东航物流(601156)：航空物流核心资源构建护城河 看好长期业绩成长

Group 1 - The core viewpoint is that Eastern Airlines Logistics Co., Ltd. is a modern comprehensive logistics service provider, focusing on safe, efficient, precise, and convenient logistics services for global customers, with a successful listing in 2021 and being the first stock in civil aviation mixed reform [1] - The company’s main business segments include air express, ground comprehensive services, and comprehensive logistics solutions, with a fleet of 14 B777 freighters and exclusive operation of cargo in the belly holds of over 800 passenger aircraft [1] - The company aims to provide stable dividend returns to investors, having distributed a total of 2.726 billion yuan in dividends since its listing, with a planned annual cash distribution of 30%-50% of net profit attributable to shareholders from 2024 to 2026 [2] Group 2 - The air logistics market is expected to continue growing, although short-term impacts from trade policy disruptions are noted, with a stable expansion of freighter scale anticipated [2] - Profit forecasts for Eastern Airlines Logistics indicate net profits of 2.12 billion, 2.687 billion, and 3.175 billion yuan for 2025-2027, with corresponding PE ratios of 9.9x, 7.8x, and 6.6x, suggesting a valuation advantage compared to peers [3] - The company’s freighter and cargo station assets provide resource advantages, with expectations for improved intercontinental cargo network capabilities and a gradual recovery in comprehensive logistics solutions business due to international trade policy impacts [3]