Investment Rating - The report maintains a "Recommended" rating for Eastern Airlines Logistics [5] Core Views - The company achieved a revenue of 11.286 billion yuan in the first half of the year, representing a year-on-year growth of 20.38%, and a net profit attributable to shareholders of 1.277 billion yuan, up 0.45% year-on-year [4] - The decline in air freight rates has led to a decrease in the gross margin of air express services, but operational efficiency continues to improve [5] - The revenue from comprehensive logistics solutions grew significantly, with a year-on-year increase of 55.72% [5] - The company emphasizes shareholder returns, proposing a mid-term cash dividend of 0.389 yuan per share, which accounts for 48.35% of the net profit attributable to shareholders [5] Financial Performance Summary - In the first half of the year, air express business revenue was 4.333 billion yuan, down 4.31% year-on-year, with a gross margin of 19.11%, a decrease of 9.40 percentage points [4] - The comprehensive logistics solutions segment generated revenue of 5.727 billion yuan, with a gross margin of 13.79%, down 1.94 percentage points [4] - Ground service business revenue increased by 4.70% year-on-year to 1.222 billion yuan, with a gross margin improvement from 36.46% to 40.08% [5] Profit Forecast and Valuation - The company forecasts net profits of 2.92 billion, 3.59 billion, and 4.20 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.84, 2.26, and 2.65 yuan [5] - The current stock price corresponds to PE ratios of 8.7, 7.1, and 6.1 for 2024, 2025, and 2026 respectively [5]

2024 年 09 月 04 日 公司研究 评级：买入(维持) 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 张晋铭 S0350124040003 zhangjm02@ghzq.com.cn [Table_Title] Q2 业绩实现高增，中期分红比例近五成 ——东航物流（601156）2024 年半年报点评 研究所： 最近一年走势 2024 年 8 月 29 日，东航物流发布 2024 年半年报： 2024H1，公司实现营业收入 112.86 亿元，同比增加 20.38%，完成归母 净利润 12.77 亿元，同比增加 0.45%，完成扣非归母净利润 11.97 亿元， 同比增加 5.26%。 其中 2024Q2，公司实现营业收入 60.62 亿元，同比增加 26.29%；完成 归母净利润 6.88 亿元，同比增加 34.88%，完成扣非归母净利润 6.69 亿 元，同比增加 39.68%。 投资要点: 运价上行淡季不淡，2024H1 综合物流解决方案收入同比增加 49% 2024Q2 航空货运市场淡季不淡，跨境电商快速增长推动运价持续稳 步上行，根 ...

公司点评报告 · 交通运输行业 24H1 受益跨境电商高景气，实现中期分红 核心观点 ● 事件:公司发布 2024 年半年度报告。经营数据方面,2024H1,公司实现营 业收入 112.86亿元,同比+20.38%;实现归母净利润 12.77亿元,同比+0.45%; 实现扣非归母净利润 11.97亿元。 ● 2024H1,受益于跨境电商高景气,公司综合物流解决方案营收显著增长。 收入端来看,2024H1,公司实现营业收入 112.86 亿元中,航空速运/地面综 合服务/综合物流解决方案,分别实现营收 43.33亿元/12.22亿元/57.27亿元, 同比分别-4.31%/+4.70%/+55.72%。2024上半年,公司的综合物流解决方案 板块营收同比增长显著,主要系受益于年初以来跨境电商景气度持续高涨的催 化拉动。而公司航空速运板块营收同比下滑,主要系受到上半年运价向下波动 的影响,上半年公司航空速运板块实现货邮总周转量 39.14 亿吨公里,同比 +25.73%。 ● 2024H1,受运价波动影响,公司毛利率同比下滑,费用端降本增效成果 显现。成本端来看,2024H1,公司实现营业成本91.76亿元,同比 ...

Investment Rating - The investment rating for the company is "Buy" [6][9] Core Views - The report highlights that the company achieved a revenue of 11.286 billion yuan in the first half of 2024, representing a year-on-year increase of 20.38%. The net profit attributable to shareholders was 1.277 billion yuan, with a year-on-year growth of 0.45% [3][9] - The report emphasizes the positive outlook for the cross-border air freight industry, driven by the company's strong core air transport capacity and cargo station infrastructure, which provide a significant competitive advantage. The company is expected to maintain sustainable dividends as profits increase, enhancing shareholder returns [3][9] Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 6.062 billion yuan, a year-on-year increase of 26.29% and a quarter-on-quarter increase of 16.05%. The net profit for Q2 was 688 million yuan, reflecting a year-on-year growth of 34.89% and a quarter-on-quarter increase of 16.89% [3][9] - The company handled 1.2032 million tons of cargo in the first half of 2024, with a year-on-year increase of 1.28%. The ground service business generated a revenue of 1.222 billion yuan, up 4.70% year-on-year, with a gross profit of 490 million yuan, representing a 15.11% increase [9][10] Industry Outlook - The report notes that the cross-border e-commerce sector is driving revenue growth, with the company transporting 68,100 tons of cross-border e-commerce goods, a year-on-year increase of 40.26%. The Baltic Air Freight Index for exports from Pudong Airport averaged 4,692, up 23.41% year-on-year and 19.25% quarter-on-quarter, indicating a rising industry sentiment [9][10] - The company is expected to benefit from the upcoming traditional consumption peak seasons in Europe and the United States, which are likely to further boost its air freight and cross-border logistics business performance [9][10] Dividend Policy - The board has approved a mid-term profit distribution plan for 2024, proposing a cash dividend of 0.389 yuan per share (before tax), totaling 616 million yuan, with a dividend payout ratio of 48.35% [9][10]

