Financial Comparison of Five Major Airport Companies

Deep News11-14

With the official announcement that the Hainan Free Trade Port will commence full-island customs closure operations on December 18, 2025, Hainan Airport has recently garnered significant market attention. This policy aims to establish a special customs-regulated zone, implementing a new management system to position Hainan as a key gateway for China's further opening-up. Against this backdrop, we analyze the financial performance of five major airport companies in China.

**Featured Companies**: Shanghai Airport, Hainan Airport, Baiyun Airport, Shenzhen Airport, and Beijing Capital Airport.

### **Revenue & Profit Comparison** 1. **Total Revenue (Unit: RMB billion)** - Over the past four quarters, Shanghai Airport led with RMB 12.9 billion, while Hainan Airport trailed at RMB 4.6 billion. - The 10-year revenue CAGR was highest for Hainan Airport (13.1%) and lowest for Beijing Capital Airport (-4.0%). - By market cap, Shanghai Airport ranked first (RMB 85.2 billion), and Beijing Capital Airport last (RMB 12.4 billion). - Price-to-sales ratios: Hainan Airport (13.59x) and Beijing Capital Airport (2.33x).

2. **Net Profit Attributable to Shareholders (Unit: RMB billion)** - Shanghai Airport posted the highest profit (RMB 2.37 billion), while Beijing Capital Airport reported a loss (RMB -1.17 billion). - Shanghai Airport also led in 10-year net profit CAGR (17.1%). Post-pandemic, Shanghai and Baiyun Airports recovered faster, while Shenzhen Airport lagged, and Beijing Capital Airport remained unprofitable. Hainan Airport’s recent profits still fall short of 2023 levels. - Compared to pre-pandemic 2019, Baiyun Airport surpassed its 2019 net profit, Shenzhen Airport matched it, while Shanghai Airport’s profit halved.

### **Profitability & Competitive Edge** 3. **Gross & Net Margins** - Hainan Airport had the highest TTM gross margin (37%); Beijing Capital Airport was loss-making. - Shanghai Airport’s TTM net margin topped at 18.4%; Beijing Capital Airport remained unprofitable.

4. **ROE & ROIC** - Baiyun Airport’s TTM ROE and ROIC were highest (7.1%); Beijing Capital Airport was loss-making.

### **Global Peer Comparison** Data from iFinD@Tradingcomps.com shows 22 listed airport operators globally. - **Top Player**: Spain’s Aena SME (market cap: RMB 286.8 billion/USD 40.3 billion), the world’s largest airport operator by passenger traffic, manages 46 airports in Spain and holds stakes in 23 international airports, including London Luton Airport (51%) and Brazil’s Northeast Airport Group. - Industry median: Market cap RMB 48 billion, P/E 22x, P/S 4.74x. - Shanghai Airport ranks 4th globally by market cap; Hainan Airport ranks 8th.

**Investment Note**: Despite geographic moats, the airport sector faces high capex, volatile earnings, and growth constraints, limiting long-term capital appeal. This analysis serves as a reference for sector-focused investors.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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