东航物流:全货机供给不足 看好货运物流龙头超额成长

民生证券股份有...
25 Jan

东航物流为国内航空货运首股,背靠中国东方航空集团,盈利中枢持续抬升。1)中国东方航空集团为公司第一大股东,持股比例40.5%,国资委为实际控人。2)盈利表现:公司盈利中枢抬升。2016-2019 年公司归母净利率在5%-10%之间,自2020 年起公司净利率突破10%,2024Q1-3 归母净利20.7 亿元,归母净利率为12%,同比+24%,主要由于2024 年全球经贸平缓复苏,国际航线需求旺盛...

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