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研報掘金 | 信達證券:受惠於離島免税政策,看好海南機場中長期成長性
格隆匯4月23日丨信達證券發研報指,海南機場(600897.SH)在疫情衝擊下展現較強經營韌性,2022年實現營收47.01億元,同比增長3.89%,歸母淨利潤18.56億元,同比增長300.68%,業績高增主要由於衝回原計提的二期土地出讓金等產生收益20億元。該行認為,公司受益於海南自貿港建設和離島免税政策,機場和免税業務有望實現中長期穩健增長。該行指出,海南機場通過參股和租賃形式分享了5家免税店的收益,2022年這些免税店的線下銷售額約佔全島免税銷售額的21.5%。隨着客流的恢復、免税店的品牌升級、租金合同的調整等多個催化劑的釋放,公司有望進一步提升免税業務的規模和盈利能力。該行預計公司2023-2025年歸母淨利潤分別為11.39、14.16、16.66億元。

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