航空物流领先服务商，业绩稳健增长可期待 ——东航物流首次覆盖报告 物流 东航物流（601156.SH） 证券研究报告/公司深度报告 2025 年 11 月 25 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：杜冲 | | 营业收入（百万元） | 20,621 | 24,056 | 25,371 | 28,099 | 30,501 | | | | 增长率 yoy% | -12% | 17% | 5% | 11% | 9% | | 执业证书编号：S0740522040001 | | 归母净利润（百万元） | 2,488 | 2,688 | 2,629 | 2,810 | 3,115 | | Email：duchong@zts.com.cn | | 增长率 yoy% | -32% | 8% | -2% | 7% | 11% | | | | 每股收益（元） | 1.57 ...

11月18日，嘉诚国际涨5.16%，截至发稿，报11.62元/股，成交6454.57万元，换手率1.12%，总市值 59.37亿元。 富国优化增强债券C（100037）基金经理为刘兴旺、张育浩。 截至发稿，刘兴旺累计任职时间14年287天，现任基金资产总规模217.83亿元，任职期间最佳基金回报 56.44%， 任职期间最差基金回报0.3%。 张育浩累计任职时间3年325天，现任基金资产总规模228.24亿元，任职期间最佳基金回报15.5%， 任职 期间最差基金回报-0.12%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，广州市嘉诚国际物流股份有限公司位于广东省广州市南沙区东涌镇骏马大道8号，成立日期 2000年10月24日，上市日期2017年8月8日，公司主营业务涉及为制造业客户提供定制化物流解决方案及 全程供应链一体化综合物流服务。主营业务收入构成为：综合物流81.79%，供应链分销执行42.91%， 代理采购0.14%。 从嘉诚国 ...

Core Insights - Eastern Airlines Logistics is proactively preparing for the 2025 "Double Eleven" shopping festival by implementing a "super long standby" model to enhance consumer engagement and manage the anticipated logistics peak [1][2] Group 1: Operational Strategy - From October 21 to November 11, Eastern Airlines Logistics plans to support over 30,000 inbound and outbound flights at Shanghai Pudong and Hongqiao airports, handling nearly 150,000 tons of cargo, which represents a year-on-year increase of nearly 10% [1][2] - The company utilizes dynamic analysis of flight loading data and historical sales trends to accurately forecast cargo volume, providing data support for full-process operations [2] Group 2: Emergency Preparedness - Eastern Airlines Logistics has established a cross-department emergency team, increased on-site operational personnel, extended cargo collection and transportation time limits, and opened dedicated security inspection channels to enhance operational capabilities [2] - Collaboration with airport authorities includes implementing dual-door security checks and a "double entry and exit" vehicle model to streamline the entire cargo handling process [2] Group 3: Network Expansion - The company is accelerating the development of a global hub network, recently launching all-cargo routes such as "Shanghai-Riyadh-Budapest" and "Shanghai-Chongqing-Frankfurt" to facilitate e-commerce shipments during the "Double Eleven" period [2] - Eastern Airlines Logistics is deepening partnerships with supply chain stakeholders to offer customized logistics solutions and comprehensive services from receipt, warehousing, transportation to customs clearance [2] Group 4: Cargo Stability and Reliability - The company is focusing on the stability and reliability of logistics services by securing local specialty cargo sources, such as crabs and ornamental fish, and planning shipping volumes in advance to stabilize main route cargo [2] - Continuous development of transit station points in the air network is being prioritized to ensure the quality and efficiency of cargo transportation [2]

