Shenzhen Airport (000089): The production growth rate in the first two months has accelerated, and the number of landings and landings during the Spring Festival is better than the company expected

Shenzhen Airport (000089): The production growth rate in the first two months has accelerated, and the number of landings and landings during the Spring Festival is better than the company expected

Company situation Shenzhen Airport announced the production and operation data for February: takeoffs and landings increased for many years.

5%, total passenger compensation increased by 11%, freight delivery costs fell by 17.
.

9%.

From January to February, the number of landings and landings at Shenzhen Airport doubled.

7%, gradually increasing the ten-year growth rate of tourists.

9%, gradually the cargo and mail gradually decreased 3.

5%.

Comments The short-term growth rate of passenger traffic in February was flat in January, and the rise and fall growth rates were earlier than in January.

Shenzhen Airport ‘s passenger volume in February increased by 11% per year, which was basically the same as the growth rate in one month; the number of takeoffs and landings increased by 5 per year.

5%, down from January 7.

The growth rate of 8% is preliminarily due to the wrong period of the Spring Festival transportation in January, and the growth rate of takeoff and landing is high.

In February, the difference between passenger volume and takeoff and landing growth rate reached 5.

The five averages are the highest since April 2018, and we estimate that it is related to the generally higher flight load factor during the Spring Festival.

Taken together, the annual growth rate of downgrading from January 2, 2019 is 6.
.

7%, compared with January 5th, 2018.

3% per second growth rate is high 1.

4 units.

The number of flights during the Spring Festival was better than the company expected.

For 40 days during the Spring Festival, Shenzhen Airport gradually welcomed 622 passengers.

920,000 person-times (estimated more than 6.2 million person-times), an increase of 10 per year.

37%, lower than the 2018 Spring Festival11.

5% previous growth rate; gradually guarantee flight takeoffs and landings 4.
.

220,000 sorties (expected 4.

150,000 flights), an annual increase of 6.

8%, higher than June 2018.

The previous 3% growth rate was better than the company’s expectations. We estimate that it is mainly related to the company’s nightly overtime.

During the Spring Festival 2019, the company guarantees more than 600 domestic flights at night and welcomes nearly 100,000 passengers.

It is proposed to hire the group to provide logistics planning consultation, which will increase the amount of related party transactions.

The company announced the related party transaction announcement of the signing of the 上海夜网论坛 “Shenzhen Airport Logistics Service Agreement”. In order to enhance the freight protection capability, it is planned to hire a group to provide consulting services for the company’s logistics planning.

In accordance with the actual cost accounting payment for each contract year, the service fee paid by the company for the first year of the contract is capped at 1,769.

The service fee will increase by 470,000 yuan in accordance with 4% of the previous year, and the service period will be five years, totaling approximately 95.85 million yuan. We expect to increase the company’s related-party transaction quota.

From January 1 to 2019, it was disclosed that the total amount of related party transactions between the company and Airport Group and its related parties was approximately 97.57 million yuan. The actual amount of related party transactions in 2018 was 4.

293.4 billion.

Estimates suggest that current companies can sustainably correspond to 2019 / 2020e 19.

6 times / 16.
9 times P / E.

Maintain 2018/2019/2020 profit forecast7.

89/9.
49/11.

0.5 billion.

Maintain neutral rating and target price of RMB 9.

40 yuan is unchanged, corresponding to 2019 / 2020e 20.

4/17.

4x P / E, compared to current expectations of 3.

5% upside.

The risk aviation demand was lower than expected, the punctuality rate was lower than expected, the Baiyun Airport was diverted, and related party transactions exceeded expectations.