Investment Rating - The report maintains a "Buy" rating for Eastern Air Logistics (601156 CH) with a target price of RMB 20.90 [2][5] Core Views - Eastern Air Logistics' 2Q24 performance showed significant year-on-year improvement, with a 34.9% increase in net profit attributable to shareholders, reaching RMB 688 million [2] - The company announced a mid-term dividend payout ratio of 48%, which, if maintained for the full year, could result in a dividend yield of 6.2% [2][5] - The report predicts a continued upward trend in the air cargo market and highlights the company's efforts to enhance its integrated logistics capabilities, potentially creating a second growth curve [2] Financial Performance - 1H24 revenue reached RMB 11.286 billion, a 20.4% year-on-year increase, while net profit attributable to shareholders grew slightly by 0.4% to RMB 1.277 billion [2] - 2Q24 air express revenue increased by 10.3% year-on-year to RMB 2.329 billion, but the gross margin declined by 4.5 percentage points to 22.2% due to lower-margin belly cargo business and an 8% increase in oil prices [3] - Ground integrated services remained stable, with 2Q24 revenue increasing by 2.8% year-on-year to RMB 631 million, while the gross margin slightly decreased by 1.0 percentage point to 40.6% [4] - Integrated logistics solutions saw rapid growth, with 2Q24 revenue increasing by 49.4% year-on-year to RMB 3.100 billion, and the gross margin rising by 1.7 percentage points to 16.4% [4] Forecasts and Valuation - The report forecasts net profit attributable to shareholders for 2024-2026 at RMB 3.220 billion, RMB 3.834 billion, and RMB 4.125 billion, respectively, based on a 10.3x PE ratio for comparable companies in 2024 [5][6] - The company's EPS for 2024-2026 is projected to be RMB 2.03, RMB 2.41, and RMB 2.60, respectively [6] Industry and Market Context - The TAC Pudong Airport outbound air freight price index increased by 27% year-on-year in 2Q24, driven by cross-border e-commerce demand, but this did not translate into higher gross margins for the air express segment [3] - The company's financial expenses decreased by RMB 192 million in 2Q24 due to stable RMB exchange rates, contributing to the overall improvement in net profit [4]

Investment Rating - The report maintains a "Recommend" rating for Eastern Air Logistics (601156) [1] Core Views - Eastern Air Logistics achieved a Q2 profit of 690 million yuan, up 35% YoY, with a mid-term cash dividend payout ratio of 48.35%, demonstrating strong shareholder returns [1] - The company's H1 2024 revenue reached 11.29 billion yuan, a 20.4% YoY increase, with net profit attributable to shareholders of 1.28 billion yuan, up 0.4% YoY [1] - The comprehensive logistics solutions segment saw significant revenue growth, while ground services improved in gross margin [1] Financial Performance Revenue and Profit - H1 2024 revenue: 11.29 billion yuan, +20.4% YoY [1] - Q2 2024 revenue: 6.06 billion yuan, +26.3% YoY, +16.1% QoQ [1] - H1 2024 net profit attributable to shareholders: 1.28 billion yuan, +0.4% YoY [1] - Q2 2024 net profit attributable to shareholders: 690 million yuan, +34.9% YoY, +16.9% QoQ [1] Business Segments Air Express - H1 2024 revenue: 4.33 billion yuan, -4.3% YoY, with a gross margin of 19.1%, down 9.4 pct YoY [1] - Q2 2024 revenue: 2.33 billion yuan, +10.3% YoY, with a gross margin of 22.2%, down 4.5 pct YoY [1] - H1 2024 cargo turnover: 3.914 billion ton-kilometers, +25.7% YoY [1] Ground Services - H1 2024 revenue: 1.22 billion yuan, +4.7% YoY, with a gross margin of 40.1%, up 3.6 pct YoY [1] - Q2 2024 revenue: 630 million yuan, +2.8% YoY, with a gross margin of 40.6%, down 1.0 pct YoY [1] - H1 2024 cargo handling volume: 1.203 million tons, +1.3% YoY [1] Comprehensive Logistics Solutions - H1 2024 revenue: 5.73 billion yuan, +55.7% YoY, with a gross margin of 13.8%, down 1.9 pct YoY [1] - Q2 2024 revenue: 3.10 billion yuan, +49.4% YoY, with a gross margin of 16.4%, up 1.7 pct YoY [1] - Cross-border e-commerce solutions revenue: 2.807 billion yuan, +47.43% YoY [1] Cost and Expenses - H1 2024 cost: 9.18 billion yuan, +29.1% YoY, with an overall gross margin of 18.7%, down 5.5 pct YoY [1] - Q2 2024 cost: 4.78 billion yuan, +28.9% YoY, with an overall gross margin of 21.2%, down 1.6 pct YoY [1] - H1 2024 three-fee ratio (excluding R&D): 3.6%, down 2.1 pct YoY, mainly due to a reduction in financial expenses [1] Dividend Policy - The company plans to distribute a cash dividend of 0.389 yuan per share (tax included), representing 48.35% of H1 2024 net profit attributable to shareholders [1] Investment Recommendations - Adjusted profit forecasts for 2024-2026: net profit attributable to shareholders of 3.02 billion, 3.46 billion, and 3.66 billion yuan, respectively [1] - Target price: 21.8 yuan, implying a 37% upside from the current price [1] - The company is well-positioned as a core air transport resource owner between China and Europe/US, with significant growth potential in cross-border logistics [1] Industry Outlook - The air freight price index at Pudong Airport showed a weekly increase of 4.3% and a YoY increase of 33.3%, indicating a recovery in freight prices [1] - The report expects the industry to enter a peak season, with Q3 freight prices showing a YoY increase of 33.8% [1]

