Shenzhen Airport And Baiyun Airport Have Different Points Of View.

Recently, we carried out the two major airports, [6.11 -0.97% share of Shenzhen airport and Baiyun Airport [8.92 0.34% shares. annual report Investigation and research.

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Shenzhen Airport: Universiade Soon

Security is still the focus.

Shenzhen Airport T3 building plans to complete the curtain wall in August this year, then enter the interior decoration and system line. It will still be put into operation according to the plan at the end of 2012, and some companies need to transfer, but at that time, it will be close to the Spring Festival. Therefore, in order to protect the Spring Festival transportation, it may be transferred before the Spring Festival or after the Spring Festival transportation. The specific time should be based on the progress of the construction. If the progress is fast, it will only affect the depreciation in November 2012 and December. In addition, the second runway is expected to be put into operation in June this year.

At present, there are 3 air exits in Shenzhen airport. After the two runway and the T3 building are put into operation, the pressure on the ground facilities can be solved. The design capacity of the terminal is 17 million passenger throughput, and 26 million is needed at present. However, the air export and the tension in the Pearl River Delta airspace will bring pressure to the company's substantial increase in future flights. The company believes that the civil aviation sector is making technological innovations in the near future to increase traffic without increasing airspace.

Non airline revenue is mainly rental and advertising. The lease is divided into commercial and catering businesses. The business contract period is 1~3 years, and the contract period is 3~5 years. The amount of guarantee and royalty will increase with the increase of passenger throughput, but the coefficient of different location and nature of berths and throughput growth is different. After the expiration of the contract, the company uses bidding to basically achieve market pricing.

The Universiade will be held in Shenzhen during the Summer Universiade, while summer transportation is the peak of aviation. If the passenger flow decreases due to the security of the Universiade, it will affect the airport's income level. Judging from the Olympic Games and the Asian Games, we do not rule out the possibility of the negative impact of security on summer transport. Our performance forecasts for the company from 2011 to 2013 were 0.42 yuan, 0.45 yuan and 0.31 yuan respectively, corresponding to the 14.01 times, 13.09 times and 19.46 times of the P / E ratio, maintaining the "prudent recommendation" rating.

Baiyun Airport: Asian Games subsidy

Yes achievement Thickening Limited

Although the state approved 4 trillion investment, the three runway and the second terminal building of Baiyun Airport were in it. But for now, the three runway is not on the agenda. The company's existing terminal No. 1 also includes East Fourth and West Fourth corridor, so we judge that terminal two is far away. To sum up, there will be no large capital expenditure in the next 1~2 years.

With the Asian Games related facilities received 250 million of the government subsidy. Last year, it accounted for about 3 million of the operating income. As the item was amortized in the year and included in the operating income, we expect that there will be a fixed income of 10 million yuan ~2000 yuan per year in the future, but the impact on the company's earnings per share will be very limited, about 1 cents.

The company's register and labor contract workers are close to 12 thousand people, and the workers in the book and labor contract are about 1:2, and the wages are about 27% of the total cost.

Due to the higher security requirements of the Asian Games, the Security Checklist doubled after the commissioning of East three and West three, so the number of workers in the register and labor contract increased significantly. According to the employees in the register, only 70 people increased in 2009. We believe that the number of employees on the books increased by 13% in 2010 due to the expansion of capacity and the demand for Asian Games protection. Therefore, the failure to increase staff on 2011 will be a big probability event. In conclusion, 27% of the labour expenditure is likely to decrease in 2011.

Baiyun, capital and Haikou airport will continue to enjoy the subsidy of airport construction fee refund in the next 5 years. At present, there is no supplementary definition of the return ratio, but only the continuation of this policy. We expect to maintain a 50% return ratio as a big probability event.

The company acquired some assets in the flight area, completed the expansion of East three and West three corridors, upgraded and improved the security inspection channel, international area, baggage system, traffic flow, identification system and other facilities, and renting the resources of the brothers warehouse, providing support for the protection of the new capacity. Although the Shenzhen airport's two runway opened in June, there was a diversion of the company's production volume. However, at present, the factors such as the increase in the number of landing hours in Shenzhen airport are not clear. Our performance forecasts for the company from 2011 to 2013 are 0.62 yuan, 0.70 yuan and 0.74 yuan respectively, corresponding to the 14.20 times, 12.66 times and 12 times of the P / E ratio, and maintain the "recommended" rating.