Haitong issued a research report that 23H1 Meilan Airport (00357) achieved revenue of 1.07 billion yuan / yoy+71.2%, compared with the same period in 19 years + 31.0%. The net profit returned to the mother was-50 million yuan, compared with-10 million yuan in the same period last year and 280 million yuan in the same period of 19 years. Operating cost yoy+87.4% is a drag on profit performance, including depreciation expense and intangible assets amortization expense / labor cost + 2.4 shock + 160 million yuan, respectively. Overall, it will take time for the company to climb the slope and improve its operation.
The bank pointed out that the company's aviation business has recovered well, and the growth of non-aviation business has slowed down; the concentrated release of summer air passenger transport demand is good for the company's performance in the traditional peak season in the second half of the year; and the position of the free trade port hub airport is stable and is optimistic about the company's long-term investment value.
The bank said that considering the active promotion of the construction of a free trade port, combined with the latest flight schedule, the 23E/24E/25EEPS will be adjusted to-0.22,0.51 and 1.37 yuan per share respectively, and the BPS to 9.10,9.61,10.98 yuan per share respectively (see body table). The construction of Hainan free trade port continues to advance, the bank believes that the advantage of airport traffic has been shown, the company's main business is expected to increase in volume and price, and is still optimistic about the long-term growth space of the leading airport of free trade port. The bank gave it to 20X-25X2024EPE and got a reasonable value range of HK $11.08-13.86. (the exchange rate of the Hong Kong dollar to RMB is 0.9202). Maintain a rating superior to that of the big city.