1月9日，东航物流盘中下跌2.02%，截至13:01，报17.92元/股，成交1.70亿元，换手率1.00%，总市值 284.49亿元。 分红方面，东航物流A股上市后累计派现27.26亿元。近三年，累计派现16.30亿元。 机构持仓方面，截止2025年9月30日，东航物流十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股1008.50万股，相比上期减少697.74万股。南方中证500ETF（510500）位居第八大流通股 东，持股921.30万股，相比上期减少21.74万股。 责任编辑：小浪快报 资料显示，东方航空物流股份有限公司位于上海市长宁区空港六路199号，成立日期2004年8月23日，上 市日期2021年6月9日，公司主营业务涉及航空速运、地面综合服务和综合物流解决方案。主营业务收入 构成为：综合物流解决方案46.66%，航空速运41.77%，地面综合服务11.44%，其他0.14%。 东航物流所属申万行业为：交通运输-物流-跨境物流。所属概念板块包括：冷链物流、出海概念、低市 盈率、统一大市场、中盘等。 截至9月30日，东航物流股东户数3.95万，较上期减少26.75%；人均流通股239 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Insights - The company is positioned as a leading integrated logistics service provider in air transportation, benefiting from the booming cross-border e-commerce market [1][2]. - The air freight business shows significant profit elasticity, primarily driven by demand from developed economies and cross-border e-commerce [2][3]. - The company has a diversified business model with three main segments: air freight services, integrated logistics solutions, and air cargo station services, with air freight being the most profitable [1][18]. Summary by Sections Company Overview - The company is the only flag carrier cargo airline in China, with a stable and diversified shareholder structure, primarily controlled by state-owned enterprises [1][14]. - Its main operations are based in Shanghai, and it has expanded its business through strategic partnerships and investments [13][14]. Air Freight Market - The air freight market is experiencing a supply-demand imbalance, which is expected to drive up air freight rates [2]. - Demand is closely linked to economic growth in developed markets, with cross-border e-commerce being a key growth driver [2][49]. - Supply constraints are evident, with limited capacity in both freighter and passenger aircraft [2][49]. Financial Performance and Forecast - The company is projected to achieve revenues of 229.5 billion, 249.2 billion, and 268.9 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 12%, 9%, and 8% [4][7]. - Net profit forecasts for the same years are 25.6 billion, 27.1 billion, and 29.0 billion yuan, reflecting growth rates of 31%, 6%, and 7% [4][7]. - The current market capitalization corresponds to a price-to-earnings ratio of 28x, 27x, and 25x for the respective years [4]. Business Segments - The air freight segment contributes significantly to the company's gross profit, with full freighter operations showing high elasticity [1][27]. - The integrated logistics solutions segment is expanding, catering to high-end product logistics needs, and is expected to benefit from the growth in cross-border e-commerce [1][3]. - The air cargo station services are also growing steadily, with a projected gross margin improvement [1][3]. Market Dynamics - The company is well-positioned to capitalize on the increasing demand for air freight driven by cross-border e-commerce, which is expected to grow significantly in the coming years [57][58]. - The report highlights that 80% of cross-border e-commerce goods are transported by air, indicating a strong market potential for the company [57].

资料显示，中国国际货运航空股份有限公司位于北京市顺义区天柱路29号院1幢1至9层，成立日期2003 年11月14日，上市日期2024年12月30日，公司主营业务涉及国货航承载了中航集团深厚的航空运输发展 积淀,为航空货物运输需求提供专业、可靠的解决方案,目前已发展成为国内主要的航空物流服务提供商 之一。公司主要从事包括航空货运服务、航空货站服务、综合物流解决方案在内的航空物流服务。主营 业务收入构成为：航空货运71.01%，综合物流解决方案22.65%，航空货站服务5.95%，其他(补 充)0.39%。 截至9月30日，国货航股东户数13.50万，较上期减少17.77%；人均流通股6362股，较上期增加21.60%。 2025年1月-9月，国货航实现营业收入166.36亿元，同比增长16.92%；归母净利润18.36亿元，同比增长 66.21%。 分红方面，国货航A股上市后累计派现7.94亿元。 12月30日，国货航跌2.11%，成交额2.51亿元。两融数据显示，当日国货航获融资买入额1775.54万元， 融资偿还663.51万元，融资净买入1112.03万元。截至12月30日，国货航融资融券余额合计2.45 ...