Core Viewpoint - 嘉诚国际's stock price has shown a year-to-date increase of 39.41%, but recent trends indicate a decline over the past 20 and 60 days, raising concerns about its short-term performance [2]. Group 1: Stock Performance - As of November 4, 嘉诚国际's stock price decreased by 2.10%, trading at 11.21 CNY per share with a market capitalization of 5.727 billion CNY [1]. - The stock has experienced a 2.00% increase over the last five trading days, but a decline of 3.86% over the last 20 days and 2.10% over the last 60 days [2]. Group 2: Financial Metrics - For the period from January to September 2025, 嘉诚国际 reported a revenue of 946 million CNY, a year-on-year decrease of 3.40%, and a net profit attributable to shareholders of 149 million CNY, down 10.41% year-on-year [2]. - The company has distributed a total of 169 million CNY in dividends since its A-share listing, with 74.22 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, 嘉诚国际 had 13,200 shareholders, a decrease of 14.35% from the previous period, with an average of 38,603 circulating shares per shareholder, an increase of 24.87% [2]. - 富国优化增强债券C (100037) is the seventh largest circulating shareholder, holding 4.2967 million shares, an increase of 2.1038 million shares from the previous period [3]. Group 4: Business Overview - 嘉诚国际, established on October 24, 2000, and listed on August 8, 2017, specializes in providing customized logistics solutions and integrated supply chain services, with logistics accounting for 81.79% of its revenue [2]. - The company operates within the transportation and logistics sector, focusing on cross-border logistics and is associated with concepts such as e-commerce and smart logistics [2].

Core Viewpoint - 嘉诚国际 is a comprehensive logistics service provider in China, focusing on customized logistics solutions for manufacturing clients, and has a significant presence in the cross-border logistics sector [1] Group 1: Business Performance - In Q3 2025, 嘉诚国际 reported revenue of 946 million yuan, ranking 10th in the industry, significantly lower than the top players like 中国外运 with 75.038 billion yuan and 东航物流 with 17.249 billion yuan [2] - The company's net profit for the same period was 150 million yuan, ranking 7th in the industry, again trailing behind the leaders [2] - The main business segments include comprehensive logistics at 558 million yuan (81.79% of revenue) and supply chain distribution execution at 293 million yuan (42.91% of revenue) [2] Group 2: Financial Ratios - 嘉诚国际's debt-to-asset ratio stood at 44.51% in Q3 2025, higher than the industry average of 40.47% [3] - The gross profit margin was 32.56%, which, despite a decrease from the previous year's 33.97%, remains significantly above the industry average of 14.94% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 14.35% to 13,200, while the average number of shares held per shareholder increased by 24.87% to 38,600 [5] - 富国优化增强债券C ranked as the seventh largest shareholder, increasing its holdings by 2.1038 million shares [5] Group 4: Strategic Developments - 嘉诚国际 is focusing on enhancing its core customer matrix and has established new partnerships with independent brands [5] - The company is proactively positioning itself in the Hainan Free Trade Port, with various projects at different stages aimed at expanding offshore trade [5] - 嘉诚国际 is advancing its supply chain ecosystem across China, Southeast Asia, and globally, with ongoing business developments in Vietnam, Thailand, and Singapore [5]

Group 1 - The core viewpoint of the articles highlights the performance and market position of 嘉诚国际 (Jiacheng International) in the logistics industry, noting its stock price increase and financial metrics [1][2] - As of August 20, 嘉诚国际's closing stock price was 12.45 yuan, reflecting a 1.80% increase, with a rolling PE ratio of 31.53 times and a total market capitalization of 6.361 billion yuan [1] - The average PE ratio for the logistics industry is 26.29 times, with a median of 29.83 times, positioning 嘉诚国际 at the 33rd rank within the industry [1][2] Group 2 - For the first quarter of 2025, 嘉诚国际 reported an operating revenue of 284 million yuan, a year-on-year decrease of 2.44%, and a net profit of 62.4691 million yuan, down 4.47% year-on-year, with a gross profit margin of 38.76% [2] - The company serves manufacturing clients by providing customized logistics solutions and integrated supply chain services, utilizing automated logistics equipment and advanced logistics information management systems [1] - 嘉诚国际 has developed numerous patented logistics tools and systems, successfully implementing technologies such as TMS, WMS, and RFID [1]

