东航物流（601156）：2025Q1收入同比增长稳健，毛利率及费率持续改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12][13] Core Insights - The company achieved a revenue of 5.486 billion yuan in Q1 2025, representing a year-on-year growth of 5.02%. However, the net profit attributable to shareholders decreased by 7.40% to 545 million yuan [6][7][12] - The gross margin improved to 17.47%, an increase of 1.66 percentage points year-on-year, with specific segments showing varied performance in gross margins [8][12] - The company plans to maintain a dividend payout of 10.75 billion yuan for 2024, which is 40% of the net profit, indicating a commitment to shareholder returns [10][12] Revenue and Profit Analysis - In Q1 2025, the revenue breakdown by business segment shows that the air express business generated 2.062 billion yuan (up 2.87%), ground comprehensive services brought in 618 million yuan (up 4.74%), and comprehensive logistics solutions contributed 2.803 billion yuan (up 6.72%) [7][8] - The company’s net profit margin was 9.94%, down 1.33 percentage points year-on-year, primarily due to an increase in income tax expenses [8][12] Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 23.529 billion yuan, 26.194 billion yuan, and 28.603 billion yuan, respectively, with corresponding net profits of 2.283 billion yuan, 2.616 billion yuan, and 2.860 billion yuan [11][12] - The price-to-earnings (P/E) ratios for the same years are expected to be 8.45, 7.37, and 6.75, indicating a potentially undervalued stock [12][13]