Eastern Air Logistics Co.Ltd(601156)
Eastern Air Logistics Co.Ltd(601156) disclose the 2021 annual report. In 2021, the company achieved an operating revenue of 22.23 billion, a year-on-year increase of 47.1%, and a net profit attributable to the parent company of 3.63 billion, a year-on-year increase of 53.1%.
Air freight rates rose sharply, driving revenue to achieve nearly 50% growth. In 2021, the global economic epidemic stabilized and increased, and the global trade volume reached a record high. However, due to the impact of the epidemic, the international supply chain has not been repaired, the air transportation operation has not returned to the normal track, the belly capacity of passenger aircraft has not been fully returned, and there is still a gap in supply. China's national gate is almost closed, and the number of international passenger flights has been greatly reduced, resulting in a sharp drop in the belly cabin capacity of passenger aircraft compared with that before the epidemic. Even if the airlines vigorously promote the conversion of passengers to goods, it is still difficult to balance the relationship between supply and demand. The sharp rise in air cargo prices has boosted the company's air express revenue by 59% to 12.43 billion. Benefiting from the improvement of cargo and mail throughput of HONGPU two games, the growth of the market share of the company's operating cargo volume and the development of high value-added business, the company's ground comprehensive service revenue increased by 22.4% to 2.87 billion. Thanks to the improvement of air freight prices and the continuous growth of cargo volume in the company's cross-border e-commerce field, the company's comprehensive logistics solution business revenue increased by 40% to 6.91 billion.
The change of cost depends on the income structure, and the gross profit of each business is different. In 2021, the company's average number of all cargo aircraft on record increased by 17.8% year-on-year, and the utilization rate of cargo aircraft increased slightly. The growth rate of the company's all cargo aircraft cargo and mail turnover should be about 15%. Superimposed on the rise of oil price, the corresponding operating cost of the company's all cargo aircraft is 3.9 billion yuan; Passenger plane cargo business volume and revenue increased significantly, but according to the business model, passenger plane cargo revenue is highly related to the price of belly compartment transportation services, and the cost related to passenger plane cargo increased by 83.6% to 4.38 billion. The gross profit of air express was 4.15 billion, with a gross profit margin of 33.4%, an increase of 2.3pct year-on-year. With the increase of business volume, the cost of ground comprehensive service increased to 1.82 billion, a year-on-year increase of 19%, the gross profit was 1.05 billion, and the gross profit margin was 36.5%, a year-on-year increase of 1.9pct. The cost of integrated logistics solutions was 5.95 billion yuan, with a year-on-year increase of 45%, a gross profit of 960 million yuan and a gross profit margin of 13.9%, a year-on-year decrease of 2.7pct. The overall gross profit of the company was 6.18 billion, with a year-on-year increase of 51.7%, and the gross profit margin was 27.8%, with a year-on-year increase of 0.9pct.
Expenses were basically stable and the annual performance increased significantly. In 2021, the company's sales, management and R & D expense rates were 1.17%, 1.74%, 0.06% and 0.22% respectively, with a year-on-year decrease of 0.44pct, a decrease of 0.50PCT, an increase of 0.02pct and 0.73pct respectively, and the net profit margin was 17.1%, with a year-on-year decrease of 0.4pct. Thanks to the higher freight rates, the company's all cargo aircraft business was brilliant, and the annual performance increased significantly.
Risk tip: the macro-economy is falling faster than expected, and the belly capacity of passenger aircraft returns to impact the freight rate
Investment suggestion: the global supply chain has not been restored, and China adheres to the "dynamic clearing" policy. Under the current epidemic prevention policy, the opening of the national door still needs to wait. It is difficult for the belly cabin capacity of passenger aircraft to fully return. Superimposed on the continuation of Global trade growth, the freight rate is expected to remain high. Considering that compared with the previous report, the impact of the epidemic continues and the recovery of the supply chain is slower than expected, the profit forecast for 20222023 is raised to 3.99 billion and 4.03 billion respectively from 1.93 billion and 1.72 billion. The profit forecast for 2024 is introduced. The company is expected to make a profit of 3.78 billion in 2024, maintaining the "overweight" rating.
