Investment Rating - The report maintains an "Outperform" rating for the company [4]. Core Insights - Eastern Airlines Logistics is a leader in China's air freight industry, with a market share of nearly 20%. The company has a competitive advantage due to its fleet of 14 B777 freighters and a strong international route network [1][21]. - The demand for international air freight is expected to grow significantly in 2024, driven by the rapid development of cross-border e-commerce platforms like SHEIN and TEMU, as well as a recovery in global manufacturing [1][28]. - The company's three main business segments—air express, ground services, and integrated logistics solutions—are expected to contribute to its growth, with the integrated logistics segment showing a compound annual growth rate (CAGR) of approximately 36% from 2018 to 2023 [1][32]. Summary by Sections Company Overview - Eastern Airlines Logistics has been deeply involved in the air logistics industry for 20 years and became the first publicly listed air logistics company in China in 2021. The company has undergone significant structural changes, including a mixed-ownership reform [21][28]. Industry Trends - The international air freight market in China is characterized by a tight supply-demand balance, with freight rates expected to rise steadily. The company benefits from a concentrated competitive landscape and the booming cross-border e-commerce sector [1][28]. Business Segments - The air express business is highly sensitive to freight rate fluctuations, while the ground services segment provides stable revenue and high margins. The integrated logistics solutions segment is positioned for strong growth due to the increasing demand for comprehensive logistics services [32][33]. Financial Forecasts - The company is projected to achieve net profits of 3.05 billion, 3.54 billion, and 4.12 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 23%, 16%, and 16% [2][4]. The estimated earnings per share (EPS) for the same years are 1.92, 2.23, and 2.59 yuan [2]. Valuation - The report estimates a reasonable valuation range for the company's stock at 19.20 to 21.20 yuan, indicating a potential upside of 16% to 28% from the current price [4][2]. The current price-to-earnings (PE) ratio is projected to be 9, 7, and 6 for the years 2024, 2025, and 2026, respectively [2].

证券研究报告 交通运输 | 物流 非金融|首次覆盖报告 hyzqdatemark 2024 年 11 月 18 日 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 东航物流：航空货运龙头，国际货运景气助力业绩高增。东航物流前身为上海东方 远航物流有限公司，成立于 2004 年 8 月，并于 2021 年上交所上市，成为国内首家 货运上市公司。公司通过天网+地网构建全方位、立体化的物流网络，为客户提供从 提货、仓储、运输到配送的一站式综合物流解决方案，目前公司业务主要由航空速 运、综合物流解决方案和地面综合服务三部分构成，2023 年收入占比分别为 44%/44%/12%，毛利占比分别为 51%/28%/22%。航空速运业务为公司基本盘，其 中货机业务享受国际货运价格弹性，综合物流解决方案享跨境电商物流高景气，为 市场表现： 公司第二成长曲线，地面综合服务卡位核心货站资源，盈利能力较为稳定。 | --- | --- | |---------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported significant growth in Q3 2024, with operating revenue reaching 6.39 billion yuan, a year-on-year increase of 31.5%, and net profit attributable to shareholders of 790 million yuan, up 100.7% year-on-year [4][6] - The report highlights the continuation of favorable market conditions, with the average air freight price at Pudong Airport increasing by 33.0% year-on-year, and stable air freight volume and price on a quarter-on-quarter basis [4][6] - The company is expected to benefit from the upcoming peak season for cross-border e-commerce, which is anticipated to accelerate profit release [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 17.67 billion yuan, a 24.2% increase year-on-year, and a net profit of 2.07 billion yuan, up 24.1% year-on-year [4][6] - In Q3 2024, the company's revenue from air express, ground integrated services, and comprehensive logistics solutions was 2.27 billion, 640 million, and 3.47 billion yuan respectively, with year-on-year growth rates of 18.1%, 10.2%, and 48.2% [4][5] Profitability - The gross profit for Q3 2024 was 1.28 billion yuan, reflecting a year-on-year increase of 73.1%, with the gross profit margins for air express, ground services, and logistics solutions showing significant variations [5] - The report notes a decrease in period expenses and an increase in government subsidies, contributing to a substantial rise in profitability [5][6] Future Outlook - The company has announced a shareholder return plan for 2024-2026, committing to distribute 30%-50% of net profit attributable to shareholders as cash dividends, indicating a dividend yield of 3.4%-5.6% for 2024 [6] - Projected net profits for 2024-2026 are estimated at 3.03 billion, 3.50 billion, and 3.93 billion yuan respectively, with corresponding price-to-earnings ratios of 8.9, 7.7, and 6.9 [6]

