研报掘金丨天风证券：维持东航物流“买入”评级，短期盈利或有扰动，中长期仍有望增长

Core Viewpoint - Donghang Logistics may experience short-term profit disturbances but is expected to grow in the medium to long term [1] Business Segments - The company's main business is divided into three segments: air express, ground integrated services, and comprehensive logistics solutions [1] Strategic Responses - The company plans to actively respond to tariff impacts by exploring Southeast Asia routes, expanding into emerging markets like the Middle East, increasing the import of Australian fresh products, launching new routes under fifth freedom rights, and leveraging network synergies through passenger-cargo connections [1] Financial Projections - The estimated price-to-earnings ratio for 2027 is 8.2 times, which is around the historical 50th percentile. The current valuation level is considered low, especially in light of the expected recovery in profit growth for 2026-2027 compared to China National Aviation [1] - The forecast for the net profit attributable to shareholders for 2025 has been adjusted to 2.04 billion yuan (originally 3.6 billion yuan), with new projections for 2026 and 2027 set at 2.43 billion yuan and 2.81 billion yuan, respectively [1] Investment Rating - The company maintains a "Buy" rating despite the adjustments in profit forecasts [1]