公 司 研 究 东航物流（601156.SH）：跨境电商 2024年5月7日 推荐/维持 持续景气，24 年增长值得期待 东 东航物流 公司报告 兴 证 事件：2023年公司实现营收206.2亿元，同比下降12.1%，归母净利润24.9 公司简介： 券 亿元，同比下降31.6%。24Q1公司实现营收52.2亿元，同比增长14.2%，归 东方航空物流股份有限公司主营业务可分 股 母净利润5.9亿元，同比下降22.6%。23年及24Q1盈利下降主要系即期运价 为航空速运、地面综合服务和综合物流解决 份 方案。东航物流一直专注于航空物流综合服 同比下降较多。 有 务业务，集航空速运、货站操作、多式联运、 限 即期运价下降是航空速运业务利润下滑主因：23年公司稳步新增并优化运力， 仓储、跨境电商解决方案、同业项目供应链、 公 努力提升飞机日利用率，全货机日利用率12.56小时，同比提升12.85%，货 航空特货解决方案和产地直达解决方案等 业务功能于一体，在运营实践中培育和形成 司 邮运输总周转量同比增长18.8%。但由于即期市场运价同比大幅下滑，航空速 了综合物流服务所必备的方案设计、优化迭 证 运板块营收同比减少 ...

证券代码：601156 证券简称：东航物流 公告编号：临 2024-014 东方航空物流股份有限公司 关于召开 2023 年年度股东大会的通知 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 5 月 28 日 13 点 30 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 股东大会召开日期：2024年5月28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 (一) 股东大会类型和届次 2023 年年度股东大会 (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 5 月 28 日 (七) 涉及公开征集股东投票权 不涉及 二、 会议审议事项 | 序号 | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's full-year performance in 2023 showed a significant decline, with revenue decreasing by 12.14% YoY to RMB 20.621 billion and net profit attributable to the parent company dropping by 31.58% YoY to RMB 2.488 billion [1][4] - However, Q4 2023 saw a notable improvement, with revenue increasing by 10.11% YoY to RMB 6.390 billion and net profit attributable to the parent company rising by 18.69% YoY to RMB 823 million [1][4] - The surge in cross-border e-commerce and the peak shopping season (Black Friday and Christmas) drove air freight prices higher, leading to a significant release of profitability in the air cargo business [1][4] Business Performance Breakdown Air Freight - Air express revenue decreased by 31.37% YoY, with gross profit down by 51.78% YoY [4] - Despite a recovery in belly cargo capacity, the company's full freighter fleet efficiency improved, with daily utilization increasing by 12.85% to 12.56 hours [4] - The company operated 14 B777 freighters, achieving a high load factor of 83.12% [4] Ground Services - Ground service revenue increased slightly by 0.55% YoY, with gross profit surging by 119.87% YoY [4] - The company handled 53.6% of cargo at Shanghai's two airports, with cargo processing volume up by 9.04% YoY [4] - Gross margin for ground services recovered rapidly to 40.48% [4] Integrated Logistics Solutions - Revenue from integrated logistics solutions grew by 16.74% YoY, driven by a 71.71% increase in cross-border e-commerce solutions to RMB 4.698 billion [4] - The company expanded its fresh cold chain and customized logistics services [4] Outlook - Air freight demand is expected to remain stable or increase slightly in 2024, with limited supply growth for wide-body freighters [5] - Long-term contract prices are expected to rise more than anticipated, and the Middle East situation may further push up freight rates [1][5] - The company is advancing projects such as the second phase of Pudong Airport West Cargo Terminal (annual handling capacity of 300,000 tons) and the Pudong Airport Smart Cargo Terminal (annual handling capacity of 600,000 tons) [5] - The company is also actively promoting the construction of its South China operation base [5] Financial Forecasts - The company's net profit attributable to the parent company is expected to reach RMB 3.23 billion, RMB 3.77 billion, and RMB 4.33 billion in 2024, 2025, and 2026, respectively [5] - The corresponding P/E ratios are 9.1X, 7.8X, and 6.8X [5]