Group 1 - The core viewpoint of the articles highlights the performance and market position of 嘉诚国际 (Jiacheng International) in the logistics industry, noting its recent stock price increase and market valuation [1][2] - As of August 15, 嘉诚国际's stock closed at 13.23 yuan, up 4.58%, with a rolling PE ratio of 33.51, marking a new low in 97 days and a total market capitalization of 6.759 billion yuan [1] - The average PE ratio for the logistics industry is 25.57, with a median of 29.78, positioning 嘉诚国际 at 37th place within the industry rankings [1][2] Group 2 - For the first quarter of 2025, 嘉诚国际 reported revenue of 284 million yuan, a year-on-year decrease of 2.44%, and a net profit of 62.469 million yuan, down 4.47%, with a gross profit margin of 38.76% [2] - The company serves manufacturing clients by providing customized logistics solutions and integrated supply chain services, utilizing automated logistics equipment and advanced information management systems [1] - 嘉诚国际 has developed numerous patented logistics tools and technologies, successfully implementing intelligent systems such as TMS, WMS, and RFID [1]

Company Overview - Jiacheng International Logistics Co., Ltd. specializes in providing customized logistics solutions and integrated supply chain services for manufacturing clients [1] - The company utilizes automated logistics equipment and advanced logistics information management systems to offer personalized global logistics solutions, particularly for cross-border e-commerce businesses [1] - Jiacheng International has developed numerous logistics equipment and technology patents, successfully applying intelligent systems such as TMS, WMS, and RFID [1] Financial Performance - For Q1 2025, the company reported a revenue of 284 million yuan, a year-on-year decrease of 2.44% [2] - The net profit for the same period was 62.47 million yuan, reflecting a year-on-year decline of 4.47% [2] - The sales gross margin stood at 38.76% [2] Market Position - As of August 13, the company's stock closed at 12.78 yuan, with a PE ratio of 32.37, marking a new low in 91 days [1] - The total market capitalization of Jiacheng International is 6.529 billion yuan [1] - In comparison to the logistics industry, which has an average PE ratio of 25.76 and a median of 29.64, Jiacheng ranks 33rd [1][2] Institutional Holdings - As of Q1 2025, there are two institutional investors holding shares in Jiacheng International, with a total holding of 559,600 shares valued at 0.06 million yuan [1]

Group 1 - The core viewpoint of the articles highlights the performance and market position of Jiacheng International Logistics Co., Ltd, noting its recent stock price increase and current valuation metrics [1][2] - As of August 11, the company's stock closed at 12.63 yuan, reflecting a 5.60% increase, with a rolling PE ratio of 31.99, marking a new low in 89 days and a total market capitalization of 6.453 billion yuan [1] - The logistics industry average PE ratio is 26.04, with a median of 29.98, positioning Jiacheng International at 33rd among its peers [1][2] Group 2 - For the first quarter of 2025, the company reported revenue of 284 million yuan, a year-on-year decrease of 2.44%, and a net profit of 62.47 million yuan, down 4.47%, with a gross profit margin of 38.76% [2] - The company specializes in providing customized logistics solutions and integrated supply chain services for manufacturing clients, utilizing automated logistics equipment and advanced information management systems [1] - Jiacheng International has developed numerous patented logistics tools and technologies, successfully implementing intelligent systems such as TMS, WMS, and RFID [1]

Group 1 - The core viewpoint of the articles highlights the performance and market position of 嘉诚国际 (Jiacheng International) in the logistics industry, noting its recent stock price and financial metrics [1][2] - As of August 8, 嘉诚国际's stock closed at 11.96 yuan, with a rolling PE ratio of 30.29, marking a new low in 19 days, and a total market capitalization of 61.11 billion yuan [1] - The average industry PE ratio for the logistics sector is 25.86, with a median of 29.79, placing 嘉诚国际 at the 33rd position among its peers [1][2] Group 2 - For the first quarter of 2025, 嘉诚国际 reported a revenue of 284 million yuan, reflecting a year-on-year decrease of 2.44%, and a net profit of 62.47 million yuan, down 4.47% year-on-year, with a gross margin of 38.76% [2] - The company serves manufacturing clients by providing customized logistics solutions and integrated supply chain services, utilizing automated logistics equipment and advanced information management systems [1] - 嘉诚国际 has developed numerous patented logistics tools and technologies, successfully implementing intelligent systems such as TMS, WMS, and RFID [1]