证券代码：601156 股票简称：东航物流 公告编号：临 2024-052 东方航空物流股份有限公司 关于 5%以上股东部分股份解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 股东联想控股股份有限公司（以下简称"联想控股"）共计持有东方航 空物流股份有限公司（以下简称"公司"）股份数量 179,254,133 股，占公司总 股本比例为 11.29%。联想控股本次解除质押股份数量 53,500,000 股，本次解除 质押后，持有公司股份累计质押数量40,000,000股，占其持股数量比例为22.31%， 占公司总股本比例为 2.52%。 公司于 2024 年 11 月 1 日获悉，联想控股将其所持有的公司部分股份办理了 解除质押业务，具体事项如下： | 股东名称 | 联想控股股份有限公司 | | | | | --- | --- | --- | --- | --- | | 本次解除质押股份 | | 53,500,000 | | 股 | | 占其所持股份比例 | | | 29.85% | | | 占公 ...

沪深 300 -3.2% 13.8% 8.9% 市场数据 2024/11/01 2024 年 11 月 03 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 史亚州 S0350124060026 shiyz@ghzq.com.cn 联系人 ： 张晋铭 S0350124040003 zhangjm02@ghzq.com.cn [Table_Title] Q3 业绩同比实现高增，步入旺季景气有望延续 ——东航物流（601156）2024 年三季报点评 2024 年 10 月 30 日，东航物流发布 2024 年三季报： *物流*祝玉波》——2024-05-04 事件: 最近一年走势 《东航物流（601156）2024 年半年报点评：Q2 业绩实现高增，中期分红比例近五成（买入）*物 2024Q1-Q3，公司实现营业收入 176.74 亿元，同比增加 24.19%，录得 归母净利润 20.67 亿元，同比增加 24.14%，录得扣非归母净利润 19.38 亿元，同比增加 26.78%。 其中 2024Q3，公司实现 ...

Investment Rating - The investment rating for the company is "Buy" [4][6] Core Views - The company reported significant year-on-year growth in its performance, with a 31.55% increase in revenue to 6.388 billion yuan and a 100.65% increase in net profit to 790 million yuan in Q3 2024. The company is expected to benefit from the upward trend in the cross-border air transport industry, leveraging its core air transport capacity and cargo station infrastructure, which provides a clear competitive advantage. Additionally, the company is likely to sustain long-term dividends, enhancing shareholder returns [2][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 17.674 billion yuan, a year-on-year increase of 24.19%, and a net profit of 2.067 billion yuan, also up 24.14%. In Q3 alone, revenue reached 6.388 billion yuan, marking a 31.55% increase, while net profit surged by 100.65% to 790 million yuan [6][7]. - The company's ground service business generated revenue of 642 million yuan in Q3 2024, reflecting a 10.2% year-on-year increase, with a gross profit margin of 38.8% [6]. Industry Outlook - The cross-border e-commerce sector is experiencing rapid growth, with exports reaching 1.48 trillion yuan in the first three quarters of 2024, a 15.2% increase year-on-year. This growth is expected to continue, particularly with the upcoming traditional consumption peak in Europe and the United States, which will likely further boost the company's air transport and cross-border logistics performance [6][7]. - The average outbound air freight rate index in October 2024 was 4,977, representing a 4.6% increase compared to Q3 2023 and a 14.8% increase year-on-year [6]. Financial Projections - The company forecasts revenues of 25.239 billion yuan, 30.733 billion yuan, and 35.066 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.39%, 21.77%, and 14.10%. Net profits are projected to be 3.250 billion yuan, 3.694 billion yuan, and 4.119 billion yuan for the same years, with corresponding growth rates of 30.63%, 13.63%, and 11.52% [6][7].

