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 ...

Financial Performance - The company achieved operating revenue of CNY 11.29 billion in the first half of 2024, representing a year-on-year growth of 20.38%[20]. - Net profit attributable to shareholders was CNY 1.28 billion, a slight increase of 0.45% compared to the same period last year[20]. - The net cash flow from operating activities decreased by 53.44% year-on-year, primarily due to increased expenditures on goods purchased and services received[20]. - The company's net assets attributable to shareholders rose to CNY 16.72 billion, an increase of 8.21% from the end of the previous year[20]. - The basic earnings per share remained stable at CNY 0.80, with a 4.17% increase in diluted earnings per share after excluding non-recurring gains and losses[21]. - The comprehensive gross profit margin was 18.68%, down 5.80 percentage points compared to the previous year, primarily due to a decline in overall freight rates[54]. - The company's operating costs increased by 29.08% to 9.176 billion yuan, with costs from passenger belly hold services rising by 59.45%[54]. - The total profit for the first half of 2024 was ¥1,797,752,420.36, compared to ¥1,912,061,926.43 in the same period last year, indicating a decrease of 6.0%[164]. - The company's financial expenses decreased to ¥146,361,901.51 from ¥259,166,186.98, a reduction of 43.4%[164]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 3.89 per 10 shares, totaling RMB 617,559,111.28, which represents 48.35% of the net profit attributable to shareholders for the first half of 2024[6]. - The company proposed a profit distribution plan of 3.89 yuan per 10 shares, which aligns with regulations on cash dividends for listed companies[107]. Operational Efficiency - The average daily utilization hours of aircraft and cargo turnover metrics are key performance indicators for operational efficiency[13]. - The average daily utilization of all-cargo aircraft increased by 6.85% to 12.94 hours, while the cargo load factor improved by 1.71 percentage points to 84.46%[61]. - The company operates 14 B777 freighters, with a maximum takeoff weight of 347.5 tons and a maximum payload of 102.0 tons, covering major international cities[36]. - The company has a ground service network with 150,000 square meters of self-operated cargo stations across 12 airports in 10 provinces, enhancing operational efficiency[36]. - The company has established stable operations on multiple new routes, including Santiago-Chengdu and Miami-Ezhou, enhancing its fresh produce logistics network[74]. Market and Industry Trends - The international air cargo demand remained strong, with a 32.5% year-on-year increase in international air cargo turnover volume[29]. - The total cargo and mail turnover volume for civil aviation reached 164.3 billion ton-kilometers, reflecting a year-on-year growth of 29.7%[29]. - The company benefited from the rapid growth in the comprehensive logistics solutions sector, contributing significantly to revenue growth[20]. - The government has implemented policies to support the development of the air logistics industry, enhancing the competitiveness and risk resistance of the supply chain[25]. - In the first half of 2024, global air freight demand increased by 13.4% year-on-year, with full freighter transport recovering to 47% of the global air freight share[31]. Risk Factors - The company emphasizes the importance of risk factors that may affect future investment plans and development strategies[8]. - The company faces risks from macroeconomic fluctuations, which can impact cargo transport demand and pricing in the aviation logistics industry[87]. - The company is exposed to international trade policy uncertainties, which could affect its cross-border logistics service revenue and overall trade volume[88]. - The company is at risk from market competition, particularly from international logistics companies and other domestic players entering the aviation logistics sector[89]. - The company faces operational risks related to changing market demands, requiring timely adjustments in service offerings to avoid customer attrition[92]. Digital Transformation and Innovation - The company is recognized as an innovative provider of air logistics services, indicating a focus on market expansion and technological advancements[3]. - The company has implemented various digital transformation projects, including the EOS carrier operation system and QAR data analysis platform, to enhance operational efficiency and safety[52]. - The company is actively developing new products and services to meet the evolving needs of the logistics sector, including temperature-controlled warehouses and multi-modal transport solutions[39]. - The company is focusing on strategic new businesses, including cross-border e-commerce solutions and customized logistics solutions, to enhance its service capabilities and market competitiveness[94]. Shareholder and Governance Matters - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[7]. - The board of directors has ensured the authenticity, accuracy, and completeness of the financial report, taking legal responsibility for any misstatements[4]. - The company has not faced any violations in decision-making procedures regarding external guarantees[7]. - The company has not reported any significant changes in its governance structure or operational strategies during the reporting period[19]. - The company has established a comprehensive compliance management system to control overseas business compliance risks, particularly in cross-border logistics[96]. Environmental Initiatives - The company is actively pursuing green logistics initiatives, including optimizing fuel efficiency and transitioning to electric vehicles[110]. - In the first half of 2024, the company optimized flight routes and reduced fuel consumption, achieving a fuel savings of approximately 195.3 tons, equivalent to a reduction of 615 tons in CO2 emissions[112]. - The company is committed to strict adherence to environmental protection measures and aims to reduce the use of disposable materials in its operations[112]. - The company held a green low-carbon development meeting in March 2024 to outline its strategies for resource efficiency and ecological protection[112]. Future Outlook - Future outlook includes plans for market expansion and potential new product launches, although specific details were not disclosed in the current report[163]. - The company is focusing on expanding its market presence and enhancing its logistics infrastructure to adapt to the evolving industry landscape[28].

