Eastern Air Logistics (601156) Changjiang Securities·2024-09-17 02:10Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant year-on-year increase in Q2 2024 performance, with operating revenue reaching 6.06 billion yuan, up 26.3%, and net profit attributable to shareholders at 690 million yuan, up 35.0% [6][7]. - The company plans to distribute a cash dividend of 3.89 yuan per 10 shares (tax included), corresponding to a dividend payout ratio of 48.4%, enhancing shareholder returns [6][7]. - The outlook for the second half of the year remains positive, driven by sustained demand in cross-border e-commerce and limited supply expansion due to Boeing delivery delays, with expectations for increased air freight prices during the peak season starting in September [6][7]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 11.29 billion yuan, a 20.4% increase year-on-year, and a net profit of 1.28 billion yuan, up 0.5% [6][7]. - Q2 2024 saw operating revenue of 6.06 billion yuan, a 26.3% increase, and net profit of 690 million yuan, a 35.0% increase [6][7]. - The company’s revenue from air express, ground comprehensive services, and integrated logistics solutions in Q2 2024 were 2.33 billion, 630 million, and 3.10 billion yuan respectively, reflecting year-on-year growth of 10.3%, 2.8%, and 49.4% [6][7]. Profitability Analysis - The gross profit for air express, ground comprehensive services, and integrated logistics solutions in Q2 2024 were 520 million, 260 million, and 510 million yuan respectively, showing a decline of 8.4% for air express but a significant increase of 66.6% for integrated logistics solutions [6][7]. - The company has optimized its route network and increased the frequency of international long-haul flights, leading to slight improvements in the utilization rate of all-cargo aircraft [6][7]. Dividend Policy - The company announced a mid-term dividend of 3.89 yuan per 10 shares (tax included), with a payout ratio of 48.4%, indicating a commitment to enhancing shareholder value [6][7]. Market Outlook - The demand for cross-border e-commerce is expected to remain strong, with limited supply expansion due to delays in Boeing deliveries, suggesting potential price elasticity in air freight during the upcoming peak season [6][7].