Shanghai Airport (600009) Company Annual Report Comment: Steady Growth of Aviation Business and Excellent Performance of Non-Airline Business

Event: Shanghai Airport released the 2018 annual report, which was included in the company’s operating income of 93.

13 ppm, an increase of 15 in ten years.

51%; net profit attributable to mother 42.

31 ppm, an increase of 14 in ten years.

88%; net profit after deduction is 42.

35 ppm, an increase of 14 in ten years.


The company’s overall operating performance was good.

The aviation business grew steadily, and the non-aerospace business performed well.

Aviation business budget, 50 aircraft takeoffs and landings in 2018.

480,000 sorties, with an annual increase of 1.

61%, of which 杭州夜生活网 domestic routes decreased by 0.

17%, international and regional routes increased by 4 respectively.

13%, 3.

63%; passengers exploded 7,400.

630,000 person-times, an annual increase of 5.

72%, of which domestic, international and regional routes increased by 3 respectively.

25%, 8.

82%, 5.

60%, international and regional passengers accounted for slightly more than 50%; cargo post bombed 376.

86 Initially, it is reduced by 1 each year.


The non-airline business budget, benefiting from the increase in consumer spending on travel, and the company’s continued management of commercial retail brands, venue optimization and adjustment, etc., currently the company’s non-airline business accounts for more than 57.

4%, of which commercial catering revenues performed well, with a long-term growth of 33.

2%. Based on the 11 billion tax-free income in 2018, the company’s tax-free business income exceeds 3.5 billion. The passenger unit price still achieved nearly 20% growth at a high of about 250 yuan in 17 years. The non-aerospace business consumption attributes are prominent, and the future development space is broad.
The satellite hall will soon be put into use, and the cost pressure has eased slightly.

At the end of the reporting period, the company’s construction in progress was 81.

USD 5.6 billion, the three-phase expansion project, mainly consisting of S1 and S2 satellite halls, has been steadily progressing.

The company changed the previous construction budget of the third phase of the expansion project from 201 megabytes to 167 megabytes, and the current balance is 69.

90,000 yuan, gradually increasing the upper limit of the proportion of the budget 41.

86%, and according to the project progress 80% is expected to use the satellite hall as scheduled and the end of 19, there will be capital expenditure in that year, and the reduction of the total budget will reduce the depreciation pressure after the construction in progress.

In addition, the company leased assets from the two to three coastal and T2 leased from the group to 700 from 700 million.

500 million, the estimated increase comes from the land occupied by the Satellite Agency.

Overall, the cost-side pressure in 19 years will increase, but lower than previously expected.

Profit forecast: It is expected to realize profit in 2019-2021.49.

800 million, 56.

100 million and 66.

100 million, PE is 23.21, 20.

58 and 17.

47 times.

The company’s aviation business has grown steadily, and the non-aerospace business has opened up room for development. It has both defensive and growth properties, and its long-term allocation value is significant. It maintains the “recommended” level.

Risk warning: Non-aviation business growth is not up to expectations, and the downturn in the macro economy is driving down passenger explosion