证券代码：601156 股票简称：东航物流 公告编号：临 2024-027 为深入贯彻中央经济工作会议和中央金融工作会议精神，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》《关于进一步提高上市 公司质量的意见》的相关要求，响应上海证券交易所关于开展沪市公司"提质增 效重回报"专项行动的倡议，践行以"投资者为中心"的发展理念，进一步提高 上市公司质量，保护投资者利益，树立良好的资本市场形象，东方航空物流股份 有限公司（以下简称"公司"）制定了 2024 年度"提质增效重回报"行动方案， 并于 2024 年 8 月 28 日经第二届董事会 2024 年第 3 次例会审议通过。具体如下： 一、聚焦主责主业，提升经营质量 公司以做强做优做大"航空货运"主责主业为战略发展目标，全面提升"港 到港"能力建设，通过"自我发展＋借力发展"延伸拓展端到端解决方案业务， 以"安全可靠、运行高效、服务优质、成本领先、管控有力"为高质量发展目标， 打造具有国际竞争力的一流航空货运物流企业。 2023 年，公司面对新形势、新变化，始终坚持稳中求进工作总基调，有效 统筹发展与安全，积极克服各种不利因素，聚焦主责主业 ...

证券代码：601156 股票简称：东航物流 公告编号：临 2024-028 东方航空物流股份有限公司 第二届监事会第 13 次会议决议公告 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 1 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 13 次会议于 2024 年 8 月 28 日 以现场结合通讯方式召开，会议由全体监事共同推举的监事孟令晨先生主持。 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，其中监事姜疆先生委托监事孟令晨先生代为出 席并表决。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、审议通过《公司 2024 年半年度报告及摘要》 监事会认为：公司 2024 年半年度报告的内容与格式 ...

证券代码：601156 股票简称：东航物流 公告编号：临 2024-029 东方航空物流股份有限公司 关于员工持股平台份额调整的公告 直接员工持股平台名称：天津睿远企业管理合伙企业（有限合伙）（以下简称 "天津睿远"） 统一社会信用代码：91120118MA05RJJ520 住所：天津自贸试验区（东疆保税港区）鄂尔多斯路 599 号东疆商务中心 A3 楼 903（天津东疆商服商务秘书服务有限公司自贸区分公司托管第 335 号） 执行事务合伙人：上海晖远企业管理有限公司 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。 根据相关约定，拟由东方航空物流股份有限公司（以下简称"公司"或"东航 物流"）实际控制人中国东方航空集团有限公司（以下简称"中国东航集团"）的全 资子公司东方航空产业投资有限公司（以下简称"东航产投"）受让公司员工持股计 划项下的部分员工持有的天津驰远企业管理合伙企业（有限合伙）、天津嘉远企业管 理合伙企业（有限合伙）、天津泽远企业管理合伙企业（有限合伙）的部分合伙份额。 具体情况公告如下： 一、相关方的基本情况 ...