Baiyun Airport (600004)： International passenger traffic is expected to continue to grow新闻
Baiyun Airport (600004): International passenger traffic is expected to continue to grow
Investment points The number of aircraft takeoffs and landings increased steadily. The international line grew faster than the domestic line for 18 years.
47 ppm, a 14-year increase of 14.
Revenue from aviation business is related to the increase in aircraft takeoffs and landings, passenger explosions, and cargo and mail explosions.
In 18 years, the company took off and landed 47 times.
450,000 sorties, with an annual increase of 2.
59%, of which domestic line 35.
720,000 flights, an increase of 1 every year.
91%, international 11.
730,000 vehicles, an increase of 4 per year.
The total number of passenger explosions was 6,972.
40,000 person-times, an annual increase of 5.
95%, including 5,317 domestic calls.
630,000 person-times, an increase of 4 per year.
90%, international 1,654.
410,000 person-times, an increase of 9 in ten years.
Labor + labor costs, depreciation costs and utilities have increased significantly for 18 years, and the company’s operating costs have been 54.
420,000 yuan, an increase of 35 in ten years.
42%, of which, labor costs + labor costs totaled 24.
21 ppm, an increase of 23 in ten years.
53%, depreciation expense 12.
55 ppm, an increase of 8 per year.
0.5 billion, utilities 2.
610,000 yuan, an increase of 42 in ten years.
The sum of the above costs accounted for 72% of the operating costs of the year. The main increase was the commissioning of the T2 terminal building in April 18th.
18 years, the company’s financial expenses1.
570,000 yuan, an increase of 306 in ten years.
67%, mainly due to the increase in interest expenses caused by the company’s issuance 杭州夜生活网 of ultra-short financing.
It is estimated that nearly 80 million passengers will explode in 20 years, and the proportion of international passengers is expected to exceed 25% in 18 years.
29 ppm, a decrease of 29 per year.
24%, the main reason is the increase in costs brought by the commissioning of the T2 terminal.
The normal rate of flight releases for 10 months in 18 years was over 80%.
It is expected that the compound annual growth rate of the next year will be 3 to 19-21.
6%, the compound annual growth rate of tungsten for international passengers was 11.
3%, nearly 8,000 passenger explosions in 20 years, the proportion of international passengers is expected to exceed 25%. The increase in tax-free income will bring about double growth in performance and estimates. It is estimated that the company’s net profit attributable to the parent will be 9 in 19-21.
2.5 billion, 12.
880,000 yuan, 16.
3.5 billion, with annual growth rates of -18.
19-year reasonable PE38 calculated with reference to relative estimates.
9 times and an absolute estimate of a reasonable market value of 422.
200 million, the current company is undervalued.
The average unit price of international passenger explosions and duty-free sales continued to increase, supporting the company’s tax-free business income growth.
The increase in tax-exempt business income is expected to bring about double improvement in company performance and estimates, and maintain a “Buy” rating.
Risks indicate that the explosion rate of international passengers has fallen short of expectations, and the unit price of duty-free sales has grown less than expected.