东航物流：行业景气上行，首次中期分红

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]