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 ...

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 ...

Core Insights - On November 17, Guohang Airlines experienced no change in stock price, with a trading volume of 86.98 million yuan [1] - The company reported a financing buy-in of 9.07 million yuan and a financing repayment of 10.27 million yuan, resulting in a net financing outflow of 1.20 million yuan [1][2] - As of November 17, the total margin balance for Guohang Airlines was 257 million yuan [1] Financing and Margin Data - On the same day, Guohang Airlines had a financing balance of 256 million yuan, accounting for 4.53% of its market capitalization [2] - The company repaid 4,400 shares in short selling and sold 5,400 shares, with a selling amount of 35,500 yuan based on the closing price [2] - The remaining short selling volume was 109,600 shares, with a short selling balance of 721,200 yuan [2] Company Overview - Guohang Airlines, established on November 14, 2003, is located in Shunyi District, Beijing, and is set to be listed on December 30, 2024 [2] - The company specializes in air cargo services, air cargo station services, and comprehensive logistics solutions, with revenue composition as follows: air cargo 71.01%, comprehensive logistics solutions 22.65%, air cargo station services 5.95%, and others 0.39% [2] - As of September 30, the number of shareholders was 135,000, a decrease of 17.77% from the previous period, while the average circulating shares per person increased by 21.60% to 6,362 shares [2] Financial Performance - For the period from January to September 2025, Guohang Airlines achieved a revenue of 16.64 billion yuan, representing a year-on-year growth of 16.92% [2] - The net profit attributable to the parent company was 1.84 billion yuan, reflecting a significant year-on-year increase of 66.21% [2] Dividend Information - Since its A-share listing, Guohang Airlines has distributed a total of 794 million yuan in dividends [3] Institutional Holdings - As of September 30, 2025, the largest circulating shareholder was Huatai-PB CSI 300 ETF, holding 14.44 million shares, an increase of 126,700 shares from the previous period [3] - The second-largest shareholder was E Fund CSI 300 ETF, holding 10.52 million shares, a decrease of 362,000 shares [3] - Other notable shareholders include Huaxia CSI 300 ETF and 嘉实沪深300ETF, with respective holdings of 7.85 million shares and 6.77 million shares, both showing a decrease from the previous period [3]

Core Viewpoint - Guohang was established on November 14, 2003, and is set to be listed on the Shenzhen Stock Exchange on December 30, 2024, positioning itself as a major player in the domestic air logistics service market with strong competitive advantages [1] Group 1: Business Performance - In Q3 2025, Guohang achieved a revenue of 16.636 billion yuan, ranking third among 12 companies in the industry, with the top competitor, China Foreign Trade, generating 75.038 billion yuan [2] - The net profit for the same period was 1.836 billion yuan, also placing Guohang third in the industry, behind China Foreign Trade's 2.912 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Guohang's debt-to-asset ratio was 10.19%, down from 12.27% year-on-year, significantly lower than the industry average of 40.47%, indicating strong solvency and low financial risk [3] - The gross profit margin for Q3 2025 was 16.12%, an increase from 13.29% year-on-year, surpassing the industry average of 14.94%, reflecting robust profitability [3] Group 3: Executive Compensation - The total compensation for President Li Jun in 2024 was 3.158 million yuan, a slight increase of 0.056 million yuan compared to 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 17.77% to 135,000, while the average number of circulating A-shares held per account increased by 21.60% to 6,362.5 [5]

Core Viewpoint - The company, China International Cargo Airlines Co., Ltd. (国货航), is experiencing growth in revenue and net profit, indicating a positive trend in its financial performance and market position in the air logistics sector [3]. Financing and Trading Activity - On October 29, 国货航 had a trading volume of 90.47 million yuan, with a net financing purchase of 1.83 million yuan after a financing buy of 10.66 million yuan and a repayment of 8.83 million yuan [1][2]. - The current financing balance stands at 254 million yuan, representing 4.50% of the circulating market value [2]. Business Overview - 国货航, established on November 14, 2003, and listed on December 30, 2024, is a major player in the domestic air logistics service market, providing air cargo services, air station services, and comprehensive logistics solutions [2]. - The revenue composition includes 71.01% from air cargo services, 22.65% from comprehensive logistics solutions, 5.95% from air station services, and 0.39% from other sources [2]. Financial Performance - For the period from January to September 2025, 国货航 reported a revenue of 16.64 billion yuan, reflecting a year-on-year growth of 16.92%, and a net profit attributable to shareholders of 1.84 billion yuan, which is a significant increase of 66.21% [3]. Shareholder and Dividend Information - Since its A-share listing, 国货航 has distributed a total of 794 million yuan in dividends [4]. - As of September 30, 2025, the number of shareholders decreased by 17.77% to 135,000, while the average circulating shares per person increased by 21.60% to 6,362 shares [3][4].