Investment Rating - The report maintains a "Buy" rating for Eastern Airlines Logistics [1] Core Views - In Q1 2024, the company achieved a revenue of 5.224 billion yuan, a year-on-year increase of 14.17%, while the net profit attributable to the parent company was 589 million yuan, a year-on-year decrease of 22.64% [2][3] - The decline in air express revenue was attributed to low freight rate agreements, but the comprehensive logistics solutions segment saw significant growth, with a revenue increase of 63.95% [3][4] - The new freight rate agreement cycle is expected to begin in Q2 2024, with an upward trend in freight rates anticipated, which could drive revenue growth [5][7] Summary by Sections Financial Performance - Q1 2024 revenue was 5.224 billion yuan, up 14.17% year-on-year; net profit was 589 million yuan, down 22.64% year-on-year; and net profit excluding non-recurring items was 527 million yuan, down 19.83% year-on-year [2][4] - The air express segment generated 2.004 billion yuan in revenue, down 17.05% year-on-year; ground services generated 590 million yuan, up 6.83%; and comprehensive logistics solutions generated 2.627 billion yuan, up 63.95% [2][4] Market Outlook - The company is expected to benefit from the rising demand in cross-border e-commerce logistics, establishing partnerships with leading platforms and logistics companies [5][7] - The average outbound air freight index for Shanghai Pudong in April 2024 was 4506.2 points, an increase of 4.03% year-on-year and 11.56% month-on-month, indicating a positive market trend [5] Earnings Forecast - Projected revenues for Eastern Airlines Logistics from 2024 to 2026 are 25.441 billion yuan, 28.074 billion yuan, and 30.604 billion yuan, respectively, with corresponding net profits of 3.014 billion yuan, 3.491 billion yuan, and 3.837 billion yuan [8][9] - The expected P/E ratios for 2024, 2025, and 2026 are 9.64, 8.32, and 7.57, respectively, indicating potential for growth [8][9]

Financial Performance - The company's operating revenue for Q1 2024 was RMB 5,223,948,184.70, representing a year-on-year increase of 14.17%[4] - The net profit attributable to shareholders was RMB 588,881,387.28, a decrease of 22.64% compared to the same period last year[4] - The gross profit margin for the main business was 15.81%, down 9.80 percentage points from the previous year[5] - Revenue from the comprehensive logistics solutions segment increased by 63.95% year-on-year, contributing RMB 262,663.86 million to total revenue[6] - Total operating revenue for Q1 2024 reached ¥5,223,948,184.70, a 14.2% increase from ¥4,575,487,029.69 in Q1 2023[20] - Net profit for Q1 2024 was ¥666,687,630.17, a decrease of 25.2% compared to ¥890,857,970.27 in Q1 2023[21] - Total comprehensive income for Q1 2024 was ¥666,864,273.97, down from ¥891,024,090.79 in Q1 2023[21] - The company achieved a profit before tax of ¥716,902,553.11, down from ¥1,193,321,844.08 in the same quarter last year[21] Cash Flow and Liquidity - The net cash flow from operating activities was negative RMB 111,313,462.10, a decline of 108.42% year-on-year[4] - The company experienced a significant decline in cash flow due to increased cash payments for goods and services compared to the previous year[10] - Cash flow from operating activities showed a net outflow of ¥111,313,462.10, contrasting with a net inflow of ¥1,322,505,823.07 in Q1 2023[22] - The net cash flow from investing activities was $358,739,139.36, a significant improvement compared to the previous year's negative cash flow of -$107,298,949.37[23] - Total cash and cash equivalents at the end of the period decreased to $8,825,126,101.73 from $9,948,046,141.11, reflecting a net decrease of $393,306,970.49[23] - The cash outflow from financing activities totaled $648,952,887.27, down from $762,003,353.39 in the previous year[23] - The cash flow from financing activities resulted in a net cash flow of -$648,952,887.27, indicating a reliance on existing cash reserves[23] - The company’s cash and cash equivalents at the beginning of the period were $9,218,433,072.22, showing a decrease in liquidity over the quarter[23] Assets and Liabilities - The total assets at the end of Q1 2024 were RMB 28,219,839,156.99, a decrease of 1.84% from the end of the previous year[5] - As of March 31, 2024, the company's total assets amounted to ¥28,219,839,156.99, a decrease from ¥28,748,116,011.40 at the end of 2023[15] - The total liabilities decreased to ¥10,573,436,816.30 from ¥11,768,577,944.68 year-over-year[17] - The company's equity attributable to shareholders rose to ¥16,042,163,900.17 from ¥15,453,105,869.09[17] - The company's total current assets increased to ¥11,648,520,018.11 from ¥11,582,813,870.03 year-over-year[16] - The company's inventory decreased to ¥19,429,790.55 from ¥33,821,084.77 compared to the previous year[15] - The company reported a decrease in total non-current liabilities to ¥5,962,924,772.87 from ¥6,197,466,033.02[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 40,780[11] - The company reported a decrease in basic earnings per share to ¥0.37 from ¥0.48 in the previous year[21] Operational Changes - The company disposed of two B747 freighters, resulting in a non-operating gain of RMB 51,935,673.05[8] - The number of available freighters decreased to 14, with the company disposing of two B747 freighters during the first quarter of 2024[14] - Research and development expenses rose significantly to ¥11,218,696.27, compared to ¥5,822,917.41 in Q1 2023, marking a 92.1% increase[20] - The company recorded a significant increase in sales revenue from services, amounting to ¥5,107,465,941.10, compared to ¥4,574,575,438.76 in Q1 2023[22] Financial Reporting - The company has not adopted new accounting standards for the current year, maintaining consistency in financial reporting[23] - The impact of exchange rate changes on cash and cash equivalents was positive, amounting to $8,220,239.52, compared to $2,897,277.39 in the prior year[23]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 跨境物流 ＃investSuggestion＃ ＃ ＃d 东yCo 航mp 物any＃流 （ 601156 ） investSug 增持 ( 维ges持tion ）Ch 6 20 311 Q5 46 归母 净利 8.2 亿＃t 元itle＃ ， 打 开未来想象空间 ange＃ ＃ createTime1＃ 2024年 04月 28日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司公告2023年年报：2023年营收206.21亿元（同比-12.14%），归 司 市场数据日期 2024-04-26 母净利润 24.88 亿元（同比-31.58%），扣非归母净利润 23.38 亿元（同比- 点 收盘价（元） 18.69 33.72%），经营性现金流净额52.38亿元（同比-3.39%）。 评 总股本（百万股） 1587.56 报 流通股本（百万股） 801.72 ⚫ 分季度看：23Q4，公司营收为63.90亿元，同比+10.11%；毛利为14.35亿元； 净资产（百万元） 15453.11 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company achieved a net profit of 2.49 billion in 2023, with Q4 profit of 820 million, representing a year-on-year increase of 18.7%. The report remains optimistic about the high demand for cross-border air logistics amid the platform's international expansion [1] - The company's total revenue for 2023 was 20.62 billion, a decrease of 12.1% year-on-year, while the net profit attributable to the parent company fell by 31.6% [1] - The report highlights the strong growth potential of the company as a key air transport resource from China to Europe and the United States, with a favorable supply-demand structure expected to maintain high freight rates [1][2] Financial Performance Summary - **2023 Financials**: - Total revenue: 20.62 billion, down 12.1% year-on-year - Net profit: 2.49 billion, down 31.6% - Q4 revenue: 6.39 billion, up 10.1% year-on-year - Q4 net profit: 820 million, up 18.7% [1][2] - **Business Segments**: - **Air Express Business**: - Revenue: 9.12 billion, down 31.37% - Gross margin: 24.58%, down 10.41 percentage points - **Ground Integrated Services**: - Revenue: 2.37 billion, up 0.55% - Gross margin: 40.48%, up 21.97 percentage points - **Integrated Logistics Solutions**: - Revenue: 9.12 billion, up 16.74% - Gross margin: 13.52%, down 4.54 percentage points [1][2] Profit Forecast - The report adjusts the profit forecast for 2024-2025, expecting net profits of 3.38 billion and 3.69 billion respectively, with an introduction of a 2026 forecast of 3.99 billion. The corresponding EPS for 2024-2026 is projected to be 2.13, 2.32, and 2.51 respectively [1][2] Valuation - The target price is set at 23.2 yuan, with a current price of 18.18 yuan, indicating a potential upside of 28% from the current price. The report applies a 10x valuation based on the cyclical stock's performance [1][4]

