研報掘金丨國泰海通:維持上海機場“增持”評級,目標價39.27元
國泰海通證券研報指出,上海機場區位優勢凸顯,是中國核心國際樞紐機場。2025年旅客吞吐量恢復增長,非航業務仍待恢復。未來將受益於超級樞紐建設與免籤政策,業績將持續增長。2024年旅客吞吐量恢復正增長,2025年以來國際地區航線繼續加速恢復,公司成本管控有力,保障收入增長有效轉化為盈利恢復。未來公司將受益於超級樞紐建設以及國家免籤政策,驅動業績持續增長。考慮2023年底免税合同調整影響,下調2025-26 年歸母淨利為23/28億元,新增2027年預測32億元。維持“增持”評級,目標價39.27元。
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