Shanghai Airport (600009): Performance meets expectations Strong tax-free growth

Shanghai Airport (600009): Performance meets expectations Strong tax-free growth

Event: Shanghai Airport announced the first quarter report of 2019 (1) Business aspects ① The number of aircraft movements in the first quarter was 12.

690,000 times, an annual increase of 2.


Among them, the number of domestic aircraft takeoffs and landings was 6.

630,000 times, an increase of 3 every year.

37%; international and Hong Kong, Macao and Taiwan aircraft takeoffs and landings were 6.

390 thousand times, increasing by 0 every year.


② A passenger explosion of 1882 was achieved in the first quarter.

610,000 person-times, an increase of 4 per year.


Among them, the explosion of international and Hong Kong, Macao and Taiwan passengers was 960.

840,000 person-times, an increase of 4 per year.

44%, accounting for 51.

04%, a decrease of 0 compared with the same period last year.成都桑拿网


(2) Financial aspects ①In terms of revenue, the company achieved operating income of 27 in the first quarter.

74 ppm, an increase of 21 in ten years.

61%, revenue maintained a medium and high speed growth.

② On the cost side, the company’s total operating cost for the first quarter was 12.

55 ppm, a ten-year increase of 8.


Among them, the operating cost is 12.

42 ppm, an increase of 10 in ten years.

40%, cost pressure is controllable.

③ On the profit side, the company realized net profit deducted from non-attribution for the first quarter13.

43 ppm, an increase of 31 in ten years.


It is obvious that the company’s investment income in the first quarter was 3.

10,000 yuan, an increase of 39 in ten years.

18%, first of all, is the change in the company’s investment accounting method for Shanghai Civil Aviation Huadong Kaiya System Integration Co., Ltd. The use of long-term equity investment accounting to increase current profits and losses and the increase in related investment companies.

Comments: 1.

The performance was in line with expectations. The tax-free growth was strong in the first quarter. The non-net profit growth of Shanghai Airport exceeded 30%, and the performance was in line with expectations.

Against the background of the increase in the growth rate of international, Hong Kong, Macao and Taiwan passenger tonnage in the current period, per capita tax-free income has maintained a strong growth.

For the first time, company Q1 demonstrated the tax-free income of Terminal 210.

1 ppm, accounting for 36% of current revenue, high gross profit, high proportion of tax-free income are the core factors driving the company’s performance growth.


Benefiting from the rapid development of the duty-free industry, the city’s duty-free shops will have a limited impact. Shanghai’s duty-free shops will soon open this year. The impact of the city’s stores on Shanghai Airport’s duty-free is deterministic, but there is a buffer and limited impact.First, the impact of city stores on airport tax exemption depends on the degree of openness of city stores.

If the policy liberalizes the intensity and the tax exemptors increase their investment in the city’s tax exempt channels, the increase in tax exemption will have a certain impact.

But among them, the duty-free industry is in a period of rapid growth, and the room for increase is very considerable, which provides conditions for the airport’s duty-free hedging part of the impact; at the same time, the natural international passenger flow of Shanghai Airport ownership is irreplaceable.There is also a high probability that the commercial airport will pay a certain deduction point to Shanghai Airport, the impact of the impact is limited, and the tax exemption logic of Shanghai Airport is not broken.


Investment suggestion: The company’s operating income is expected to be 122 in 2019-2021.

10, 140.

09, 151.

62 ppm, net profit was 51.

39, 57.

96, 67.

10,000 yuan, corresponding to PE of 24.

78 times, 21.

97 times, 19.

00 times.

Maintain the “Recommended” level.

Risk reminders: aviation accidents, major policy changes, the rapid growth of tax-free business, investment income has fallen sharply, operating costs have risen sharply, and the duty-free shop business in the city has hit