利润率提升明显。公司成本管控效果持续显现，2024H1 公司毛利率27.6%，同比增长8 个百分点。费用端：2024H1 公司销售费用同比小幅微降，管理费用同比+12.9%，研发费用同比-33.9%；费用率（销售+管理+研发）同比下降1 个百分点至7.7%。2024H1 公司归母净利率12.7%，同比提升7 个百分点。Baiyun Airport announced 2024H1 results: the company achieved operating income of 3.46 billion yuan, +19.7% year-on-year, and net profit to mother of 0.438 billion yuan, an increase of 177.0% over the previous year.
Q2 The results have surpassed the same period in '19. With 2024H1, the company achieved operating income of 3.46 billion yuan, +19.7% year on year, net profit of 0.438 billion yuan, +177.0% year on year; of these, Q2 company achieved operating income of 1.797 billion yuan, +17.4% year over year, and net profit of 0.25 billion yuan, or +120.8% year over year, which is in line with previous performance forecasts and has exceeded the 2019 Q2 performance level. By business segment, 2024H1 aviation revenue was 1.44 billion yuan, +26.6% year over year, and non-aviation revenue was 2.02 billion yuan, +15.2% year over year; aviation business grew faster than non-aviation business.
Operating data continued to grow, and the number of international visitors recovered by about 70%. Judging from operating data, 2024H1's aircraft take-off and landing times, passenger throughput, and cargo and mail throughput were 0.2484 million, 36.6528 million passengers, and 1.1405 million tons, respectively, up 15.17%, 26.67%, and 25.53% year-on-year, respectively. Among them: 1) The number of domestic aircraft take-off and landing was +5.6%, and the number of domestic passengers was +14.6%; 2) the number of international aircraft take-off and landing was +80.4% year-on-year, and the number of international passengers was +140.9% year-on-year, recovering to 72% of 2019H1.
Profit margins have increased markedly. The company's cost control effect continues to show. The 2024H1 company's gross profit margin was 27.6%, an increase of 8 percentage points over the previous year. On the cost side: 2024H1's sales expenses decreased slightly year-on-year, management expenses were +12.9% year-on-year, R&D expenses were -33.9% year-on-year; the cost ratio (sales+management+R&D) decreased by 1 percentage point to 7.7% year-on-year. 2024H1's net profit margin to mother was 12.7%, an increase of 7 percentage points over the previous year.
Continued recovery of performance can be expected. Focus on the impact of the diversion of the Shenzhen-China channel and subsequent T3 production. Considering the uncertainty of duty-free consumption, the recovery of international travelers, and the impact of subsequent new production capacity, we expect the company's net profit to be 1/1.26/0.99 billion yuan respectively in 2024-26. The current stock price corresponds to 2024 P/E of 21.6 times and P/B to 1.2 times, downgrading the company's rating to “increase holdings”. It is recommended to continue to monitor the progress of international line restoration and duty-free consumption, as well as the impact of the Shenzhen-China channel. In the long run, we believe that Baiyun Airport is positioned as an international aviation hub leading the construction of a world-class airport complex in Guangdong, Hong Kong and Macao, and supports the strategy of a civil aviation power. The planned production capacity is sufficient; the non-aviation business is expected to unleash potential and contribute elasticity to the company's revenue.
Risk warning: macroeconomic downside risk; duty-free sales falling short of expectations; international passenger flow falling short of expectations; impact of new production capacity investment; impact of the diversion of the Shenzhen-China channel.
