M N 16 May 2024 CMB International Global Markets | Equity Research | Company Update ZTO Express (2057 HK) 1Q24 core earnings beat estimates; Shifted to profitable growth strategy Target Price HK$303.00 ZTO Express (ZTO) shifted the strategic focus to profitable growth in 1Q24, Up/Downside 74.5% enabling it to deliver core net profit of RMB1.9bn (+23% YoY), representing 19% Current Price HK$173.60 of our full-year forecast (run rate in 1Q23: 17.6%), which is better than our expectation. Looking forward, ZTO ...

仅供机构投资者使用 证券研究报告|港股公司深度研究报告 2024年5月16日 中通快递(2057.HK)： 从经营领先到股东回馈领先 评级： 中通快递-W 恒生指数 评级： 买入 分析师：游道柱 3% 上次评级： 首次覆盖 邮箱：youdz@hx168.com.cn ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於需要股東投票的所有事 項，A類普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者 務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存託股代表一股A 類普通股）於美國紐約證券交易所上市，代碼為ZTO。 ZTO Express (Cayman) Inc. 中通快遞（開曼）有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2057） 內幕消息 2024年第一季度未經審計財務業績公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期貨 條例》（第571章）第XIVA部刊發。 中通快遞（開曼）有限公司（「中通」或「本公司」）欣然公佈其根據美國證券交易委 員會（「美國證交會」）適用規則刊發的截至2024年3月31日止第一季度的未經審計 財務業績（「2024 ...

中国电商快递龙头，资产及管理双领军 [Table_CoverStock] — 中通快递-W（2057.HK）深度报告 [Tab2l0e_2Re4po年rtTi0m5e]月 13 日 左前明 能源行业首席分析师 执业编号 S1500518070001 联系电话 010-83326712 邮箱zuoqianming@cindasc.com [T able_CoverReportList] [Table_Title] 证券研究报告 中国电商快递龙头，资产及管理双领军 公司研究 [Table_ReportDate] 2024年05月13日 [Table_ReportType] 本期内容提要: 深度报告 [Table_Summary] [T中ab通le快_S递toc-kWA(n2d0R5an7k.]H K) 后起之秀，崛起为电商快递份额及盈利龙头 中通快递成立于2002年，晚于申通、韵达、圆通。公司成立后，通过率先 投资评级 买入 开启跨省际网络班车等业务拓展、率先推动有偿派费机制和全网一体化发展 战略等机制变革、率先布局转运中心直营化及分拣设备自动化等多维举措， ...

中国电商快递龙头，资产及管理双领军 [Table_CoverStock] — 中通快递-W（2057.HK）深度报告 [Tab2l0e_2Re4po年rtTi0m5e]月 13 日 左前明 能源行业首席分析师 执业编号 S1500518070001 联系电话 010-83326712 邮箱zuoqianming@cindasc.com [T able_CoverReportList] [Table_Title] 证券研究报告 中国电商快递龙头，资产及管理双领军 公司研究 [Table_ReportDate] 2024年05月13日 [Table_ReportType] 本期内容提要: 深度报告 [Table_Summary] [T中ab通le快_S递toc-kWA(n2d0R5an7k.]H K) 后起之秀，崛起为电商快递份额及盈利龙头 中通快递成立于2002年，晚于申通、韵达、圆通。公司成立后，通过率先 投资评级 买入 开启跨省际网络班车等业务拓展、率先推动有偿派费机制和全网一体化发展 战略等机制变革、率先布局转运中心直营化及分拣设备自动化等多维举措， ...

证券研究报告 物流 2024年05月08日 中通快递（2057.HK）深度报告：共建共享，基业长青 评级：买入(维持) ...

