东航物流（601156）：医药冷链业务快速推进，Q2业绩增长凸显经营韧性

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company demonstrated strong operational resilience with a net profit growth of 8.01% in Q2, despite external challenges, resulting in a total net profit of 12.89 billion yuan for the first half of 2025, a year-on-year increase of 0.90% [2][4] - The air express business showed steady performance, achieving revenue of 4.702 billion yuan, a year-on-year increase of 8.52%, although the gross margin slightly decreased [2][3] - The comprehensive logistics solutions business experienced a revenue decline of 8.29% due to the impact of the U.S. tax policy changes, but the company successfully expanded its pharmaceutical cold chain business, which grew by 37.29% to 1.980 billion yuan [3][4] Financial Performance Summary - For the first half of 2025, the company reported total revenue of 11.256 billion yuan, a slight decrease of 0.26% year-on-year, while the net profit was 1.289 billion yuan, reflecting a growth of 0.90% [2] - The air express business generated 4.702 billion yuan in revenue, with a gross margin of 18.91%, down 0.2 percentage points year-on-year [2] - The comprehensive logistics solutions segment saw revenue of 5.252 billion yuan, down 8.29% year-on-year, primarily due to the U.S. tax policy changes affecting cross-border e-commerce [3] - The ground services segment achieved a revenue of 1.287 billion yuan, up 5.38% year-on-year, but the gross margin decreased to 34.19% [3] Profit Forecast and Valuation - The company is expected to achieve net profits of 2.42 billion yuan, 2.75 billion yuan, and 2.99 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.53, 1.73, and 1.88 yuan [4][5] - The current stock price corresponds to PE ratios of 10.2, 9.0, and 8.3 for the years 2025 to 2027, indicating a favorable valuation [4][5]