Investment Rating - The report maintains a "Buy" rating for ZTO Express [2][4] Core Views - ZTO Express reported a revenue of 38.4 billion RMB in 2023, representing a year-on-year growth of 8.6%, and an adjusted net profit of 9.01 billion RMB, up 32.3% year-on-year [4] - The company achieved a business volume of 30.2 billion parcels in 2023, a growth of 23.8%, outperforming the industry average by 4.3 percentage points, with a market share of 22.9%, an increase of 0.8 percentage points year-on-year [4] - ZTO Express has significantly increased its dividend and share buyback ratio, with a dividend of 0.62 USD per share for 2023, representing a payout ratio of 40%, and plans for semi-annual dividends starting in 2024 [4] - The company has adjusted its profit forecast for 2024-2025, now expecting adjusted net profits of 10.87 billion RMB and 13.09 billion RMB respectively, down from previous estimates due to anticipated tax expenses related to dividends [4] Financial Data and Profit Forecast - Revenue (in million RMB): 2022: 35,377, 2023: 38,419, 2024E: 44,406, 2025E: 50,050, 2026E: 56,519 [5] - Adjusted Net Profit (in million RMB): 2022: 6,806, 2023: 9,006, 2024E: 10,873, 2025E: 13,090, 2026E: 15,669 [5] - Business Volume (in billion parcels): 2023: 30.2, 2024E: 35.0, 2025E: 39.6, 2026E: 43.9 [6] - Market Share: 2023: 22.9%, 2024E: 23.1%, 2025E: 23.3%, 2026E: 23.5% [6] - Price-to-Earnings Ratio: 2023: 13.7x, 2024E: 11.4x, 2025E: 9.5x, 2026E: 7.9x [5]

提高分红，加大回购，业绩符合预期 ——中通快递 23Q4 业绩点评 中通快递-W（2057.HK）/物流 证券研究报告/公司点评 2024 年3月 22日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：176.2港元 指标 2022 2023 2024E 2025E 2026E 营业收入（百万元） 35377 38419 42787 49252 53942 分析师：苏畅 营业收入增速 16% 9% 11% 15% 10% 执业证书编号：S0740523110001 归母净利润 6809 8749 9664 12228 13384 电话：021-20315125 净利润增长率 43% 28% 10% 27% 9% 摊薄每股收益（元） 8.23 10.58 11.69 14.79 16.18 Email：suchang@zts.com.cn 净资产收益率 12% 15% 15% 16% 16% 分析师：王旭晖 P/E 19.8 15.0 13.6 11.0 10.0 执业证书编号：S0740523110003 P/ ...

公司研 究 证 券研究 报 告 交通运输 2024年03月22日 中 通快递-SW（02057.HK）2023 年业绩点评 推 荐 （维持） 业绩符合预期，领先优势持续，分红回购彰 目标价：218港元 显投资价值 当前价：164港元  公司发布 2023 年年度业绩公告。1）2023 年实现营业收入 384.2 亿元，同比 华创证券研究所 +8.6%，净利润87.5亿元，同比+31.5%，调整后净利润为90亿元，同比+32.3%， 净利率为 22.8%，同比+3.5pct。2023 年每股分配 0.62 美金，同比+68%。2） 证券分析师：吴一凡 2023年第四季度实现营业收入106.2亿元，同比+7.6%，净利润22.1亿元，同 电话：021-20572539 比+3.8%，调整后净利润22.1亿元，同比+4.4%，净利率20.8%。 邮箱：wuyifan@hcyjs.com  经营数据：2023年全年包裹量为302亿件，同比+23.8%，超越行业增速4.4pct， 执业编号：S0360516090002 市场份额22.9%，同比+0.8%；通达系2023年件量增速排名：申通（35.2%）> 证券分析 ...

e p y T t r o p e R _ e l b a T | t s r i F _ e l bT able_First a T Table_First|Table_Summary Table_First|Table_ReportDate 华福证券 港股 2024年3月22日 公 司 Table_First|Table_Rating 报 中通快递（2057.HK）业绩点评 买入(维持评级) 告 当前价格： 176.2港元 单票归母 0.29 元，分红和回购计划提升 目标价格： 254.0港元 T基able_First|Table_Marke本tInfo 数据 副标题 总股本/流通股本（百万股） 824/617 投资要点： 总市值/流通市值（亿港元） 145105/108790 ➢ 事件：中通快递公布2023年及23Q4业绩，2023年公司实现营业收入384.2亿元，同比增长8.6%， 每股净资产（元） 72.62 调整后净利润90亿元，同比增长32.3%；从单季度看，23Q4实现营收106.2亿元，同比增长7.6%； 资产负债率（%） 31.86 公 调整后净利润22.1亿元，同比增长4.4%；公司23 ...

