Shanghai Airport (600009): International Passenger Explosion Accelerates in November

Shanghai Airport (600009): International Passenger Explosion Accelerates in November

Company Status Shanghai Airport announced production data for November 2019: takeoffs and landings increased by 10 years2.

0%, visitors to Tanzania grow by 3 per year.

1%, the long-term growth of cargo mailing 7.

9%.

According to calculations, from January to November 2019, takeoffs and landings increased by two in two years.

7%, the number of passengers is increasing by 3 per year.

2%, long-term decline of goods and mail 4.

2%.

Comment on the ten-year growth rate of production in November.

The company ‘s landings 深圳桑拿网 and landings in November increased by 2% in the first half of the year, higher than the -1 in October.

1%; the number of passengers increases by 3 per year.

1%, up from -0 in October.

8%, the average 10-year growth rate turned positive, mainly due to the rapid growth of international routes.

Affected by the significant increase in the capacity of the Japanese line of the airline company, the growth rate of the international line increased significantly in November.

Since November, the number of landings has increased by ten years.

5%, and the number of passengers is increasing by 8 per year.

3%, the fastest growth rate since February this year.

According to CAPA data, the number of seats on the Japanese route of Pudong Airport in November increased by about 20% each year (the number of seats on the Japanese 南京夜网 route accounts for 25% of the total international routes). We believe that the increase in air transport capacity has led to the demand for going to Japan and contributed most of the international routes.Increment.

Regional line passenger performance further weakened.

The regional line takeoff and landing interval in November was 14 at a time.

8% of passengers explode at least 25 per year.

2%, down from -8 in October.

3%, -21.

9% expansion further dragged down overall operating performance.

In November, the number of outbound tourists (international, Hong Kong, Macao, and Taiwan) had a slight increase in growth rate, which is beneficial to tax-free business.

The company’s outbound passenger explosion in November (international, Hong Kong, Macao and Taiwan) was 298.

10,000 person-times, an annual increase of 2%, every October earlier than every 0.

3% has improved; from January to November 2019, the number of outbound passenger explosions was 35.43 million, a long-term increase of 2.

8%.

The rebound in outbound passenger volume is expected to benefit the performance of tax-free business.

Estimates suggest that current companies can sustainably correspond to 2019/2020 28.

8/26.

2x P / E.

Maintain 2019/2020 profit forecast52.

59/57.

7.1 billion yuan.

Maintain outperform industry rating and target price of 90 yuan, corresponding to 30 times the price-earnings ratio in 2020, corresponding to the current ongoing 14.

5% upside. Risk Aviation demand was less than expected, and tax-exempt income was less than expected.