12月29日，东航物流盘中下跌2.01%，截至14:10，报18.07元/股，成交1.28亿元，换手率0.75%，总市值 286.87亿元。 截至9月30日，东航物流股东户数3.95万，较上期减少26.75%；人均流通股23935股，较上期增加 36.52%。2025年1月-9月，东航物流实现营业收入172.49亿元，同比减少2.40%；归母净利润20.01亿元， 同比减少3.19%。 分红方面，东航物流A股上市后累计派现27.26亿元。近三年，累计派现16.30亿元。 机构持仓方面，截止2025年9月30日，东航物流十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股1008.50万股，相比上期减少697.74万股。南方中证500ETF（510500）位居第八大流通股 东，持股921.30万股，相比上期减少21.74万股。 责任编辑：小浪快报 资金流向方面，主力资金净流出450.43万元，特大单买入249.17万元，占比1.94%，卖出525.32万元，占 比4.10%；大单买入1655.84万元，占比12.91%，卖出1830.13万元，占比14.27%。 东航物流今年以来股价涨8.97%，近5 ...

Core Viewpoint - The company, Guohang Airlines, is focusing on expanding its cargo capacity by reallocating funds originally intended for logistics enhancement to aircraft acquisition projects, specifically the purchase of Boeing B777F freighters and Airbus A350F freighters [1][2][3]. Group 1: Financial Performance - For the first three quarters of 2025, Guohang Airlines reported a revenue of 16.636 billion yuan, representing a year-on-year increase of 16.92% [3]. - The net profit attributable to shareholders reached 1.836 billion yuan, showing a significant year-on-year growth of 66.21% [3][4]. - The company's net profit excluding non-recurring items was 1.793 billion yuan, which is a 64.05% increase compared to the previous year [3]. Group 2: Strategic Decisions - Guohang Airlines decided to terminate its comprehensive logistics capability enhancement project due to a reassessment of feasibility and expected returns, reallocating the 283 million yuan originally planned for this project to aircraft acquisition [1][2]. - The company plans to invest approximately 9.316 billion yuan (equivalent to 1.311 billion USD) to acquire three Boeing B777F freighters [2]. Group 3: Fleet Expansion - Currently, Guohang Airlines operates a fleet of 23 long-range freighters, including models such as B747, B777, and A330 [3]. - The company has signed a confirmation order for six Airbus A350F freighters, becoming the first customer in mainland China for this model, with deliveries expected between 2029 and 2031 [3][4]. - Guohang Airlines is actively optimizing its capacity structure by opening new cargo routes, enhancing supply chain resilience [3].

12月19日，国货航涨0.80%，成交额8572.61万元。两融数据显示，当日国货航获融资买入额646.74万 元，融资偿还1269.60万元，融资净买入-622.86万元。截至12月19日，国货航融资融券余额合计2.37亿 元。 融资方面，国货航当日融资买入646.74万元。当前融资余额2.36亿元，占流通市值的4.38%。 融券方面，国货航12月19日融券偿还2500.00股，融券卖出9400.00股，按当日收盘价计算，卖出金额 5.90万元；融券余量12.43万股，融券余额78.06万元。 截至9月30日，国货航股东户数13.50万，较上期减少17.77%；人均流通股6362股，较上期增加21.60%。 2025年1月-9月，国货航实现营业收入166.36亿元，同比增长16.92%；归母净利润18.36亿元，同比增长 66.21%。 分红方面，国货航A股上市后累计派现7.94亿元。 机构持仓方面，截止2025年9月30日，国货航十大流通股东中，华泰柏瑞沪深300ETF（510300）位居第 一大流通股东，持股1444.26万股，相比上期增加12.67万股。易方达沪深300ETF（510310）位居第二大 ...

