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【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.

【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)

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