证券代码：601156 股票简称：东航物流 公告编号：临 2024-026 东方航空物流股份有限公司 关于 2024 年半年度募集资金存放与实际使用情况的 专项报告 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。 该次募集资金已于2021年6月1日全部到账，募集资金到位情况已经天职国 际会计师事务所（特殊普通合伙）（以下简称"天职国际"）审验，并出具了 天职业字[2021]29663号验资报告。 （二）募集资金使用及结余情况 截至 2024 年 6 月 30 日，本公司募集资金使用和结余情况如下： 1 | 项目 | | | | 金额（元） | | | --- | --- | --- | --- | --- | --- | | 实际募集资金净额 | | | | 2,405,857,700.00 | | | 减：以前年度累计投入募投项目的募集资金金额 | | | | 2,028,872,416.62 | | | 减：2024 年半年度累计投入募投项目的募集资金金额 | | | | | 52,428,021.83 | | 加：募集资金 ...

东方航空物流股份有限公司关于东航集团财务有限责任公司 2024年半年度风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第5号——交易与关联交易》的要求， 通过查验东航集团财务有限责任公司（以下简称"东航财务"）提供的《金融许可证》 《企业法人营业执照》等有关证件资料，并基于东航财务提供的资产负债表、利润表等在 内的东航财务定期财务报告，东方航空物流股份有限公司（以下简称"公司"）对东航财 务的经营资质、内控制度建设、业务和风险状况及经营情况进行了评估。现将有关情况报 告如下： 一、东航财务基本情况 东航财务是经中国人民银行批准成立的非银行金融机构。东航财务于1995年12月6日 由中国东方航空集团有限公司及所属成员单位共7家共同出资组建。后经四次增资及股权 变更，现有注册资金20亿元人民币（含1000万美元），股东单位3家，其中，中国东方航 空集团有限公司出资额107,500万元，持股比例53.75%；中国东方航空股份有限公司出资 额50,000万元，持股比例25.00%；东航金控有限责任公司出资额42,500万元，持股比例 21.25%。 统一社会信用代码：91310112132246635F 金 ...

证券代码：601156 股票简称：东航物流 公告编号：临 2024-031 东方航空物流股份有限公司 关于 5%以上股东股份质押的公告 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： 截至本公告披露日，股东珠海普东股权投资有限公司（以下简称"珠海普东"） 持有东方航空物流股份有限公司（以下简称"公司"）股份 95,136,900 股， 占公司总股本的比例为 5.99%。珠海普东持有公司股份累计质押数量（含本次） 47,500,000 股，占其持股数量的比例为 49.93%。 公司于 2024 年 8 月 29 日获悉珠海普东所持有本公司的部分股份被质押，具 体情况如下： 东方航空物流股份有限公司董事会 2024 年 8 月 30 日 2 股东名称 持股数量 (股) 持股 比例 本次质押前 累计质押数 量（股） 本次质押后 累计质押数 量（股） 占其所 持股份 比例 占公 司总 股本 比例 已质押股份情况 未质押股份情况 已质押股份中 限售股份数量 （股） 已质押股份中 冻结股份数量 （股） 未质押股份中 限售股 ...

东方航空物流股份有限公司 关于召开 2024 年第一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 证券代码：601156 证券简称：东航物流 公告编号：临 2024-030 (一) 股东大会类型和届次 2024 年第一次临时股东大会 召开的日期时间：2024 年 9 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。 股东大会召开日期：2024年9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 (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 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 20 日 至 2024 年 9 月 20 日 本次股东大会审议议案及投票股东类型 ...