【英文】汇丰银行报告：中国机场行业报告China Airports Initiate coverage: A clear runway to higher returns（95P）

英文研究报告 2019年12月06日 07:20 管理员

Over half a billion passengers each year. An airport with plans for eight runways. Some of the cheapest duty free prices in the world. Like many industries in China, the country’s airports have some dazzling statistics. But it’s easy to lose sight of what the real drivers of profit are for the large listed airports and which is the focus of this report. In short, we see an earnings upcycle ahead thanks a wide range of positives like increasing numbers of international travelers, higher spending on cosmetics at duty free and higher charges for takeoffs and landings. China’s aviation industry has grown rapidly over the past thirty years with the country now home to the world’s second-biggest market in terms of passengers handled in 2018. Airports across this vast country now number 235, from just 78 in 1978, and 37 of them handle over 10m passengers a year. Eight of the world’s top 50 airports by passenger traffic are now in mainland China1 .

As we show in this report, airports are now a lot more than just a place to catch a ride as they are becoming shopping destinations in themselves, especially duty-free shopping. Secondly, while China has plenty of small and medium-sized airports, the majority of these operate at a loss and it’s the larger airports that are the most profitable and the focus of this report. In 2018, the six listed airports of Shanghai, Beijing, Guangzhou, Shenzhen, Xiamen and Haikou collectively contributed 32% to the industry’s total revenue and 59% to the total profit. For tier-1 airports (those located in tier-1 cities), while passenger traffic is growing steadily, the really exciting earnings drivers are rising spending by travelers and better monetisation of their land, buildings and equipment. We see airports raising their aeronautical charges, like landing and parking fees, to be in line with international peers and adopting more market-pricing policies. For airports like SIA, the biggest growth should come from its shift to handling more international travelers and higher spending in duty free. It’s no surprise then that overall, we see earnings and investment returns of tier-1 airports currently in an upcycle.

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