Guolian Securities reported on August 22nd that the profitability of Hainan Airport (600515.SH) increased significantly in the first half of the year, and the balance sheet structure continued to be optimized. In the first half of the year, the company's sales gross profit margin was 44.5%, up 6% from the same period last year, the highest in five years; the asset-liability ratio was further optimized from the beginning of the year, reaching 55.94%, the lowest in five years. The company's airport business has fully recovered and the number of passengers has reached an all-time high. Air travel has remained high since this year. Sanya, as a popular tourist destination, leads the country in the recovery of airport passenger flow, driving the rapid recovery of the company's airport management business, with revenue of 956 million yuan during the reporting period, an increase of 47.5% over the same period last year and 1.2% over 2019. All the businesses of the company benefit from the location advantages of the free trade port, and are expected to give full play to the synergy and usher in new development opportunities. With reference to the comparable company, the company will be given 35 times PE in 24 years, corresponding to the target price of 4.68 yuan, and maintain the "overweight" rating.