上海機場 (600009.CH): 一季度開局良好 June 11, 2018

投資建議

基於強勁的非航業務收入增長預期,預示著公司正在開啟新一輪穩健成長週期我們 上調公司2018 年的每股EBITDA,同時引入2019 年預測值,提高目標價為人民幣63 元,分別對應18.3/16.6 倍估值倍數,維持“增持”評級。(現價截至6 月7 日)

業績保持高速增長

上海機場2017 年營業收入80.6 億元,同增15.9%;歸母淨利潤36.8 億元,同增 31.3%,基本每股收益1.91 元,基本符合我們預期,略高3%左右。每股派息0.58,派 息率30%。加權淨資產收益率提高2.6 個百分點至15.5%。 2018 年首季財報顯示公司業績增長勢頭不減,2018Q1,營業收入達到22.81 億元,同 比增20.35%;實現歸母淨利潤10.18 億元,同比升28.62%;基本每股收益0.53 元。

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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