ZTO Express (ZTO) reported fourth-quarter 2023 earnings of 38 cents per share, which beat the Zacks Consensus Estimate by a penny and improved 2.7% year over year.Total revenues of $1,495.7 million improved year over year.Detailed Operational StatisticsRevenues from the core express delivery business jumped 8% year over year, owing to a 32% increase in parcel volume and an 18.2% decrease in parcel unit price. Parcel volume market share increased 32% from the year-ago reported quarter.Revenues from freight f ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance has significantly improved year-on-year, enhancing shareholder returns [1] - In FY2023, the company achieved revenue of 38.42 billion RMB, a year-on-year increase of 8.6%, and an adjusted net profit of 9.01 billion RMB, up 32.3% year-on-year [1] - The company expects a package volume growth of over 15% in 2024, with a projected total package volume between 34.73 billion and 35.64 billion [1] Financial Performance Summary - Revenue and Profitability: - FY2023 revenue was 38.42 billion RMB, with a growth rate of 8.6% [3] - Adjusted net profit for FY2023 was 9.01 billion RMB, reflecting a growth rate of 32.3% [3] - Q4 revenue reached 10.62 billion RMB, a 7.6% increase year-on-year, with adjusted net profit of 2.21 billion RMB, up 4.4% [1] - Cost and Margin Analysis: - The average revenue per package decreased by 0.16 RMB to 0.72 RMB, a decline of 11.3% year-on-year [1] - The average cost per package fell by 0.11 RMB to 0.72 RMB, a decrease of 13.2% year-on-year, leading to an increase in gross margin by 4.8 percentage points to 30.4% [1] - Shareholder Returns: - The company declared a dividend of 0.62 USD per share for FY2023, a 68% increase year-on-year, with a payout ratio of 40% [1] - The stock buyback plan has been extended and increased by 500 million USD, totaling 2 billion USD [1] Future Projections - The company forecasts net profits of 10.5 billion RMB and 12.1 billion RMB for 2024 and 2025, respectively, with an additional net profit forecast of 13.6 billion RMB for 2026 [1][3] - The expected revenue growth rates for 2024 and 2025 are 10.7% and 6.5%, respectively [3]

2024 年 03 月 21 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 稳增长、提分红，价值投资选中通 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn ——中通快递 （ ） 年年度业绩公告 -W 02057 2023 点评 最近一年走势 事件 : 2024年3月20日，中通快递发布2023年年度业绩公告： 财务方面，2023 年，中通快递实现营业收入 384.19 亿元，同比增长 8.60%，其中核心快递服务收入354.88亿元，同比增长8.94%；公司实 现毛利116.63亿元，同比增长29.02%，实现归母净利润87.49亿元， 同比增长28.49%。 2023Q4，中通快递实现营业收入106.19亿元，同比增长7.58%，其中 核心快递服务收入97.59亿元，同比增长6.44%；公司实现毛利31.28 相对恒生指数表现 2024/03/20 亿元，同比增长12.83%，实现归母净利润21.92亿元，同比增长1.37%。 表现 1M 3M 12M 业务方面，2023年，中通快递完成业务量302.02亿票，同比增长23.83%， ...

Exhibit 99.2 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Under our weighted voting rights structure, our share capital comprises Class A ordinary shares and Class B ordinary shares. Each ...

ZTO Express (Cayman) Inc. (NYSE:ZTO) Q4 2023 Earnings Conference Call March 19, 2024 8:30 PM ET Company Participants Sophie Li - Investor Relations Director Meisong Lai - Founder, Chairman and Chief Executive Officer Huiping Yan - Chief Financial Officer Conference Call Participants Ronald Keung - Goldman Sachs Qianlei Fan - Morgan Stanley Aaron Luo - UBS Operator Good day and welcome to the ZTO Express Fourth Quarter and Fiscal Year 2023 Financial Results Announcement Conference Call. All participants will ...

Company Overview - ZTO is a leading express delivery company in China, utilizing a distinct Network Partner Business Model (NPM)[5, 6, 17] - The company has achieved significant parcel volume growth, with a 48% Compound Annual Growth Rate (CAGR) from 2011 to 2023[15] - ZTO's market share in parcel volume was 22.9% in 2023[15] Competitive Advantages - ZTO's "shared-success" philosophy underpins its distinct partner network and contributes to its industry leadership[21, 34] - The company has a superior scale and reach, including 99% county-level city coverage and 96% village-level city coverage[42] - ZTO operates approximately 10,000 self-owned line-haul vehicles and 99 sorting hubs[13, 42] Strategies and Innovation - ZTO is focused on maintaining high service quality and customer satisfaction while maximizing earnings upon achieving targeted volume growth[69, 94] - The company is expanding its logistics ecosystem, including LTL, cloud warehousing, international services, and cold chain solutions[72, 73, 74, 75, 80] - ZTO has approximately 110,000 last-mile posts covering all provinces and approximately 300 cities in China[43, 81] Financial Performance - ZTO's strong operating cash flow supports continued investment in growth, with RMB 13361 million in 2023[126] - The company is committed to "Dual Carbon Reduction" through ESG practices, including low-carbon delivery and green packaging[83, 85]