Events:
Airport shares reported three quarters that the operating income from January to September was 432 million yuan, down 20.61% from the same period last year. The net profit belonging to shareholders of listed companies was 20.2246 million yuan, down 42.83% from the same period last year.
Core ideas:
The reduction of project resources has led to a decline in performance in the first three quarters: with the development of the carrier of the airport industry as the core, the company is based on areas A, B and C of Beijing Tianzhu Airport Economic Development Zone, adjacent to the Capital International Airport, and has a first-class development project of nearly 4000 mu of land. due to the depletion of land resources in area An and B in recent years, the reduction of existing project reserves has led to a decline in performance, and the net profit of returning home in the first three quarters decreased by 42.8% compared with the same period last year.
Benefiting from the rapid development of the airport industry, the resource integration of major shareholders brings strategic development opportunities: Shunyi District has integrated the former Beijing Tianzhu Airport Economic Development Zone, the former Beijing Airport Logistics Base and the former Beijing Guomen Business District into the Beijing Airport Economic Core Zone, with a total planning area of 178 square kilometers. at present, the integration of the initial planning area of 56 square kilometers (including 27 square kilometers of the Capital Airport) has been completed. Next, we will complete the integration and expansion of the core area. as the only land development platform under the State-owned assets Supervision and Administration Commission of Shunyi District, the company has rich experience in land development, and it is expected that the company will undertake relevant land development business. in the future, it will benefit from the business development opportunities brought about by the integration of resources under the control of major shareholders.
Increase the introduction of CDF to help upgrade the industrial structure: CDB is a wholly-owned subsidiary of CDB. Previously, the planned increase of airport shares was to issue 48 million A shares to CDB, raising a total of 600 million yuan. After the completion of the additional issue, CDF will own 16% of the shares. So far, the plan has been approved by SASAC in principle. The airport economic zone where the company is located, as a high-end industrial base, has a number of high value-added small and medium-sized enterprises. The introduction of CDF as a strategic investor will promote the integration of land capital, scientific and technological capital and financial capital in the park. At the same time, airport shares are expected to obtain high-quality projects and expand the development of remote parks with the help of CDB's strong business network.
Give "increase" rating: the airport economic zone where the company is located as a high-end industrial base is in line with the national concept of "science and technology to create China", and is expected to optimize and upgrade the industrial structure in the park with the help of Guokai Finance in the future. at the same time, the resource integration of major shareholders will open room for performance growth. According to the development goal of the 12th five-year Plan of Shunyi District, the market value of Airport shares will exceed 5 billion by the end of 2015 through refinancing, and the current market capitalization of the company is 3.4 billion. Without considering the additional issuance, we predict that the company's EPS in 2015-2017 will be 0.11,0.21,0.31 yuan respectively, corresponding to 121.6 times, 63.5times and 44.2times of PE in 2015-2017, combined with the business expectations of resource integration of major shareholders. At present, it is rated as "overweight".
Risk tips: the company's land development progress is not up to expectations, the uncertainty of the fixed increase plan, and so on.
