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Shenzhen Airport (000089) Company Annual Report Comment: Costs of International Passengers Growing Rapidly

Shenzhen Airport (000089) Company Annual Report Comment: Costs of International Passengers Growing Rapidly

Shenzhen Airport announced its 2018 annual report.

In 2018, Shenzhen Airport achieved operating income of 35.

99 ppm / + 8.

4%, net profit attributable to mother 6.

68 ppm / + 1.

0%, basically 0 benefits.

3257 yuan / +0.


Among them, in 18Q4, the company realized an increase in operating income of +5.

3%, net profit attributable to mothers fell 42% year-on-year.

The company plans to distribute 0 cash dividends for every 10 shares.

86 yuan (including tax), the total amount of dividends accounted for 25% of the net profit attributed to the mother.

Operating data: In 2018, Shenzhen Airport took off and landed, with passenger explosions of 35.

60,000 sorties, 4934.

90,000 person-times, increasing by 4 each year.

6%, 8.


Among them, Shenzhen Airport International (including regions) passenger explosions reached 458.

40,000 person-times, an annual increase of 27.

4%, accounting for 7.

9% increased to 9.


Peak hour flight capacity increased from 51 in 2017 to 52.

The growth rate of the main aviation industry continued to exceed the growth rate of passenger volume, and the advertising business was affected by the removal of regulated advertisements.

In 2018, the company’s main aviation revenue was 28.

8 ‰ / + 9.

6%, higher than the growth rate of passenger volume8.

2%, mainly because the growth rate of international passengers has greatly exceeded the growth rate of domestic passengers.

In addition, the company’s aviation advertising business income3.

$ 8.9 billion / + 4.

9%, a growth rate of 11 深圳桑拿网 compared with the previous year.

1% dropped significantly, mainly due to the demolition of suburban pillar advertising facilities.

The main business cost increased rapidly, and the gross profit margin decreased significantly.

In 2018, the company’s aviation main business cost23.

500 million / + 13.

4%, a growth rate of 7 over 17 years.

7% accelerated significantly.

We believe that it is mainly due to the increase in the number of flight passengers and the wide-body aircraft incentive bonus for the expansion of international routes (this business is included in sales expenses in 2017), which caused the company’s main business gross profit margin to decline2.7 points to 18.


In terms of advertising business, affected by the demolition of bribe posts, costs increased in 201842.

5%, causing gross profit margin 北京桑拿洗浴保健 to fall by 1.

7 points to 93.


Affected by this, the company’s gross profit margin in 2018 was 25.

88%, a decrease of 3 from the previous year.


The high growth of international passengers is expected to continue, and pay attention to the changes in the cost side brought by the commissioning of the satellite hall.

In 2019, the company plans to increase its peak hour capacity to 53 flights, and in accordance with the current time allocation principle, it plans to allocate 70% more flight time to international flights. We expect the company’s international passenger volume to continue to grow at a high rate in 2019.

On September 6, 2018, the company announced that it would invest in the construction of the satellite hall, with a total investment of 68.

10,000 yuan, designed to explode 22 million passengers, is expected to be completed and put into use by the end of 2020.

We believe that the commissioning of the Satellite Agency will bring depreciation, and the cost of hydropower and other equipment will increase sharply. We need to pay attention to the changes in company performance caused by the commissioning of the Satellite Agency.

Earnings forecasts and investment advice.

We expect that the company EPS for 2019-2021 will be 0.

38, 0.

42, 0.

33 yuan, BPS is 6.

05, 6.

47, 6.

80 yuan, considering that the company is the lowest PB of the A-share listed airports, the proportion of international passengers is significantly lower than other airports, giving the company PB1 2019


8 times, reasonable value interval 9.


89 yuan, given a “preliminary market” rating.

risk warning.

Tightened at all times until the operating data fell short of expectations and major capital expenditures.