研報掘金丨海通證券:予上海機場“優於大市”評級,合理價值區間34.89-43.64元
海通證券研報指出,上海機場(600009.SH)Q1營收有所改善。2024Q1營業收入30.29億元,同比上升40.61%,歸母淨利潤3.86億元,同比扭虧488.30%。Q1公司非航收入隨着國際線客流的修復也進一步改善,其中免税相關業務收入實現3.47億元,廣吿相關業務收入1.62億元。另外,股權激勵計劃完善公司激勵約束機制,有利於公司長期發展。該行預測隨着國際客流恢復,相關業務收入有望進一步回升。上海機場作為重要樞紐機場地位不變,航空性收入有望穩步增長。根據國際線恢復與免税業務最新進展,得出合理價值區間34.89-43.64元,給予“優於大市”評級。
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