Eastern Air Logistics (SH:601156) Guohai Securities·2024-09-04 10:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company achieved significant growth in Q2 2024, with a year-on-year revenue increase of 26.29% and a net profit increase of 34.88% [4][5]. - The company is benefiting from the growth of cross-border e-commerce, which is expected to continue driving demand for its logistics services [7]. - The company has a strong focus on shareholder returns, with a proposed cash dividend of 0.389 yuan per share, amounting to 6.18 billion yuan, representing 48.35% of its net profit for the first half of 2024 [7]. Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 11.286 billion yuan, a year-on-year increase of 20.38%, and a net profit of 1.277 billion yuan, a 0.45% increase [4]. - For Q2 2024, the company achieved operating revenue of 6.062 billion yuan, a 26.29% increase year-on-year, and a net profit of 688 million yuan, up 34.88% [4][5]. Market Dynamics - The air freight market remained strong during the traditionally slow season, driven by rapid growth in cross-border e-commerce, leading to a 27.45% year-on-year increase in the Shanghai Pudong outbound air freight index [5]. - The company's comprehensive logistics solutions revenue increased by 49% year-on-year in H1 2024, indicating robust demand [5]. Future Outlook - The company is expected to see continued revenue growth, with projected revenues of 26.218 billion yuan, 31.071 billion yuan, and 33.302 billion yuan for 2024, 2025, and 2026, respectively [8]. - The net profit forecasts for the same years are 3.046 billion yuan, 3.634 billion yuan, and 3.870 billion yuan, reflecting a positive growth trajectory [8].