isb388slot|东航物流(601156)：全年业绩高位回落 Q4景气改善显著

Event description China Eastern Logistics Disclosure 2023 Annual report: 2023Isb388slotThe company realized revenue of 206Isb388slot. 2.1 billion yuan, down 12% from the same period last yearIsb388slot.14%, the net profit was 2.488 billion yuan, down 31.58% from the same period last year. In the fourth quarter of 2023, revenue was 6.39 billion yuan, an increase of 10.11% over the same period last year, and net profit was 823 million yuan, an increase of 18.69% over the same period last year. Event comments on the change in the supply and demand structure of air transport, with an increase in "empty" land throughout the year. In 2023, revenue from air express / ground integrated services / integrated logistics solutions was-31.37%, 0.55%, 16.74%, respectively, and gross profit was-51.78%, 119.87%, 12.65%, respectively, year-on-year. 1) in terms of air express transportation, in 2023, the company's cargo and mail transport turnover increased by 18.8% compared with the same period last year; the fleet was replaced and upgraded, advanced and retreated 5, and 14 B777 all-cargo aircraft were operated with a unified aircraft structure. Despite the rapid recovery of the belly cabin of passenger aircraft, freighter operation efficiency has improved significantly thanks to the growth of cross-border e-commerce cargo volume and the encryption of flights between Europe and the United States. The daily utilization rate of the whole machine increased by 12.85% to 12.56 hours compared with the same period last year, and the loading rate decreased slightly from the same period last year to maintain 83.12%.Isb388slotHowever, due to the sharp decline in air freight prices, the company's revenue and profits fell sharply compared with the same period last year. 2) in terms of ground integrated services, freight handling volume increased by 9.04% compared with the same period last year, of which the handling capacity of the two operations in Shanghai increased by 4.13% year-on-year, with a market share of 53.6%. The company actively expand new aviation department customers, improve value-added services, fully tap market demand, # gross profit margin quickly repaired to 40.48%. 3) in terms of integrated logistics solutions, cross-border e-commerce solutions are growing brightly, with revenue increasing by 71.71% to 4.698 billion yuan compared with the same period last year. By speeding up urban layout and product system construction, fresh cold chain growth is outstanding and customized logistics has achieved breakthroughs. Q4 is booming and profitability has improved significantly. With the outbreak of the cross-border e-commerce full escrow model, Q4 welcomed the Black 5 and Christmas overseas shopping season, air freight prices increased significantly from the previous month, and the average freight rate index of TAC at Shanghai Pudong Airport rose 37.3% from the previous month. The company's revenue reached 6.39 billion yuan, only lower than the highest level in the history of 4Q21-1Q22. The company's daily utilization rate of Q4 increased to 14.29hrs, much higher than the annual level of 12.56hrs, the profit flexibility was fully released, and the net profit of Q4 was 823 million yuan, close to an all-time high. Cross-border e-commerce boom continues to rise, general exports at the bottom of the repair, air transport demand is expected to rise steadily. Wide-body all-freighter supply growth is limited, the freight hub is expected to rise, 2024 Association prices are better than expected, the situation in the Middle East may further push up freight rates. In addition, the company steadily promotes the second phase of Pudong Airport West cargo Terminal (annual handling capacity of 300000 tons) and Pudong Airport Intelligent cargo Terminal project (designed annual handling capacity of 600000 tons), while actively promoting the construction of South China operation base and planning South China cargo terminal and ground operation resources. It is estimated that the company's homing net profit from 2024 to 2025 will be RMB 32.3 million, respectively, and the corresponding PE will be 9.1, 7.8 and 6.8X, respectively, maintaining the "buy" rating. Risk tips 1, the risk of policy change; 2, the low expected growth of cross-border e-commerce cargo volume; 3, the lower-than-expected demand for general cargo by air transport; 4, the higher-than-expected growth of international flights of foreign aviation departments. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.