Zhongtong Finance APP learned that Meilan Airport (00357) fell more than 4%, as of press time, it fell 4.13%, to HKD 7.9, with a turnover of HKD 7.0063 million.

On the news front, Huachuang Securities research report pointed out that Meilan Airport's main business revenue in 2023 reached RMB 2.09 billion, an increase of 83% year-on-year; of which non-aviation income was RMB 1.11 billion, an increase of 42% year-on-year, accounting for 53%; aviation income was RMB 970 million, an increase of 170% year-on-year, accounting for 47%. The gross margin was 1.8%, up 0.2 percentage points year-on-year, mainly due to the capacity climbing period of the Meilan Airport Phase II Expansion project, which dragged down the gross profit performance. The net income attributable to the parent was a loss of RMB 136 million, a decrease of approximately RMB 19 million compared to the same period last year.

Previously, Deutsche Bank pointed out that due to the weak macro environment and the dilution effect of the Haikou duty-free shop, the company's per capita duty-free consumption in the second half of last year fell to RMB 89, a year-on-year decrease of 48%, a decrease of 25% from the first half of last year. The bank expects the company to only achieve break-even in the 2024 fiscal year, and at the same time lowers the profit forecast for Meilan Airlines in 2024 and 2025 by 71% and 45%, reflecting the low consumer spending, the decline in duty-free market share and the rising costs after taking over the Phase II operation.