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研報掘金丨浙商證券:白雲機場業績略超預期,非航收入有望超預期、成本端有望維持下行趨勢
格隆匯7月14日丨浙商證券13日研報指出,白雲機場(600004.SH)預計上半年歸母淨利潤1.42億元至1.74億元,同比扭虧。其中23Q2預計歸母淨利潤0.97至1.29億元,扣非歸母淨利潤0.86至1.17億元,業績略超預期。隨着客流恢復,機場航空性業務、非航空性業務將隨之恢復,資產中期盈利確定性強,公司或迎來收入成本剪刀差。根據公司公吿,白雲機場Q2旅客吞吐量為1525萬人次,恢復至19Q2的87%左右。其中國內航線方面,Q2旅客量恢復至19年的103%;國際航線方面,4-6月白雲機場國際及地區旅客量分別恢復至19年同期的37%、42%、47%。該行指出,公司低谷已過,23年將為國際客流明顯恢復與機場議價權明顯回升的關鍵一年。非航收入有望超預期、成本端有望維持下行趨勢,公司有望迎來收入成本剪刀差。預計公司 23-25 年歸母淨利潤分別為 4.71、16.91、26.16 億元,維持“買入”評級。
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