上海機場 (600009 CH): 非航業務開啟新一輪成長 February 9, 2018 1205

  • 2017前三季多賺近三成
  • 毛利率勁升8個百分點至48.2%
  • 航空性業務收入平穩微升
  • 非航業務持續強勁

估值

由“單航站樓雙跑道”向“多航站樓多跑道”運營模式的跨越,將説明公司開啟新一輪的穩健成長之路。我們上調公司2017/2018年的每股EBITDA將分別至2.8,3.25元人民幣,我們給予各約19/16倍估值倍數,提高目標價為人民幣52.1元,維持“增持”評級。

9 feb

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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