公司点评报告 · 交通运输行业 24Q3 跨境电商景气继续，毛利率小幅回升 2024年10月30日 核心观点 | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------|---------------|--------------------------------------|--------------------| | | | | | | | ● | 事件:公司发布 2024 年三季度报告。财务数据方面,2024年 Q1-Q3，公司 累计实现营业收入 176.74亿,同比+24.19%;实现归母净利润 20.67亿元, | 东航物流 | (601156.SH) | | | ● | 同比+24.14%;扣非后归母净利润为19.38亿,同比+26.78%。 2024Q3,继续受益跨境电商高景气,公司综合物流营收同比显著 ...

证 券 研 究 报 告 东航物流（601156）2024 年三季报点评 推荐（维持） Q3 盈利 7.9 亿，同比+101%，行业渐入旺 季，静待运价弹性显现 ❖ 公司发布 2024 年三季报： ❖ 财务数据：2024 前三季度：营业收入 176.7 亿，同比+24.2%，归母净利 20.7 亿，同比 ＋24.1%，扣非归母净利 19.4 亿，同比＋26.8%。2024Q3：营业收入 63.9 亿，同比 +31.5%，环比＋5.4%，归母净利 7.9 亿，同比＋100.7%，环比＋14.7%，扣非归母净 利 7.4 亿，同比＋89.2%，环比＋10.8%。 ❖ 分业务板块看：Q3 综合物流解决方案收入+48.2%，毛利率同比+8pct 1）航空速运业务：Q3 收入 22.7 亿，同比＋18.1%，毛利率 21.3%，同比+8.0pct；前 三季度收入 66.1 亿，同比+2.4%，毛利率 19.85%，同比-4.1pct； 2）地面综合服务：Q3 收入 6.4 亿，同比＋10.2%，毛利率 38.8%，同比-7.3pct；前三 季度收入 18.6 亿，同比+6.5%，毛利率 39.65%，同比-0.02pct ...

证券代码：601156 股票简称：东航物流 公告编号：临 2024-049 同意聘任叶萌女士为公司总法律顾问，任期与第二届董事会任期一致。本议案 已经公司于 2024 年 10 月 28 日召开的第二届董事会提名委员会第 8 次会议审议通 过，提名委员会发表审核意见如下：经核查，叶萌女士的任职资格符合《公司法》 《公司章程》等相关法律法规及规章制度的要求，同意聘任叶萌女士担任公司总法 东方航空物流股份有限公司 第二届董事会第 21 次普通会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 东方航空物流股份有限公司（以下简称"公司"）第二届董事会第 21 次普通会 议根据《东方航空物流股份有限公司章程》（以下简称《公司章程》）《董事会议事 规则》的有关规定，经董事长郭丽君先生召集，于 2024 年 10 月 29 日以通讯方式 召开。公司按照规定时间向全体董事发出了会议通知和会议文件，本次董事会会议 应出席董事 10 人，实际出席董事 10 人。 会议的召集及表决程序符合《中华人民共和国公司法》和《公司章程》等有关 规 ...

证券代码：601156 股票简称：东航物流 公告编号：临 2024-051 东方航空物流股份有限公司 第二届监事会第 16 次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《中华人民共和国公司法》《东方航空物流股份有限公司章程》（以下 简称《公司章程》）及《公司监事会议事规则》的有关规定，东方航空物流股份 有限公司（以下简称"公司"）第二届监事会第 16 次会议于 2024 年 10 月 29 日以通讯方式召开，由监事会主席邵祖敏先生召集和主持。 公司按照规定时间向全体监事发出了会议通知和会议文件，本次监事会应出 席监事 3 人，实际出席监事 3 人。监事会会议的召集和召开符合国家有关法律、 法规及《公司章程》的规定，会议合法有效。本次监事会审议了有关议案，形成 决议如下： 一、审核通过《公司 2024 年第三季度报告》 监事会认为：公司 2024 年第三季度报告的内容与格式符合中国证券监督管 理委员会和上海证券交易所的各项规定；所包含的信息能从各方面客观、真实、 公允地反映出公司 2024 年第三季度的经 ...