东航物流（601156）：短期盈利或有扰动，中长期仍有望增长

Investment Rating - The investment rating for the company is "Buy" [4][7][18] Core Views - The company is a leading air logistics service provider in China, with its main business segments including air express, ground comprehensive services, and integrated logistics solutions. As of 2024, the company operates 14 B777F freighters and has exclusive rights to operate cargo in the belly holds of over 800 passenger aircraft from China Eastern Airlines [1][2] - The company reported a revenue of 5.49 billion yuan in Q1 2025, representing a year-on-year growth of 5.0%, while the net profit attributable to the parent company was 550 million yuan, a decrease of 7.4% year-on-year [1] - The company is facing short-term profit disturbances due to tariff adjustments, particularly in air freight, but is actively responding by exploring new markets and enhancing its service offerings [2][4] Financial Summary - The company's revenue is projected to grow from 20.62 billion yuan in 2023 to 27.64 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.3% [5][12] - The net profit attributable to the parent company is expected to decline to 2.04 billion yuan in 2025, before recovering to 2.81 billion yuan by 2027 [5][12] - The estimated PE ratio for 2027 is 8.2, indicating a low valuation compared to historical averages, while the dividend yield is projected to be around 4.5% in 2025 and nearly 5% in 2027, providing a high margin of safety for investors [3][4]