Core Insights - On October 28, Guohang Airlines experienced no change in stock price, with a trading volume of 98.158 million yuan [1] - The company reported a financing buy-in of 5.6053 million yuan and a financing repayment of 9.0095 million yuan, resulting in a net financing outflow of 3.4042 million yuan [1][2] - As of October 28, the total financing and securities lending balance for Guohang Airlines was 253 million yuan [1][2] Financing and Securities Lending - On the same day, Guohang Airlines had a financing balance of 253 million yuan, accounting for 4.46% of its market capitalization [2] - The company repaid 100 shares of securities lending and sold 100 shares, with a selling amount of 659 yuan based on the closing price [2] - The remaining securities lending volume was 113,300 shares, with a securities lending balance of 746,600 yuan [2] Company Overview - Guohang Airlines, established on November 14, 2003, is located in Shunyi District, Beijing, and is set to be listed on December 30, 2024 [2] - The company specializes in air cargo services, air cargo station services, and comprehensive logistics solutions, with revenue composition as follows: air cargo 71.01%, comprehensive logistics solutions 22.65%, air cargo station services 5.95%, and others 0.39% [2] - As of September 30, the number of shareholders was 135,000, a decrease of 17.77% from the previous period, while the average circulating shares per person increased by 21.60% to 6,362 shares [2] Financial Performance - For the period from January to September 2025, Guohang Airlines achieved a revenue of 16.636 billion yuan, representing a year-on-year growth of 16.92% [2] - The net profit attributable to the parent company was 1.836 billion yuan, reflecting a significant year-on-year increase of 66.21% [2] Dividend Distribution - Since its A-share listing, Guohang Airlines has distributed a total of 794 million yuan in dividends [3] Institutional Holdings - As of September 30, 2025, the largest circulating shareholder was Huatai-PB CSI 300 ETF, holding 14.4426 million shares, an increase of 126,700 shares from the previous period [3] - Other notable shareholders include E Fund CSI 300 ETF, with a holding of 10.5164 million shares (a decrease of 362,000 shares), and Huaxia CSI 300 ETF, holding 7.8487 million shares (a decrease of 102,400 shares) [3]

Core Insights - On October 27, Guohang Airlines experienced a stock price increase of 0.30%, with a trading volume of 92.31 million yuan [1] - The company reported a financing buy-in of 10.94 million yuan and a financing repayment of 11.31 million yuan, resulting in a net financing outflow of 0.37 million yuan [1][2] - As of October 27, the total margin balance for Guohang Airlines was 257 million yuan [1][2] Financing and Stock Performance - On the same day, Guohang Airlines had a financing balance of 256 million yuan, accounting for 4.52% of its market capitalization [2] - The company repaid 100 shares in securities lending, with no shares sold, resulting in a securities lending balance of 746,600 yuan and a remaining quantity of 113,300 shares [2] Company Overview - Guohang Airlines, established on November 14, 2003, is located in Shunyi District, Beijing, and is a major player in the domestic air logistics service sector [2] - The company's main business segments include air freight services (71.01% of revenue), comprehensive logistics solutions (22.65%), air cargo station services (5.95%), and other services (0.39%) [2] Financial Performance - For the period from January to September 2025, Guohang Airlines achieved a revenue of 16.636 billion yuan, representing a year-on-year growth of 16.92% [2] - The net profit attributable to the parent company was 1.836 billion yuan, reflecting a significant year-on-year increase of 66.21% [2] Shareholder Information - As of September 30, 2025, Guohang Airlines had 135,000 shareholders, a decrease of 17.77% from the previous period [3] - The top shareholder is Huatai-PB CSI 300 ETF, holding 14.4426 million shares, an increase of 126,700 shares from the previous period [3]

Core Viewpoint - The company, China International Cargo Airlines Co., Ltd., has shown significant growth in revenue and net profit, indicating a strong performance in the air cargo logistics sector [2][3]. Financial Performance - As of June 30, 2025, the company achieved an operating revenue of 10.935 billion yuan, representing a year-on-year increase of 21.92% [2]. - The net profit attributable to shareholders for the same period was 1.240 billion yuan, reflecting a substantial year-on-year growth of 86.15% [2]. Shareholder and Market Activity - As of October 16, 2023, the company’s stock price decreased by 1.06%, with a trading volume of 98.15 million yuan [1]. - The financing buy-in amount on the same day was 19.6955 million yuan, while the financing repayment was 13.1351 million yuan, resulting in a net financing buy-in of 6.5603 million yuan [1]. - The total financing and securities lending balance reached 268 million yuan as of October 16, 2023 [1]. Business Operations - The company primarily engages in air cargo services (71.01% of revenue), comprehensive logistics solutions (22.65%), and air cargo station services (5.95%) [1]. - The company has established itself as a major player in the domestic air logistics service market, leveraging the deep aviation transport development foundation of the Aviation Industry Corporation of China [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders was 164,100, a decrease of 19.93% from the previous period [2]. - The average number of circulating shares per shareholder increased by 27.85% to 5,232 shares [2]. - The top five circulating shareholders include various ETFs, with the largest being Huatai-PB CSI 300 ETF, holding 14.3159 million shares [3].