Eastern Air Logistics (601156)2024-11-01 07:43Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company reported a cumulative operating revenue of 17.674 billion in the first three quarters of 2024, representing a year-on-year increase of 24.19%, and a net profit attributable to shareholders of 2.067 billion, also up 24.14% year-on-year [1] - The company continues to benefit from the high demand in cross-border e-commerce, with significant growth in comprehensive logistics revenue [1] - The gross profit margin showed a slight recovery in Q3 2024, while financial expense ratios continued to decline year-on-year [1] - The company plans to distribute a cash dividend of 3.89 per 10 shares, totaling 618 million, which accounts for approximately 48.35% of the net profit attributable to shareholders for the first half of 2024 [1] Financial Performance Summary - For Q1-Q3 2024, the company achieved operating revenue of 17.674 billion, with segments such as air express, ground comprehensive services, and comprehensive logistics solutions generating revenues of 6.606 billion, 1.863 billion, and 9.198 billion respectively, reflecting year-on-year growth of 2.37%, 6.52%, and 52.78% [1] - The company’s operating costs for Q1-Q3 2024 were 14.893 billion, up 24.18% year-on-year, with a gross profit margin of 19.19%, down 1.94 percentage points year-on-year but showing a slight recovery [1] - The company’s financial forecasts indicate expected basic earnings per share of 1.89, 2.17, and 2.40 for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 8.93X, 7.77X, and 7.02X [2][5]