Dongxing Securities: Maintains a "recommended" rating for Eastern Airlines Logistics, with steady performance highlighting business resilience.

Dongxing Securities research report pointed out that Eastern Airlines Logistics' profits are in line with expectations, with solid performance highlighting operational resilience. In the 25th year, the company achieved a net profit attributable to the parent of 2.688 billion yuan, which was basically flat compared to the 24th year; in the first quarter of the 26th year, the company achieved a net profit attributable to the parent of 578 million yuan, an increase of 6.05% year-on-year. The company introduced 4 full freighters throughout the year, increasing the total number of full freighters to 18. In terms of passenger-cargo transportation, the company achieved a revenue of 5.66 billion yuan, with a gross profit of 198.8 million yuan, showing some improvement compared to -79.8 million yuan in the same period of the 24th year. The decrease in gross profit margin in the ground service sector is mainly due to the increase in labor costs. The company holds high-quality industry resources and has strong risk resistance ability, able to hedge the impact of policy changes through active adjustment of capacity layout. Therefore, although the external environment of the industry is complex in the 26th year, the company's profits have strong resilience. Maintaining a "recommended" rating for the company.