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Yang Die, reporter of Yangtze Business Daily Pentium News

As the domestic civil aviation industry continues to recover, Shanghai Airport (600009.SH) has launched equity incentives.

On the evening of July 22, Shanghai Airport announced that it plans to repurchase 5.2543 million to 10.5085 million shares of the company through centralized bidding transactions, with the repurchase price not exceeding 50.46 yuan per share. It is estimated that the total amount of funds the company intends to use for the repurchase will not exceed 530 million yuan. The purpose of the repurchased shares is to use them for equity incentives.

Specifically, Shanghai Airport plans to grant no more than 10.5085 million restricted A-shares to incentive targets, accounting for about 0.42% of its current total share capital. Among them, 8.4068 million shares are granted for the first time and 2.1017 million shares are reserved for grant, accounting for about 0.34% and 0.08% of the company's total share capital respectively.

The first recipients of incentives under the plan will be the company's directors, senior management and other core backbone personnel, totaling no more than 300 people, accounting for approximately 2.31% of the company's total number of employees at the end of 2023.

Regarding this equity incentive plan, Shanghai Airport stated that it aims to further improve the company's corporate governance structure, achieve medium- and long-term incentives and constraints on the company's directors, senior management and other core backbone personnel, fully mobilize their enthusiasm and creativity, and more closely integrate their interests with the company's long-term development, prevent talent loss, and achieve sustainable development of the company.

In fact, stock repurchases by listed companies are often seen as an important signal that the company is confident in its own value and future development.

In 2023, as the national economy rebounded and the civil aviation industry continued to recover, the Shanghai aviation hub achieved restorative growth, and its cargo and mail throughput ranked third among global cities. As a result, the operating performance of Shanghai Airport was greatly improved.

According to the financial report, after three consecutive years of losses from 2020 to 2022, Shanghai Airport's overall operating conditions improved in 2023, with operating income of 11.047 billion yuan, a year-on-year increase of 101.57%; net profit and non-net profit were 934 million yuan and 829 million yuan respectively, both turning losses into profits year-on-year; the company's main business gross profit margin was 14.07%, an increase of 78.23 percentage points year-on-year.

The high growth trend of performance continued this year. According to the performance forecast released by Shanghai Airport on July 9, the company expects to achieve a net profit of 710 million yuan to 870 million yuan in the first half of this year, a year-on-year increase of 435.87% to 556.63%; non-net profit is 701 million yuan to 861 million yuan, a year-on-year increase of 550.34% to 698.77%.

In the first quarter of this year, Shanghai Airport achieved operating income of 3.029 billion yuan, a year-on-year increase of 40.61%; net profit and non-net profit were 386 million yuan and 382 million yuan, respectively, a year-on-year increase of 488.3% and 480.46%. According to the performance forecast data, Shanghai Airport's net profit in the second quarter ranged from 324 million yuan to 484 million yuan, a year-on-year increase of 39.78% to 108.8%; non-net profit ranged from 319 million yuan to 479 million yuan, a year-on-year increase of 53.14% to 129.96%.

In addition, the main business volume of Shanghai's two major airports has accelerated its recovery. The latest operating conditions released by Shanghai Airport show that in June, Pudong International Airport had 42,409 aircraft takeoffs and landings, a year-on-year increase of 15.55%; passenger throughput was 6.2711 million, a year-on-year increase of 31.58%. Hongqiao International Airport had 21,677 aircraft takeoffs and landings, a year-on-year decrease of 2.84%; passenger throughput was 3.8849 million, a year-on-year increase of 6.02%.

Based on good performance and confidence in the company's continued positive development in the future, Shanghai Airport will pay a cash dividend of 299 million yuan in 2023, accounting for 32.01% of the net profit of the year. According to statistics from the Yangtze Business Daily Pentium News reporter, the company's cumulative dividends since its listing have reached 11.643 billion yuan.