东航物流：运营效率持续优化，中期分红比例超预期

Investment Rating - The report maintains a "Recommended" rating for Eastern Airlines Logistics [5] Core Views - The company achieved a revenue of 11.286 billion yuan in the first half of the year, representing a year-on-year growth of 20.38%, and a net profit attributable to shareholders of 1.277 billion yuan, up 0.45% year-on-year [4] - The decline in air freight rates has led to a decrease in the gross margin of air express services, but operational efficiency continues to improve [5] - The revenue from comprehensive logistics solutions grew significantly, with a year-on-year increase of 55.72% [5] - The company emphasizes shareholder returns, proposing a mid-term cash dividend of 0.389 yuan per share, which accounts for 48.35% of the net profit attributable to shareholders [5] Financial Performance Summary - In the first half of the year, air express business revenue was 4.333 billion yuan, down 4.31% year-on-year, with a gross margin of 19.11%, a decrease of 9.40 percentage points [4] - The comprehensive logistics solutions segment generated revenue of 5.727 billion yuan, with a gross margin of 13.79%, down 1.94 percentage points [4] - Ground service business revenue increased by 4.70% year-on-year to 1.222 billion yuan, with a gross margin improvement from 36.46% to 40.08% [5] Profit Forecast and Valuation - The company forecasts net profits of 2.92 billion, 3.59 billion, and 4.20 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.84, 2.26, and 2.65 yuan [5] - The current stock price corresponds to PE ratios of 8.7, 7.1, and 6.1 for 2024, 2025, and 2026 respectively [5]