March 19

Shanghai Airport (600009): Multiple factors affect production volume in October every half year

Shanghai Airport (600009): Multiple factors affect production volume in October every half year

Company dynamics keep outperforming industry companies Shanghai Airport announced production data for October 2019: takeoffs and landings dropped by over 1

1%, the number of passenger explosions dropped by 0.

8%, freight postal grows by 2 every year.


It is 杭州桑拿网 estimated that from January to October 2019, takeoffs and landings increased by two in two years.

6%, the number of passengers is increasing by 3 per year.

2%, long-term decline of goods and mail 5.


  Commenting on the influence of multiple factors, October production volume alternated.

The company deflected twice in October with an interval of 1.

1%, down from 2 in September.

2%; the number of passengers dropped by 0 year-on-year.

8%, down from 2 in September.

4%, the largest decline year to date.

Our estimates are as follows: 1) Due to the expected impact of the Hong Kong and Taiwan regions, the regional line take-off and landing movements are inserted into displacement.

3% (-8 in September.

2%), the number of passengers every 21 intervals.

9% (-18 in September.

7%), the decline was slightly expanded earlier in September; 2) October affected by typhoon “Mina”, Pudong Airport cancelled flights 333 flights on October 1; 3) October last year and the number of passengers increased2%, 4.

8%, forming a high base; 4) Various security activities in October have improved from last year, and official travel may be limited.

  In October, the number of outbound tourists (international and Hong Kong, Macao and Taiwan) is at least once a year, and we expect that it will be difficult to recover in the short term.

Being dragged down by regional routes, the company’s outbound passenger explosion in October (international, Hong Kong, Macao and Taiwan) temporarily inserted 0.

3%, lower than the same period last year 4.

7% growth.

Tungsten ingots for outbound tourists from January to October 2019 increased by 2.

9%, down from 8 in the same period last year.


As regional expectations continue to change, we expect the company’s outbound passenger volume to recover in the short term or difficult, and tax-free income will be affected to some extent.

  Estimates suggest that the current company complies with the corresponding 2019/2020 27.


2x P / E.

Considering that it is difficult to recover regional line production in the short term, we lower our 2019 profit forecast2.

8% to 52.

59 million, maintaining the profit forecast for 2020 unchanged.

Maintain outperform industry rating and target price of 90 yuan, corresponding to 30 times the price-earnings ratio in 2020, corresponding to the current ongoing 19.

4% upside.

  Risk Aviation demand was less than expected, and tax-exempt income was less than expected.

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Posted 03/19/2020 by admin in category "夜生活