BEIJING CAPITAL INTERNATIONAL AIRPORT(00694.HK):RESULTS IN LINE; COST CONTROL SOLID; WATCH SALES UNDER NEW DFS CONTRACTS
BEIJING CAPITAL INTERNATIONAL AIRPORT(00694.HK):RESULTS IN LINE; COST CONTROL SOLID; WATCH SALES UNDER NEW DFS CONTRACTS
2023 results in line with market expectations
2023 年業績符合市場預期
Beijing Capital International Airport (BCIA) announced its 2023 results: Revenue rose 104% YoY to Rmb4.56bn, and attributable net loss was Rmb1.70bn (vs. a loss of Rmb3.53bn in 2022). In 2H23, revenue rose 128% YoY to Rmb2.57bn, and attributable net loss totaled Rmb655mn (vs. a loss of Rmb2.12bn in 2H22 and a loss of Rmb1.04bn in 1H23). The firm's results were in line with market expectations.
北京首都國際機場（BCIA）公佈了其2023年業績：收入同比增長104％至45.6億元人民幣，應占淨虧損爲17.0億元人民幣（2022年的虧損爲35.3億元人民幣）。在23年下半年，收入同比增長128％至25.7億元人民幣，應占淨虧損總額爲6.55億元人民幣（而22年下半年的虧損爲21.2億元人民幣，23年上半年的虧損爲10.4億元人民幣）。該公司的業績符合市場預期。
In 2H23, revenue recovered along with business volume; franchised retail business generated revenue of Rmb310mn. Revenue from the aeronautical business rose 228% YoY and 30% HoH to Rmb1.19bn in 2H23, recovering to 58% of the 2H19 level. BCIA's passenger throughput grew 315% YoY and 29% HoH, recovering to 59% of the 2H19 level.
在23年下半年，收入與業務量一起恢復；特許零售業務創造了3.1億元人民幣的收入。23年下半年，航空業務收入同比增長228％，環比增長30％，至11.9億元人民幣，回升至2019年下半年的58％。北京首都國際機場的旅客吞吐量同比增長315％，環比增長29％，恢復至2019年下半年的59％。
Passenger volume of domestic and international flights recovered to 66% and 39% of 2H19 levels. Revenue from non-aeronautical businesses rose 81% YoY to Rmb1.39bn in 2H23, recovering to 41% of the 2H19 level. Franchised retail revenue rose 634% YoY and 99% HoH to Rmb310mn, recovering to 17% of the 2H19 level.
國內和國際航班的客運量恢復至2019年下半年水平的66％和39％。非航空業務收入在23年下半年同比增長81％至13.9億元人民幣，恢復至2019年下半年的41％。特許經營零售收入同比增長634％，環比增長99％，至3.1億元人民幣，回升至2019年下半年的17％。
Solid cost control in 2H23. In 2H23, operating cost rose 4% YoY, and other operating costs stayed flat YoY excluding the impact of franchise management fees. Staff costs, utilities & power, and operating service fees rose 12%, 4%, and 3% YoY, while depreciation & amortization expenses and aviation safety & security guard costs remained largely stable.
在 23 年下半年實現穩健的成本控制。在23年下半年，運營成本同比增長4％，不包括特許經營管理費的影響，其他運營成本同比持平。員工成本、公用事業和電力以及運營服務費用同比增長12％、4％和3％，而折舊和攤銷費用以及航空安全和保安費用基本保持穩定。
Trends to watch
值得關注的趨勢
Recovery of international passenger traffic accelerated in early 2024; per-customer sales at duty-free stores may improve under new contracts. The firm's overall, domestic, and international passenger volume in February 2024 recovered to 68%, 74%, and 50% of the levels in the same period in 2019, up 9ppt, 10ppt, and 4ppt from the recovery level in December 2023.
國際客運量在2024年初加速復甦；根據新合同，免稅商店的每位顧客銷售額可能會有所改善。該公司的整體、國內和國際客運量在2024年2月恢復至2019年同期水平的68％、74％和50％，較2023年12月的復甦水平增長了9個百分點、10個百分點和4個百分點。
According to corporate filings, the firm signed new duty-free shopping (DFS) contracts with duty-free merchants in December 2023. Although the guaranteed income and discount levels are lower than those in the previous contracts, we believe the firm's business operations may improve under the new contracts. For example, there may be more boutique stores and the prices of fragrance and cosmetics products may optimize.
根據公司文件，該公司於2023年12月與免稅商家簽署了新的免稅購物（DFS）合同。儘管保障收入和折扣水平低於先前合同中的水平，但我們認爲，根據新合同，該公司的業務運營可能會有所改善。例如，可能會有更多的精品店，香水和化妝品的價格可能會優化。
Financials and valuation
財務和估值
We lower our 2024 revenue forecasts 5% to Rmb6.54bn, and lower our 2024 net profit forecast to Rmb107mn (previously at Rmb309mn), due to lower assumptions for passenger traffic and growth of several non- aeronautical businesses. We introduce our 2025 earnings forecast of Rmb657mn, as we assume that the firm's passenger volume of domestic and international flights recovers to 74% of the 2019 level, and per- customer sales largely recover to the pre-pandemic level. The stock is trading at 13.9x 2025e P/E. We maintain OUTPERFORM and our target price of HK$2.9 (0.8x 2024e P/B), offering 24% upside.
由於對客運量的假設降低和幾項非航空業務的增長，我們將2024年的收入預測下調了5％至人民幣65.4億元，並將2024年的淨利潤預期下調至人民幣1.07億元（此前爲人民幣3.09億元）。我們推出了2025年6.57億元人民幣的收益預測，因爲我們假設該公司的國內和國際航班客運量將恢復到2019年水平的74％，每位客戶的銷售額基本恢復到疫情前的水平。該股的市盈率爲2025年的13.9倍，我們維持跑贏大盤，目標價爲2.9港元（2024年市盈率爲0.8倍），上漲幅度爲24％。
Risks
風險
Disappointing DFS sales and/or customer traffic recovery; higher-than- expected capex.
令人失望的DFS銷售和/或客戶流量恢復；資本支出高於預期。
譯文內容由第三人軟體翻譯。