On July 23, Gelunhui | Guolian Securities research report pointed out that the cross-border air transportation industry is improving, Donghai Logistics (601156.SH) has key trunk transportation and ground service resources, obvious competitive advantages, and the profit elasticity of air express transportation is expected to be released, while the comprehensive ground services contribute steadily to revenue. The company's overall income has maintained a growth trend, and the capital structure has improved significantly, with a significant increase in cash flow. From 2018 to 2023, the company's compound annual growth rate of revenue is 13.6%; the asset-liability ratio decreased from 47.2% to 40.9%; the net cash flow from operating activities increased from 870 million yuan to 5.24 billion yuan, with a compound annual growth rate of 43.1%. The company's comprehensive logistics solution creates the second growth curve. In the first quarter of 2024, the revenue from related businesses was 2.63 billion yuan, a year-on-year increase of 64.0%, accounting for 50% of the revenue. At the same time, the air cargo market continued to recover, and China's mobile phone exports reached 0.3 billion units from January to May 2024, a year-on-year increase of 4.3%. First coverage, rated as "buy".