Shanghai Airport (600009) Review of 2019 Third Quarter Report: Declining passenger numbers on regional routes dragged down company revenue growth

Shanghai Airport (600009) Review of 2019 Third Quarter Report: Declining passenger numbers on regional routes dragged down company revenue growth

Event: The company released the third quarter of 2019 report.

The company’s revenue for the first three quarters of 19 reached 82.

07 billion, an increase of 18 every year.

95%; net profit attributable to mother is 39.

9.4 billion, an increase of 27 every year.

19%, net profit after deduction is 39.

4.9 billion, an increase of 25 every year.


In the third quarter, 无锡桑拿网 single-quarter revenue was 27.

5.2 billion, an increase of 14 every year.

88%, net profit attributable to mother is 12.

9.5 billion, an increase of 15 every year.

73%, net profit after deducting non-attribution is 12.

9.8 billion, an increase of 16 every year.

06% regional airline passenger throughput decline, dragging down the company’s revenue growth.

In August this year, the Ministry of Culture and Tourism suspended trials for individual residents of 47 cities in mainland China to visit Taiwan. In addition, the violence in Hong Kong has continued since July and has greatly restrained the demand for passengers on Hong Kong and Taiwan routes.

Aircraft takeoffs and landings of Pudong Airport area routes decreased by 10 in August and September respectively.

79%, 8.

22% of regional airline passengers exploded in August and dropped 22 in September.

81%, 18.


Regional airlines ‘aircraft takeoffs and landings, and the drop in passenger explosions, completely affected the company ‘s take-off and landing fees and other aerospace business revenue, and also inhibited the company ‘s airport tax-free business growth.

Flight time flight, waiting for capacity release.

The number of flights of Pudong Airport in the winter and spring season of 19 was relatively reduced compared to the number of flights of Pudong Airport in the 18th season of spring and winter.

52%, a decrease of 3 from the previous summer and autumn 19 seasons.

66%, of which the domestic passenger flight domestic passenger flights take off and landing interval increased by 1.

08%, a decrease of 2 from the previous month.

83%, the number of domestic passenger flights on international passenger flights increased by 4.

78%, an increase of 5 from the previous month.

By 10%, the number of takeoffs and landings of passenger flights in the domestic airlines region decreased by 5.

66%, a decrease of 3 from the previous quarter.

23%, the number of landings and departures of foreign airlines reduced by 7.

99%, a decrease of 5 from the previous month.


Considering that the satellite hall was officially opened in September this year, the release of production capacity has a certain lag, and it is expected that the future flight time will return to the growth trajectory.

The satellite hall was put into operation, and short-term costs were under pressure.

The company ‘s fixed assets at the end of the third quarter of 1919 increased by 11.8 billion compared with the end of June 1919, mainly due to the expansion of the main project of the third phase (satellite hall), the passage through the flight zone and the No. 5 apron project officially opened on September 16.
After the opening of the satellite hall, operating costs such as utilities will also have a refraction increase, and considering the increase in depreciation, the company’s cost side will have short-term transmission pressure.
Profit forecast and investment advice.

Although the short-term company has some pressure on revenue and cost, in the long run, the company’s competitive advantage in the Yangtze River Delta will not change, and the tax-exempt business is still on the rise. We maintain our profit forecast. It is expected that the company’s EPS in 19-21 will be 2 respectively.

69, 2.

82, 3.

03 yuan, maintaining the company’s “overweight” rating.

Risk Warning: Downward macroeconomic impacts downward aviation demand.

Airport hour capacity is slowly increasing.

Overseas airline passenger growth has been slow.

Slow growth in per capita consumption at airport duty-free shops