Airports in China - Industry Report.pdf
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1、CONTENTS Error! No text of specified style in document. March 2012 | 1-800-330-3772 | IBISWorld Industry Report 5531 Airports in China March 2012 About This Industry . 2 Industry Definition 2 Main Activities . 2 Similar Industries . 2 Additional Resources . 3 Industry Performance 4 Executive Summa
2、ry . 4 Key External Drivers 4 Current Performance . 5 Industry Outlook 8 Industry Life Cycle . 10 Products Guangzhou Baiyun International Airport (44.7 million); Shanghai Pudong International Airport (39.6 million); Shanghai Hongqiao International Airport (33.1 million); and Shenzhen Baoan Internati
3、onal Airport (28.2 million). Characteristics of airport businesses WWW.IBISWORLD.COM.CN Airports in China March 2012 6 Due to their specific geographic locations, airports show some monopolistic characteristics while operating as public infrastructure. Therefore, the government regulates aeronautica
4、l business charges at airports to prevent operators from gaining excessively from monopolized earnings. Without regulations, airport operators could increase their earnings, which would also inflate air transportation prices. This could act as an obstacle to local traffic and economic development. F
5、ixed assets at airports account for a large proportion of total assets. For example, the Shanghai Pudong Airport and Guangzhou Baiyun Airport have over 80% of total assets as fixed, while the Shenzhen Baoan Airport is at roughly 50% to 60%. Following the completion of airport facilities, depreciatio
6、n and some other fixed costs are often relatively stable, which leads to a high degree of operating leverage of airport operators. Therefore, cost controls on labor, utilities, maintenance and other outlays greatly affect airport profitability. The operating income and depreciation levels of airport
7、s can provide high cash flows for the company to cover daily operational costs. As air traffic volumes remain stable and capital expenditures decrease, the airport can become a cash cow to its operators and investors can receive stable returns. Non-aeronautical services Airports have become traffic
8、hubs for high-end passengers and valuable cargo. There are currently seven domestic airports each with average daily passenger numbers of about 81,227 persons. Daily passenger volume at Beijing Capital Airport has surpassed the number for Hong Kong Airport and Frankfurt Airport, averaging 219,178 pe
9、ople a day in 2011. Beijing Capital Airport, Shanghai Pudong Airport and Guangzhou Baiyun Airport have all reached the mainstream level for major international airports worldwide (111,000 people a day), which means preliminary conditions for developing non-aeronautical businesses have been met. Non-
10、aeronautical services provided by airports, such as the leasing of commercial properties and advertising space, serve as secondary businesses for domestic airports, yet provide higher value-added services and offer greater profit opportunities. However, the transferring passenger ratio in major dome
11、stic airports is currently lower than that of foreign international airports, which reduces the market value of these commercial properties. Currently, non-aeronautical business services of domestic airports are restrained by the three factors: a lack of marketing and management knowledge to conduct
12、 the services in this segment; weak transport hubs in major Chinese airports; and unclear definitions from the government regarding the management and operation rights of airport operators on related resources. Charging standards On March 1, 2008, the Civil Airport Charging Reform Scheme was formall
13、y issued. The scheme unifies and defines airport charge items, and divides them into aeronautical and non-aeronautical business charges. The scheme issues base charging standards and states that aeronautical charges and important non- aeronautical charges may not increase, as increases may have a ne
14、gative effects on aeronautical businesses of airport operations. Non-aeronautical business services of domestic airports are restrained by the following three factors: a lack of marketing and management knowledge to conduct the services in this segment; weak transport hubs in major Chinese airports;
15、 and unclear definitions from the government regarding the management and operation rights of airport operators on related resources. WWW.IBISWORLD.COM.CN Airports in China March 2012 7 Aircraft journeys and passenger throughput in China Years Aircraft journeys Thousands Growth % change Passenger th
16、roughput Million Growth % change 2007 3940.8 N/C 387.6 N/C 2008 4226.7 7.3 405.8 4.7 2009 4738.1 12.1 486.1 19.8 2010 5373.0 13.4 564.3 16.1 2011* 6138.0 14.2 634.3 12.4 2012* 6789.0 10.6 688.2 8.5 SOURCE: NATIONAL BUREAU OF STATISTICS CHINA NOTE: * ACMR-IBISWORLD ESTIMATES WWW.IBISWORLD.COM.CN Airp
17、orts in China March 2012 8 Industry Outlook The Airport industry in China is forecast to maintain solid growth in the five years through 2017. ACMR- IBISWorld projects industry revenue to increase at an annualized rate of 6.3% during the period to total $11.3 billion. Over 55 new airports are expect
18、ed to be added to Chinas airport system in this time, taking the total number of airports in China to 234 by 2017. Those airports are expected to handle 470 million passengers and 10.1 million flights annually by 2017. Demand for air transport is largely determined by the overall economic conditions
19、 within China. The Chinese economy is expected to maintain a solid performance in the next five years, and this will increase demand for air transport. Supply factors include new airlines and the transport capacity of existing airlines. The Civil Aviation Administration of China (CAAC) does not gene
20、rally approve the establishment of new airlines, so supply factors depend on changes in the transport capacity of existing airlines. To reduce the lingering effects of the global recession on the economy, the CAAC will continue to restrain transport capacity to promote supply and demand equilibrium
21、in the market. This will have a negative impact on the Airport industry. Planned airport construction investment According to the Twelfth Five-Year Plan of domestic civil aviation released by the CAAC, in the five years to 2015, the throughputs of passengers and freight are expected to grow 11.0% an
22、d 10.0% per year, respectively. Air transportation capacity is expected to increase considerably to 230 airports in total. Another aim of the Twelfth Five-Year Plan is energy saving and emission reduction. Five key laboratories and 10 major sci-tech specialties will be constructed during the period.
23、 The CAAC plans to construct airports and main airport projects in Chengdu, Xian, Guangzhou and 40 regional airports in Yanan, Lvliang and Huaian. The investment for these construction projects will total almost $30 billion. Airports will be constructed in Shanghai (Pudong), Chengdu, Wuhan, Nanjing,
24、 and over 20 regional airports in Daocheng Yading Natural Reserve area and other cities, with total investments for these projects reaching $36 billion. Forecast aircraft journeys and passenger throughput in China Year Aircraft journeys Thousands Growth % change Passenger throughput Million Growth %
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