Investment Rating - The report assigns a "Buy" rating for the company, highlighting its position as a leader in air freight and benefiting from the high demand in cross-border logistics [4][9]. Core Views - The company is expected to experience significant growth due to improving air freight supply and demand dynamics, with international air freight demand projected to grow substantially driven by cross-border e-commerce [4][11]. - The company's operational flexibility is notable, with a significant impact on net profit from price fluctuations in air freight [5][11]. - The report anticipates that the company's revenue and profitability will improve as it expands its logistics services and capitalizes on its strategic positioning in the market [5][11]. Summary by Sections Company Overview - The company, established in 2004 and listed in 2021, is the first air freight company in China to go public. It operates a comprehensive logistics network that includes air express, integrated logistics solutions, and ground services, with revenue contributions of 44%, 44%, and 12% respectively in 2023 [1][59]. Air Freight Supply and Demand Improvement - Demand for air freight is expected to rise with economic recovery and cross-border e-commerce growth, with projected annual growth rates of 11.2%, 11.1%, and 9.9% from 2024 to 2026. International air freight demand is expected to grow at rates of 21.4%, 19.7%, and 16.0% during the same period [4][86]. - Supply growth is manageable, with a controlled increase in cargo aircraft capacity and a slower growth rate in passenger aircraft bellyhold capacity [4][86]. Revenue and Profitability Forecast - The company is projected to achieve net profits of 30.5 billion, 36.7 billion, and 43.4 billion yuan from 2024 to 2026, with corresponding P/E ratios of 8.8x, 7.3x, and 6.2x [9][11]. - Revenue from air express services is expected to grow significantly, with estimates of 111.7 billion, 129.5 billion, and 149.1 billion yuan from 2024 to 2026, reflecting growth rates of 22.3%, 15.9%, and 15.1% respectively [10][11]. Strategic Positioning - The company is well-positioned in the logistics market, leveraging its resources to extend its supply chain services and enhance its cross-border e-commerce capabilities, which are anticipated to become a second growth curve for the company [5][11]. - The company has established a strong presence in key cargo station resources, which is expected to stabilize and enhance profitability as new cargo station projects come online [5][11].

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].

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company reported a cumulative operating revenue of 17.674 billion in the first three quarters of 2024, representing a year-on-year increase of 24.19%, and a net profit attributable to shareholders of 2.067 billion, also up 24.14% year-on-year [1] - The company continues to benefit from the high demand in cross-border e-commerce, with significant growth in comprehensive logistics revenue [1] - The gross profit margin showed a slight recovery in Q3 2024, while financial expense ratios continued to decline year-on-year [1] - The company plans to distribute a cash dividend of 3.89 per 10 shares, totaling 618 million, which accounts for approximately 48.35% of the net profit attributable to shareholders for the first half of 2024 [1] Financial Performance Summary - For Q1-Q3 2024, the company achieved operating revenue of 17.674 billion, with segments such as air express, ground comprehensive services, and comprehensive logistics solutions generating revenues of 6.606 billion, 1.863 billion, and 9.198 billion respectively, reflecting year-on-year growth of 2.37%, 6.52%, and 52.78% [1] - The company’s operating costs for Q1-Q3 2024 were 14.893 billion, up 24.18% year-on-year, with a gross profit margin of 19.19%, down 1.94 percentage points year-on-year but showing a slight recovery [1] - The company’s financial forecasts indicate expected basic earnings per share of 1.89, 2.17, and 2.40 for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 8.93X, 7.77X, and 7.02X [2][5]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][15]. Core Insights - The company reported a Q3 profit of 790 million, a year-on-year increase of 101%, signaling a recovery as the industry enters a peak season with anticipated price elasticity [1]. - For the first three quarters of 2024, total revenue reached 17.67 billion, up 24.2% year-on-year, with a net profit of 2.07 billion, also up 24.1% [1]. - The report highlights a significant increase in revenue from the comprehensive logistics solutions segment, which grew by 48.2% in Q3 [1]. Financial Performance Summary - **Q3 Financials**: - Revenue: 6.39 billion, up 31.5% year-on-year, and net profit: 790 million, up 100.7% year-on-year [1]. - Cost of goods sold for Q3 was 5.11 billion, reflecting a 24.1% increase year-on-year, with an overall gross margin of 20.0%, up 4.8 percentage points [1]. - **Segment Performance**: - **Air Express Business**: Q3 revenue of 2.27 billion, up 18.1% year-on-year, with a gross margin of 21.3% [1]. - **Ground Comprehensive Services**: Q3 revenue of 640 million, up 10.2% year-on-year, with a gross margin of 38.8% [1]. - **Comprehensive Logistics Solutions**: Q3 revenue of 3.47 billion, up 48.2% year-on-year, with a gross margin of 15.8% [1]. - **Cost and Expense Analysis**: - The report notes a decrease in financial expenses by 160 million, contributing to a lower expense ratio [1]. - The overall expense ratio (excluding R&D) for Q3 was 2.0%, down 1.7 percentage points year-on-year [1]. Future Outlook - The report projects net profits for 2024-2026 to be 3.02 billion, 3.46 billion, and 3.66 billion respectively, with corresponding EPS of 1.90, 2.18, and 2.30 [1][2]. - The target price is set at 21.8 yuan, representing a 29% upside from the current price of 16.88 yuan, based on a 10x PE valuation for 2025 [1][3].

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 ...

东方航空物流股份有限公司 2024-2026 年股东分红回报规划 本规划着眼于公司的长远和可持续发展，并平衡股东的合理回报。在综合考 虑公司所处行业特点、发展阶段、自身经营模式、盈利水平、投融资规划以及外 部融资环境等因素基础上，建立对投资者持续、稳定、科学的回报规划与机制， 从而在平衡股东短期利益和长期利益的基础上对利润分配作出制度性安排，以保 证利润分配政策的连续性和稳定性。 二、本规划的制定原则 1.积极回报投资者，并兼顾公司的长远利益、全体股东的整体利益及公司的 可持续发展； 2.进一步增强公司利润分配特别是现金分红的透明度，优先采用现金分红的 利润分配方式，以便投资者形成稳定的回报预期； 3.保持利润分配政策的连续性和稳定性； 4.严格遵循相关法律法规和《公司章程》对利润分配的有关规定。 1 / 3 三、公司 2024 年至 2026 年股东回报的具体规划 为进一步贯彻落实《国务院关于加强监管防范风险推动资本市场高质量发展 的若干意见》中关于分红的指导意见，完善对投资者持续、稳定、科学的分红回 报规划与机制，保证东方航空物流股份有限公司（以下简称"公司"）利润分配 政策的连续性和稳定性，兼顾全体股东 ...