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Operator of Guangzhou Baiyun International Airport, one of China's busiest hub airports.
Operator of Guangzhou Baiyun International Airport, one of China's busiest hub airports.
Landing, parking and passenger charges are set under regulator guidance, and commercial rent from shops, duty-free, advertising and ground services is the other part, so passenger and flight numbers decide income. Guangdong Airport Authority, a provincial body, controls it.
Moat: narrow (regulatory licence, scale, installed base). Licensed sole operator of a top-5 Chinese hub airport with high barriers to new capacity.
Headquarters: Guangzhou, China · Employees: 10,245
Size Guangzhou Baiyun International Airport (600004.SS) is a China Industrials company (Other Transportation) with a market value of $3.18B, the 811th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.22 on 6 Nov 2026.
Performance Over six months the shares fell 5.8%, against -2.8% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 8.8% over the last twelve months (peer median +2.5%); the operating margin is 10.5% (peer median 11.5%).
Valuation It trades at 25.2× forward earnings against a peer median of 13.4× (2nd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥8.46B | CN¥7.94B | CN¥7.41B | CN¥6.41B | CN¥3.97B |
| Revenue growth | — | +7% | +15% | +62% | — |
| Gross profit | CN¥2.86B | CN¥1.99B | CN¥1.93B | CN¥1.29B | -CN¥1.00B |
| EBITDA | n/a | CN¥2.55B | CN¥2.95B | CN¥2.33B | CN¥387M |
| Net income | CN¥1.06B | CN¥1.47B | CN¥926M | CN¥442M | -CN¥1.07B |
| Free cash flow | CN¥1.71B | CN¥2.38B | CN¥3.05B | CN¥1.80B | CN¥58.4M |
| Capital expenditure | CN¥876M | CN¥737M | CN¥388M | CN¥597M | CN¥864M |
| Total debt | CN¥1.55B | CN¥1.68B | CN¥1.99B | CN¥2.30B | CN¥3.35B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Guangzhou Baiyun International Airport 600004.SS | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% |
| Shenzhen Airport 000089.SZ | $2.08B | -5% | +5% | 17% | 14.2× | -6.4% |
| Xiamen International Airport 600897.SS | $892M | -12% | +33% | 28% | 12.1× | -16.5% |
| Shanghai International Airport 600009.SS | $9.22B | -9% | +7% | 19% | 23.7× | -2.6% |
| Beijing Capital International Airport 0694.HK | $914M | -21% | +6% | 0% | 183.1× | 40.5% |
| Hainan Meilan International Airport 0357.HK | n/a | -41% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600004.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.2% | 0.0% | 5th highest of 21 |
| 6-month return | -5.8% | -2.8% | 8th lowest of 21 |
| Distance from 52-week high | -21.0% | -17.5% | 8th lowest of 21 |
| Revenue growth (TTM) | +8.8% | +2.5% | 5th highest of 21 |
| Operating margin | 10.5% | 11.5% | 10th lowest of 21 |
| Forward P/E | 25.2× | 13.4× | 2nd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -12.5% | -1.7% | 2nd least demanding of 15 |
| Growth delivered (Del g) | +8.8% | +8.0% | 8th highest of 15 |
| Hurdle (Req g minus delivered) | -21.3 pp | -5.0 pp | 4th least demanding of 15 |
| ROIC minus cost of capital | +5.5 pp | -0.4 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% | +8.8% |
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 26.9× | 13.8% | +6.0% |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 18.6× | n/a | n/a |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |
| Shenzhen Expressway 600548.SS | China | $2.99B | -4% | -5% | 17% | 14.4× | 0.6% | +2.9% |
| Japan Airport Terminal 9706.T | Japan | $3.46B | +16% | +8% | 17% | 19.2× | -2.3% | +40.7% |
| Sichuan Expressway 601107.SS | China | $2.89B | +16% | +7% | 27% | 13.2× | n/a | n/a |
| Xiamen Port Development 000905.SZ | China | $2.87B | -25% | +14% | 4% | n/a | 4.2% | +7.1% |
| Guangzhou Port 601228.SS | China | $3.54B | -3% | -18% | 11% | n/a | n/a | n/a |
| Qinhuangdao Port 3369.HK | Hong Kong | $2.77B | +5% | +7% | 23% | 6.7× | -13.2% | +2.0% |
| Sankyu 9065.T | Japan | $2.76B | -9% | 0% | 7% | 12.2× | -1.1% | +3.4% |
| Kamigumi 9364.T | Japan | $2.71B | -12% | +5% | 12% | 15.5× | -3.2% | +1.9% |
| Atlas Arteria ALX.AX | Australia | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% | +8.9% |
| Wilh. Wilhelmsen WWI.OL | Norway | $3.87B | +23% | -4% | 10% | 8.4× | 6.2% | +11.0% |
| Xiamen Xiangyu 600057.SS | China | $2.59B | -14% | +9% | 1% | 8.7× | n/a | n/a |
| Corporacion America Airports CAAP | United States | $4.00B | -3% | +16% | 23% | 9.6× | -6.3% | +26.4% |
| SIA Engineering S59.SI | Singapore | $2.51B | -10% | -3% | 3% | 17.7× | 19.3% | +26.3% |
| Anhui Expressway 0995.HK | Hong Kong | $4.18B | -3% | -17% | 45% | 10.5× | -5.8% | +16.6% |
| Kintetsu 9041.T | Japan | $4.23B | +5% | +2% | 5% | 13.5× | n/a | n/a |
| Nagoya Railroad 9048.T | Japan | $2.38B | +8% | -2% | 5% | 11.0× | n/a | n/a |
| Tangshan Port 601000.SS | China | $4.27B | +3% | +10% | 39% | 13.9× | -11.0% | -6.2% |