Shenzhen Airport (000089): Guangdong-Hong Kong-Macao Greater Bay Area positioning hub builds modern large-scale airport due to multiple factors

Shenzhen Airport (000089): Guangdong-Hong Kong-Macao Greater Bay Area positioning hub builds modern large-scale airport due to multiple factors

The Guangdong-Hong Kong-Macao Greater Bay Area plan specifies Shenzhen Airport.

On February 18, 2019, the Central Committee of the Communist Party of China and the State Council issued the “Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area”, proposing to consolidate and enhance the Hong Kong international aviation hub system, strengthen the function of aviation management training centers, and enhance the competitiveness of Guangzhou and Shenzhen Airport international hubs.Enhance the functions of airports in Macau and Zhuhai, promote dislocation development and positive interaction in the Greater Bay Area, and build a world-class airport cluster.

In 2018, the five major airports in the Guangdong-Hong Kong-Macao Greater Bay Area (Guangzhou Baiyun Airport, Shenzhen Bao’an Airport, Zhuhai Jinwan Airport, Hong Kong Airport, Macau Airport) had a total of more than 200 million passenger explosions, cargo and mail explosions exceeding 830 tons, and the transportation scale ranked the global bay.District Airport Group.

Long-term planning will increase the future capacity of Shenzhen Airport.

According to the Shenzhen Airport’s “Thirteenth Five-Year Plan”, it is clearly stated that the construction of the airport’s third runway, satellite hall and other projects will be accelerated. The target for passenger explosion in 2020 is 55.88 million, and the cargo and mail explosion will reach 120.

4 seconds, the aircraft took off and landed 40 times.

80,000 sorties.

At present, the Shenzhen Airport budget T3 adaptive reconstruction project and the expansion of the new satellite hall are planned to be completed by the end of 2021. The total investment is expected to be about 7.6 billion yuan.

Before the launch of the Satellite Hall in 2021重庆耍耍网, the company will not have other huge capital expansions, the depreciation and amortization will be basically stable, the company’s operating costs will be stable, and the growth of transferred passengers will increase.

International business is developing rapidly.

At present, Shenzhen Airport has 164 passenger traffic navigable cities, of which 45 are international (excluding regions) regular passenger navigable cities.

In 2018, Shenzhen Airport Expressway opened 15 new international passenger traffic cities, including London and Paris, 9 of which are intercontinental cities, and 12 international passenger routes have been encrypted.

International (including regional) passenger explosions reached 458.

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

4%, the proportion increased to 9.

3%.

The number of international passengers increased, and the number of newly opened intercontinental routes replaced the country’s number one. The number of international routes developed and the quality improved.

In 2018, Shenzhen Airport’s passenger and freight business performed well, with an original passenger flow of 4934.

90,000 person-times, an increase of 8 in ten years.

The growth rate is 2%, ranking first among the top ten airports in China; the advantage of freight development is obvious, and the annual cargo is bombed 121.

9 digits, ranking fourth in the country.

Earnings forecasts and investment advice.

We expect the company’s operating income to be 39 in 2019-2021.

5.3 billion, 43.

4.9 billion, 48.

68 ppm, an increase of 9 in ten years.

8%, 10.

0%, 11.

9%; net profit attributable to parent company is 7.

8 billion, 8.

6.9 billion, 7.

56 ppm, an increase of 16 in ten years.

7%, 11.

5%, -13.

0%; EPS are expected to be 0 respectively.

38 yuan, 0.

42 yuan, 0.

37 yuan, corresponding to 22 of the current sustainable PE.1x, 19.

8 times and 22.

8 times.

We propose to give the company an estimate of 25 times PE and the corresponding target price for 2019 is 9.

5 yuan.

The reasonable range expected by the company is expected.

0-10.

0 yuan, the first coverage given an overweight rating.

risk warning.

The macro economy was less than expected, the development of international routes was less than expected, and regional competition pressure exceeded expectations.

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