研報掘金丨國聯證券:首予東航物流“買入”評級,跨境空運行業景氣上行
國聯證券研報指出,跨境空運行業景氣上行,東航物流(601156.SH)掌握關鍵幹線運輸和地面服務設施資源,競爭優勢明顯,航空速運利潤彈性有望釋放,地面綜合服務收益貢獻穩健。公司收入總體保持增長態勢,資本結構改善,現金流大幅增加。2018-2023年,公司營業收入年複合增長率13.6%;資產負債率由47.2%下降到40.9%;經營活動現金淨流量由8.7億元增加到52.4億元,年複合增長率43.1%。公司綜合物流解決方案打造第二增長曲線,2024Q1,相關業務收入26.3 億元,同比+64.0%,佔收入比重50%。同時,航空普貨市場持續復甦,2024年1-5月中國手機出口3.0億台,同比+4.3%。首次覆蓋,給予“買入”評級。
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