BEIJING CAPITAL INTERNATIONAL AIRPORT(00694.HK):1H24 RESULTS IN LINE; NON-AVIATION BUSINESS TO RECOVER FURTHER
BEIJING CAPITAL INTERNATIONAL AIRPORT(00694.HK):1H24 RESULTS IN LINE; NON-AVIATION BUSINESS TO RECOVER FURTHER
In 1H24, the firm's non-aviation business recovered to 42% of the level in 1H19, up 30% YoY. The recovery is relatively slow as the rally of the retail business remained weak compared with the pre-pandemic level.1H24 results in line with our expectation
1H24成果符合我們的預期
Beijing Capital International Airport announced its 1H24 results: Revenue rose 35% YoY to Rmb2.68bn and net loss attributable to shareholders was Rmb376mn (vs. a net loss of Rmb1.04bn in 1H23). The firm's results were in line with market expectations.
首創股份（Beijing Capital International Airport）公佈了2024年上半年的業績：淨利潤同比增長35%至26.8億元人民幣，歸屬於股東的淨虧損爲3.76億元人民幣（2019年上半年的淨虧損爲10.4億元人民幣同比下降90%）。該公司的業績符合市場預期。
Aviation business recovering steadily along with passenger traffic; non-aviation business to recover further. 1H24, aircraft movements rose 20% YoY, recovering to 72% of the level in 1H19, and passenger throughput grew 42% YoY, recovering to 66% of the level in 1H19 (domestic and international flights recovered to 73% and 49% of the levels in 1H19). The firm's aviation business revenue rose 41% YoY to 63% of the 1H19 level, with aircraft movement-related revenue and passenger service revenue up 31% and 54% YoY, both slightly faster than their corresponding business volume growth, which we attribute to faster YoY growth in the volume of international routes with higher unit charges.
航空業務隨着旅客流量的穩步恢復而穩定增長；非航空業務有望進一步恢復。2024年上半年，航班起降同比增長20%，恢復到2019年上半年的水平的72%，旅客吞吐量同比增長42%，恢復到2019年上半年水平的66%（國內和國際航班分別恢復到2019年上半年水平的73%和49%）。該公司的航空業務收入同比增長41%，達到2019年上半年水平的63%，其中航班起降相關收入和旅客服務收入同比增長31%和54%，兩者的增速略高於相應的業務量增長，我們認爲這是由於國際航線的單價較高，同比增長速度更快。
In 1H24, the firm's non-aviation business recovered to 42% of the level in 1H19, up 30% YoY. The recovery is relatively slow as the rally of the retail business remained weak compared with the pre-pandemic level.
2024年上半年，該公司的非航空業務恢復到2019年上半年的42%，同比增長30%。由於零售業務的復甦相對較慢，與疫情前的水平相比，回升仍然較爲疲弱。
Effective control over operating cost. The firm's operating cost rose 5% YoY in 1H24, maintaining a low growth rate despite continued recovery in business volume. As the firm's business operations continued to recover, costs of repair and maintenance, water and electricity, and operation services rose 12%, 14%, and 5% YoY in 1H24, and labor costs increased 17% YoY.
有效控制營運成本。2024年上半年，該公司的營運成本同比增長5%，儘管業務量持續恢復，但增速仍較低。隨着業務運營的繼續恢復，維修和保養費用、水電費用和運營服務費用2024年上半年同比分別增長12%、14%和5%，勞動力成本同比增長17%。
Trends to watch
需要注意的趨勢
Tourist traffic solid during summer vacation; new downtown DFS policy may partially boost rental income. The firm's passenger throughput grew 8% YoY in July 2024 (67% of the level in the same period in 2019), with domestic and international passenger throughput recovering to 72% and 55% of the 2019 level. Recently, the Ministry of Finance and four other departments jointly issued new regulations regarding pre- departure downtown duty-free shopping. According to corporate announcement on December 26, 2023, if duty-free merchants establish pickup points in duty-free business areas at airports, the fees charged by the airport will be based on the standards outlined in a supplementary agreement. Therefore, we expect the company to benefit from rising rents driven by the development of duty-free shopping in the market.
暑假期間遊客流量穩定增長；新的市區免稅店政策可能部分推動租金收入增長。2024年7月，該公司的旅客吞吐量同比增長8%（相對於2019年同期的67%），國內和國際旅客吞吐量分別恢復到2019年水平的72%和55%。近日，財政部和其他四個部門聯合發佈了關於離境市區免稅購物的新規定。根據2023年12月26日的公司公告，如果免稅商戶在機場的免稅經營區域設立提貨點，機場收取的費用將根據補充協議中的標準確定。因此，我們預計該公司將受益於市場免稅購物發展帶動租金上漲。
Financials and valuation
財務和估值。
As the recovery of the firm's commercial business is slower than we expected, we lower our 2024 earnings forecast to -Rmb478mn (vs. previous forecast of Rmb107mn) and 2025 net profit to Rmb182mn (vs. previous forecast of Rmb657mn).
由於公司商業業務的復甦速度低於我們的預期，我們將2024年的盈利預測下調至-Rmb478mn（上次預測爲Rmb107mn），並將2025年的淨利潤下調至Rmb182mn（上次預測爲Rmb657mn）。
The stock is trading at 0.7x 2024e P/B and 0.6x 2025e P/E.
該股票的市盈率爲0.7倍2024年預期股東權益與0.6倍2025年預期市盈率。
We maintain an OUTPERFORM rating and our target price of HK$2.9 (based on 0.8x 2024e P/B), offering 24% upside.
我們維持跑贏市場的評級，並將目標價定爲HK$2.9（基於0.8倍2024年預期市淨率），提供24%的上漲空間。
Risks
風險
Disappointing recovery of tourist traffic; higher-than-expected capex.
遊客數量恢復不及預期；資本支出高於預期。
譯文內容由第三人軟體翻譯。
