On ****, Gelunhui reported that the revenue of Shanghai International Airport (600009.SH) has improved in Q1 2024. The Q1 operating revenue was 3.029 billion yuan, an increase of 40.61% year-on-year, and the net income attributable to the parent was 386 million yuan, turning a loss of 488.30% year-on-year. Non-aviation revenue in Q1 also improved further with the recovery of international passenger flow, among which duty-free related business revenue reached 347 million yuan, and advertising-related business revenue was 162 million yuan. In addition, the stock-based incentive plan improves the company's incentive and restraint mechanism, which is conducive to the company's long-term development. The bank predicts that as international passenger flow recovers, relevant business revenue is expected to further increase. As a important hub airport, Shanghai International Airport's aviation revenue is expected to steadily increase. Based on the latest developments in the recovery of international routes and duty-free businesses, a reasonable value range is estimated to be between 34.89-43.64 yuan, with a rating of "outperform the market".
研报掘金丨海通证券：予上海机场“优于大市”评级，合理价值区间34.89-43.64元
Research Reports | Haitong Securities: Give Shanghai International Airport an "outperform" rating, with a reasonable value range of 34.89-43.64 yuan.
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