注册制新股纵览：国货航：航空物流市占率靠前，募投扩张运力

Investment Rating - The report assigns a rating of "Underweight" to the company based on its AHP score of 1.40, which places it in the 18.7% percentile of the non-Science and Technology Innovation Board AHP model [3][15]. Core Insights - The company is a leading provider of air logistics services in China, with a strong market share in air cargo and logistics solutions. It operates as the exclusive operator of passenger cargo services for Air China and has a significant presence in the air logistics market [4][17]. - The demand for air logistics is continuously growing, driven by the expansion of cross-border e-commerce and cold chain logistics. The company is enhancing operational efficiency and expanding capacity to strengthen its competitive position [5][22]. - Financial performance shows a significant decline in revenue and net profit compared to comparable companies, with a compound annual growth rate (CAGR) of -21.65% for revenue and -48.46% for net profit from 2021 to 2023 [6][26]. Summary by Sections AHP Score and Expected Allocation Ratio - The company has an AHP score of 1.40, indicating a lower-tier position in the market. The expected allocation ratios for offline investors are 0.0179% for Class A and 0.0111% for Class B under a neutral scenario [3][15][16]. Company Fundamentals and Highlights - The company operates in three main segments: air cargo services, air cargo station services, and comprehensive logistics solutions. It has a fleet of 21 freighters, with 17 currently in operation, and a robust network of routes and partnerships [4][17][20]. - The air logistics market in China is projected to grow significantly, with cross-border e-commerce expected to increase from 8.06 trillion yuan in 2017 to 16.85 trillion yuan in 2023. The company is responding to this demand by improving operational efficiency and expanding its fleet [5][22]. Financial Comparison with Peers - The company's revenue and net profit have decreased significantly compared to peers, with 2023 figures showing a revenue of 14.91 billion yuan and a net profit of 1.15 billion yuan, both lower than the average of comparable companies [6][26][30]. - The gross margin has declined from 25.85% in 2021 to 12.69% in 2023, indicating increasing costs and competitive pressures in the air cargo market [6][30][33]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of new shares, with proceeds allocated to the purchase of five B777-200F freighters, enhancing logistics capabilities, and investing in digital infrastructure [38][39].