemic, the passenger throughput of Pudong Airport has decreased by 76.86% year-on-year. In the first quarter, the company’s passenger volume decreased by 17.99% year-on-year, less than 30% in 2019.
On the revenue side, under the downturn of passenger flow, the company’s operating revenue decreased by 25 million yuan in the first quarter, a slight decrease of 2.94% year-on-year. The rental income of duty-free shops was 117 million yuan, a year-on-year increase of 27.17%. Based on this, the passenger flow adjustment coefficient of 1q2022 of the company can be calculated × The area adjustment coefficient is about 1.98.
On the cost side, the company benefited from the change of accounting estimates for the depreciation life of some fixed assets in 2022, and the extension of the depreciation life of houses, buildings, runways and aprons. The depreciation expense in this period decreased, driving the operating cost to decrease by 112 million yuan, a year-on-year decrease of 7.58%.
The decline in investment income dragged down the performance, and the loss attributable to the parent increased slightly
During the reporting period, the company’s net investment income decreased by 112 million yuan year-on-year, a year-on-year decrease of 74.81%, or due to the decline in the current profitability of the company’s joint ventures and joint ventures. In addition, the company’s interest income decreased by 26 million yuan, a year-on-year decrease of 43.55%. After the consolidation of interest expenses, the financial expenses in the current period increased by 32 million yuan, a year-on-year increase of 33.16%. Compared with the same period in 2021, the net profit attributable to the parent company of 1q2022 decreased by 72 million yuan, a slight year-on-year decrease of 16.52%.
Asset restructuring continued to advance and waited patiently for the inflection point of passenger flow
Despite the combined impact of the rebound of the epidemic and the re signing of tax-free agreements, the company’s revenue fell sharply and the value of tax-free airports was revalued. However, Shanghai International Airport Co.Ltd(600009) has always been one of the high-quality core assets of China’s civil aviation industry. Its essence as a traffic platform has not changed, nor has its natural monopoly status and long-term growth space changed. At present, the company’s major asset restructuring is continuing. The injection of core assets such as Hongqiao company and logistics company is expected to help the company expand its business scale and improve its profitability. The company still depends on the recovery of international passenger flow, but it still needs to be patient.
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.
