证券代码：601156 股票简称：东航物流 公告编号：临 2024-058 本议案已经第二届董事会提名委员会第 9 次会议审议通过，提名委员会发表审 核意见如下：经审阅公司第三届董事会非独立董事候选人履历等材料，认为上述人 员符合相关法律法规、部门规章、规范性文件对董事任职资格的要求，满足担任上 市公司非独立董事的条件，未发现有《公司法》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》《公司章程》规定的不得担任公司董事的情形，不存 在被中国证监会确定为市场禁入者且尚未解除的现象，不存在上海证券交易所认定 不适合担任上市公司董事的其他情况。委员会认为上述人员具备担任公司董事的资 格和能力，并同意将本议案提请公司董事会审议。 表决结果：同意票 10 票，反对票 0 票，弃权票 0 票。 东方航空物流股份有限公司 第二届董事会第 23 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 23 次普通会 议根据《东方航空物流股份有限公司章程》（以 ...

证券代码：601156 股票简称：东航物流 公告编号：临 2024-059 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 二、审议通过《关于修订<东方航空物流股份有限公司监事会议事规则>的 议案》 本议案尚需提交公司股东大会审议。 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 特此公告。 东方航空物流股份有限公司 第二届监事会第 18 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 18 次会议于 2024 年 12 月 9 日 以现场方式召开，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。本次监事会形成决议如下： 一、审议通过 ...

证券代码：601156 股票简称：东航物流 公告编号：临 2024-057 东方航空物流股份有限公司 关于 5%以上股东权益变动达到 1%的提示性公告 本公司董事会、全体董事及相关股东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： 一、本次权益变动基本情况 | 信息披 | 名称 | 天津睿远企业管理合伙企业（有限合伙） | | | | | --- | --- | --- | --- | --- | --- | | 露义务 人基本 | 住所 | 天津自贸试验区（东疆保税港区）鄂尔多斯路 东疆商务中心 A3 | 楼 903 | 599 | 号 | | 信息 | | | | | | | | 权益变动时间 | 2024/11/19-2024/12/5 | | | | | 权益变 动明细 | 变动方式 | 股份种类 | 变动日期 | 减持数量 （股） | 减持 比例 | | | 集中竞价 | 人民币普通股 | 2024/11/19- 2024/12/5 | 1,701,600 | 0.11% | 1.本次减持的基本情况 1 | 2024/11 ...

证券代码：601156 证券简称：东航物流 公告编号：临 2024-056 股东大会召开日期：2024年12月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 东方航空物流股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 召开的日期时间：2024 年 12 月 20 日 14 点 00 分 召开地点：上海市长宁区空港一路 458 号上海虹桥机场华港雅阁酒店副楼三 楼金合欢厅 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 (一) 股东大会类型和届次 2024 年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票起止时间：自 2024 年 12 月 20 日 至 2024 年 12 月 20 日 采用上海证券交易所网络投票系 ...

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。本次监事会形成决议如下： 一、审核通过《关于三架融资租赁飞机提前回购暨关联交易的议案》 证券代码：601156 股票简称：东航物流 公告编号：临 2024-055 东方航空物流股份有限公司 第二届监事会第 17 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 17 次会议于 2024 年 11 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。 详情请参见公司同日在《中国证券报》《上海证券报》《证券日报》《证券 时报》和上海证券交易所网站（www.sse.com.cn）披露的《关于预计 2025 年度 日常关联交易额度及三架融资租赁 ...

证券代码：601156 股票简称：东航物流 公告编号：临 2024-054 东方航空物流股份有限公司 关于预计 2025 年度日常关联交易额度及三架融 资租赁飞机提前回购暨关联交易的公告 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： 是否需要提交股东大会审议： 东方航空物流股份有限公司（以下简称"公司"）根据上海证券交易所的相 关规定，预计了 2025 年度与关联方在提供劳务、接受劳务、存贷款业务、飞机 融资租赁服务等方面的日常关联交易额度。 子公司中国货运航空有限公司（以下简称"中货航"）拟提前回购以融资租 赁方式从关联方东航国际融资租赁有限公司（以下简称"东航租赁"）引进的 3 架飞机。 上述事项尚需提交公司股东大会审议。 对上市公司的影响 本次关联交易公平、合理，符合公司和全体股东的整体利益，亦符合公司经 营发展需要，不存在损害公司和非关联股东尤其是中小股东利益的情形，也不会 影响公司的独立性，公司业务不会因此形成对关联方的依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2024 年 ...

东方航空物流股份有限公司 第二届董事会第 22 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 22 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 11 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。 证券代码：601156 股票简称：东航物流 公告编号：临 2024-053 本议案尚需提交公司股东大会审议。 表决结果：同意票 8 票，反对票 0 票，弃权票 0 票。 1 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 规定，会议合法有效。本次会议审议通过以下议案： 一、审议通过《关于公司 2024 年度投资计划调整的议案》 本议案已经公司第二届董事会战略委员会第 5 次会议审议通过，同意提交公司 董事会审议。 表决结果：同意票 1 ...

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].

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]