【券商聚焦】国盛证券首予美兰空港(00357)买入评级 指其回归国有管理后有望更多受益于政策优惠

[Brokerage Focus] Guosheng Securities's first purchase rating for Meilan Airport (00357) indicates that it is expected to benefit more from preferential policies after returning to state-owned management

金吾資訊 ·  09/11/2023 15:47

According to Guosheng Securities Research Report, Meilan Airport is positioned as an international free trade port hub and enjoys the advantages of card space. The civil aviation market in Hainan Province is in a period of rapid development. After returning to state-owned management, Meilan Airport is expected to benefit more from preferential policies and achieve stable operation under the management of state-owned assets. The passenger throughput of Meilan Airport in 2022 was 11.1622 million passengers, ranking 15th among domestic airports in passenger throughput. In 2022, the company achieved revenue of 1,141 million yuan, -28.91% year-on-year. Among them, non-aviation business contributed 780 million yuan in revenue, and aviation business contributed 361 million yuan in revenue.

According to the bank, the second phase of Meilan Airport was officially put into operation on December 2, 2021, and Meilan Airport officially entered the “dual terminal, double runway” operation era. The passenger throughput is expected to reach 35 million people in 2025.

The bank added that the company's past PE valuations were lower than 10 times. Later, the high duty-free boom on the outlying islands led to a revaluation center at Meilan Airport. The impact on passenger flow, combined with the second phase of production capacity investment, may be the bottom of the company's performance. As a result, along with the recovery of passenger flow and the development of duty-free business, it is expected to enter a cycle of performance growth and valuation improvement. The bank expects the company to achieve net profit of 4.02/6.17/785 million yuan from 2023-2025, respectively +359.10%/+53.27%/+27.22% over the same period. Referring to major domestic airport valuation centers, “buy” ratings were covered for the first time.

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