Group 1 - The core viewpoint of the news is that Eastern Airlines Logistics has shown a positive stock performance with a year-to-date increase of 8.37% and a recent rise of 2.22% in intraday trading, reflecting strong market interest and investment activity [1] - As of December 18, the stock price is reported at 17.97 yuan per share, with a total market capitalization of 28.528 billion yuan and a trading volume of 1.07 billion yuan [1] - The company has experienced significant net inflows of capital, with a net inflow of 18.33 million yuan from major funds and a notable buying activity from large orders [1] Group 2 - Eastern Airlines Logistics operates in the transportation and logistics sector, specifically in cross-border logistics, and is involved in various concept sectors including the Belt and Road Initiative and overseas expansion [2] - For the period from January to September 2025, the company reported a revenue of 17.249 billion yuan, a year-on-year decrease of 2.40%, and a net profit attributable to shareholders of 2.001 billion yuan, down 3.19% year-on-year [2] - The company has distributed a total of 2.726 billion yuan in dividends since its A-share listing, with 1.630 billion yuan distributed over the past three years [3]

摘要 东航物流 2025 年前三季度归母净利润 7.12 亿元，虽同比略降，但通过 调整航线网络、增加东南亚中转货量及扩充运力至 18 架全货机，有效 应对中美贸易摩擦，并开辟了越南河内、合肥至欧洲等新航线，支撑了 货量增长。 欧美市场方面，欧洲需求增长强劲，中国出口欧洲空运货量同比增长约 17%，三季度尤为显著。尽管美国关税政策带来挑战，但通过调整客户 结构、引入科技巨头合作及开通越南航线，美线货量保持稳定，表现优 于市场整体水平。 展望 2026 年，东航物流计划继续扩充运力，并预计中美经贸关系缓和 将减少美线波动。欧盟取消小额豁免政策的影响预计小于美国，中国企 业出海将推动空运市场需求稳健增长，公司对未来几年空运市场持谨慎 乐观态度。 新开通的重庆航点包括上海经香港至重庆，以及上海经重庆至法兰克福 两条航线，旨在利用重庆作为中西部枢纽的战略地位，符合国家向中西 部倾斜的政策导向，并优化欧洲货物的中转和集散。 Q&A 今年（2025 年）美国关税政策对东航物流的业绩有何影响？公司采取了哪些 应对措施？ 东航物流 20251209 今年（2025 年），美国取消了小额包裹豁免并加征普适关税，对中美之间的 经 ...

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 ...

Core Insights - Eastern Airlines Logistics experienced a decline of 1.39% in stock price on November 21, with a trading volume of 171 million yuan. The net financing purchase amounted to 40.69 million yuan, indicating strong investor interest despite the price drop [1] Financing Overview - On November 21, the financing buy amount for Eastern Airlines Logistics was 50.99 million yuan, while the financing repayment was 10.30 million yuan, resulting in a net financing purchase of 40.69 million yuan. The total financing and margin balance reached 1.18 billion yuan, which is 7.65% of the circulating market value, indicating a high level of financing activity [1] - The financing balance is above the 90th percentile of the past year, suggesting elevated investor engagement [1] Margin Trading Details - On the same day, Eastern Airlines Logistics had a margin repayment of 400 shares and a margin sale of 800 shares, with a total sale value of 13,000 yuan. The remaining margin balance was 93.62 million yuan, which is below the 10th percentile of the past year, indicating low short-selling activity [1] Company Profile - Eastern Airlines Logistics, established on August 23, 2004, and listed on June 9, 2021, is based in Changning District, Shanghai. The company specializes in air express, ground comprehensive services, and integrated logistics solutions. The revenue breakdown is as follows: integrated logistics solutions (46.66%), air express (41.77%), ground comprehensive services (11.44%), and others (0.14%) [1] Shareholder and Financial Performance - As of September 30, the number of shareholders for Eastern Airlines Logistics was 39,500, a decrease of 26.75% from the previous period. The average number of circulating shares per person increased by 36.52% to 23,935 shares [2] - For the period from January to September 2025, the company reported a revenue of 17.249 billion yuan, a year-on-year decrease of 2.40%, and a net profit attributable to shareholders of 2.001 billion yuan, down 3.19% year-on-year [2] - Since its A-share listing, Eastern Airlines Logistics has distributed a total of 2.726 billion yuan in dividends, with 1.630 billion yuan distributed over the past three years [2] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 10.085 million shares, a decrease of 6.9774 million shares from the previous period. The Southern CSI 500 ETF ranked eighth, holding 9.213 million shares, down 217,400 shares [2]