[Table_Page] 年报点评|物流 证券研究报告 [东Table_航Title] 物流（601156.SH） [公Tab司le_I评nves级t] 买入 当前价格 18.18元 4Q 业绩超预期，看好全年周期弹性 合理价值 22.32元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-25 ⚫ 东航物流发布2023年年度报告：2023年公司实现营收206亿元， [相Tab对le_P市icQ场uote表] 现 同比下降12%；实现归母净利润25亿元，同比下降32%。 ⚫ 多点发力，公司业务量同比高增长。据23年年报，公司航空速运板块 30% 20% 23 年货运量 144.5 万吨/yoy+26.42%，全货机日利用率 12.56 小时 9% /yoy+12.85%，其中4Q23日利用率达到14.29小时；综合物流板块跨 -1% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 境电商出口单量翻番，跨境电商货量约11万吨/yoy+83.55%，出口单 -12% 量5349万单/yoy+113.7%；地面综合业务板块稳中有升，全 ...

您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 报告编码:京24ASNKL 内部控制审计报告 天职业字[2024]8600 号 东 方 航 空 物 流 股 份 有 限 公 司 内 部 控 制 审 计 报 告 天 职 业 字 [2024]8600 号 目 录 内 部 控 制 审 计 报 告 - -1 东方航空物流股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了东 方航空物流股份有限公司(以下简称"东航物流")2023年12月 31 日的财务报告内部控制的 有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是东航物流董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化 ...

东 方 航 空 物 流 股 份 有 限 公 司 审计报告 天 职 业 字 [2024]8590 号 目 录 -- 审计报告 - -- 2023 年度财务报表— -- 2023 年度财务报表附注 ---- 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 审计报告 天职业字[2024]8590 号 东方航空物流股份有限公司全体股东: 一、审计意见 我们审计了东方航空物流股份有限公司(以下简称"贵公司")财务报表,包括 2023 年 12 月 31 日的合并及母公司资产负债表,2023年度的合并及母公司利润表、合并及母公 司现金流量表、合并及母公司股东权益变动表,以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 贵公司 2023 年 12月 31 日的合并及母公司财务状况以及 2023年度的合并及母公司经营成果 和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师 ...