Core Insights - The article highlights the successful operation and growth of the Ezhou Huahu Airport North Cargo Station, which has become a vital hub for air cargo logistics in Hubei province, facilitating both domestic and international trade [3][16]. Operational Achievements - The North Cargo Station has handled over 4,500 flights and achieved a cargo throughput of more than 160,000 tons in its first year of operation, with a peak daily throughput of 1,042 tons [3][10]. - The station has opened 14 international cargo routes, establishing an "air silk road" connecting Hubei to global markets [3][10]. Strategic Development - The Hubei provincial government emphasizes the importance of developing the Huahu Airport into an international free trade aviation port to support regional economic growth [5]. - The airport's logistics capabilities are being enhanced through the integration of smart and automated systems, aiming for high-quality development and transformation of the aviation logistics industry [10][15]. Innovative Logistics Solutions - The North Cargo Station has implemented an "automatic arrival" model for export goods, significantly improving customs clearance efficiency [11]. - The station has developed 16 flexible transfer solutions for air cargo, reducing average transfer times to just 5 hours, thereby enhancing global supply chain services [12]. Future Prospects - The Ezhou Airport North Cargo Station is positioned as a key player in Hubei's strategy to link domestic and international markets, with plans for expanding its global network and enhancing its logistics capabilities [16][17]. - The company aims to further develop high-value cargo services, including fresh produce and precision instruments, to boost confidence in Hubei's air cargo capabilities [14].

盈利能力不断提升，费用管控继续显效。24 年公司加强供应商合作，降低采购成本，同时用户品类结 构，黄金珠宝、进口生鲜等高毛利商品销售占比提升，24 年/25Q1 毛利率同比提升0.85pct/1.0pct 达 39.61%/44.80%。同时，通过精细化管理，提升运营费用、营销费用效率，24 年/25Q1公司实现期间费 用率达23.68%/22.0%，同比下降1.06/0.99pct，其中24 年销售/管理/财务费用率同比-0.7/+0.09/-0.44pct， 25Q1 销售/管理/财务费用率同比-0.27/+0.06/-0.77pct。 维持"买入"评级。大商股份为我国百年历史知名商业品牌，区域性优势地位稳固。新上任董事长商业地 产运营经验丰富，股权激励将进一步促进管理积极性及效率提高，看好存量门店改造升级+长期增量门 店拓张潜力。考虑到关店及行业性消费需求影响，我们下调公司2025-2026 年归母净利润分别为 6.72/7.59 亿元（原值为7.12/8.13 亿元），新增2027年归母净利润预测为8.21 亿元，对应PE 分别为 12/11/10 倍，PB<1，公司长期稳定分红，23-24 年分红率 ...