Financial Performance - Revenue increased by 8.6% to RMB 38,418.9 million in 2023 compared to RMB 35,377.0 million in 2022[12] - Gross profit rose by 29.0% to RMB 11,662.5 million in 2023 from RMB 9,039.3 million in 2022[12] - Net profit grew by 31.5% to RMB 8,754.5 million in 2023 compared to RMB 6,659.0 million in 2022[12] - Adjusted EBITDA increased by 25.0% to RMB 14,107.3 million in 2023 from RMB 11,289.1 million in 2022[12] - Adjusted net profit rose by 32.3% to RMB 9,005.9 million in 2023 compared to RMB 6,806.0 million in 2022[12] - Basic adjusted earnings per ADS increased by 29.7% to RMB 11.14 in 2023 from RMB 8.59 in 2022[12] - Diluted adjusted earnings per ADS grew by 27.6% to RMB 10.90 in 2023 compared to RMB 8.54 in 2022[12] - Revenue increased by 8.6% from RMB 35,377.0 million in 2022 to RMB 38,418.9 million in 2023 due to post-pandemic recovery in express delivery demand[17] - Net profit for 2023 was RMB 8,754,457 thousand, compared to RMB 6,658,966 thousand in 2022[15] - Adjusted net profit for 2023 was RMB 9,005,920 thousand, up from RMB 6,805,999 thousand in 2022[15] - EBITDA for 2023 was RMB 13,857,799 thousand, compared to RMB 11,153,363 thousand in 2022[15] - Adjusted EBITDA for 2023 was RMB 14,107,290 thousand, up from RMB 11,289,073 thousand in 2022[15] - Net profit attributable to ordinary shareholders for 2023 was RMB 8,749,004 thousand, compared to RMB 6,809,056 thousand in 2022[16] - Adjusted net profit attributable to ordinary shareholders for 2023 was RMB 9,000,467 thousand, up from RMB 6,956,089 thousand in 2022[16] - Basic earnings per share for 2023 were RMB 10.83, compared to RMB 8.41 in 2022[16] - Diluted earnings per share for 2023 were RMB 10.60, compared to RMB 8.36 in 2022[16] - The core express business revenue increased by 9.8% from RMB 34,164.3 million in 2022 to RMB 37,512.1 million in 2023, driven by a 23.8% increase in parcel volume and an 11.3% decrease in parcel unit price[31] - The freight forwarding service revenue decreased by 25.2% in 2023 compared to 2022, primarily due to post-pandemic e-commerce price declines[32] - The total operating costs increased by 1.6% from RMB 26,337.7 million in 2022 to RMB 26,756.4 million in 2023[33] - The gross profit increased by 29.0% from RMB 9,039.3 million in 2022 to RMB 11,662.5 million in 2023, with the gross margin rising from 25.6% to 30.4%[35] - The total operating expenses increased by 27.0% from RMB 1,302.8 million in 2022 to RMB 1,654.6 million in 2023[36] - The interest income increased by 40.3% from RMB 503.7 million in 2022 to RMB 706.8 million in 2023[37] - The interest expense increased by 52.0% from RMB 190.5 million in 2022 to RMB 289.5 million in 2023[37] - The financial instruments fair value change income increased by 255.7% from RMB 46.2 million in 2022 to RMB 164.5 million in 2023[37] - The foreign exchange gain decreased by 36.5% from RMB 147.3 million in 2022 to RMB 93.5 million in 2023[37] - Income tax expense increased by 18.7% from RMB 1,633.3 million in 2022 to RMB 1,938.6 million in 2023, with the overall tax rate decreasing by 1.6% due to a tax refund of RMB 207.1 million received in the third quarter[38] - Net profit increased by 31.5% from RMB 6,659.0 million in 2022 to RMB 8,754.5 million in 2023[39] - The asset-liability ratio increased from 30.6% in 2022 to 31.9% in 2023[40] - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB 12,333.9 million, RMB 686.6 million, and RMB 7,454.6 million respectively as of December 31, 2023, with 91.8% held by subsidiaries in China and 85.4% denominated in RMB[41] - Outstanding bank loan principal increased from RMB 5,394.4 million in 2022 to RMB 7,766.0 million in 2023, with a weighted average interest rate of 1.6% for short-term bank loans[41] - Capital expenditures totaled approximately RMB 6.7 billion in 2023, down from RMB 7.4 billion in 2022, with future capital expenditures to be funded by existing cash balances and other financing methods[46] - Capital commitments amounted to RMB 4.6 billion as of December 31, 2023, primarily related to the construction of office buildings, sorting centers, and warehouse facilities[46] - The company declared a final dividend of $0.62 per ADS and ordinary share for 2023, representing a 68% increase from 2022, with a payout ratio of 40%[26] - A semi-annual cash dividend policy was adopted starting in 2024, with total semi-annual dividends not less than 40% of the distributable profit for the fiscal year[27] - The share repurchase program was expanded by $500 million to a total of $2 billion, with the effective period extended to June 30, 2025[28] - The company expects the total parcel volume for 2024 to be in the range of 34.73 billion to 35.64 billion, representing a year-over-year growth of 15% to 18%[29] - The company's distributable reserves amounted to RMB 26.9 billion as of December 31, 2023[111] - The company approved a special dividend of $0.37 per ADS for 2022, payable to shareholders on record by April 6, 2023[109] - The company declared a final dividend of $0.62 per ADS and ordinary share for the fiscal year ending December 31, 2023, payable by April 10, 2024[109] - The company issued $1 billion in convertible senior notes in August 2022, with a 1.50% annual interest rate, maturing on September 1, 2027[108] - As of December 31, 2023, the $1 billion in convertible senior notes remain unexercised[108] - Less than 30% of the company's total revenue for the fiscal year ending December 31, 2023, came from its top five customers, and less than 30% of total procurement came from its top five suppliers[103] - The company made charitable donations totaling RMB 8.2 million during the reporting period[107] - The company maintains the required public float percentage as per listing rules[107] - No bonds were issued by the company during the reporting period[107] Operational Infrastructure - The company operates a network covering 99% of cities and counties in China, with approximately 6,000 direct network partners, over 31,000 pickup and delivery points, and more than 110,000 end stations as of December 31, 2023[20] - The logistics infrastructure includes 99 sorting centers, 464 automated sorting lines, and over 3,900 trunk lines served by more than 10,000 self-owned trucks, including over 9,200 high-capacity vehicles[21] - The company’s proprietary Zhongtian system supports daily high-throughput processing of over 100 million orders, utilizing real-time monitoring, order scheduling, and predictive algorithms[22] - The comprehensive unit cost for sorting and transportation decreased in 2023 compared to 2022 due to ongoing digitalization and intelligent upgrades[23] - The company operates under a network partner model, providing express delivery services in China[50] Corporate Governance and Leadership - The company has not separated the roles of Chairman and CEO, currently held by Mr. Lai Meisong, to ensure consistent internal leadership and more effective strategic planning[137] - The Board of Directors includes 3 executive directors, 2 non-executive directors, and 5 independent non-exec directors, maintaining a balance of power and efficient decision-making[137] - The company has established formal and informal channels to ensure the Board receives independent views and opinions, with half of the Board members being independent non-exec directors[142] - Independent non-exec directors' independence is assessed annually, and they can seek independent professional advice at the company's expense if needed[142] - Directors are required to retire by rotation at least once every three years, with Mr. Huang Qin, Mr. Herman Yu, and Mr. Gao Zunming set to retire at the 2024 AGM[143] - Mr. Chen Xudong, appointed as a non-exec director on June 15, 2023, will retire at the AGM but is eligible for re-election[143] - The company has adopted a code of conduct for securities transactions that is no less stringent than the Model Code for Securities Transactions by Directors of Listed Issuers[138] - The company received an exemption from strict compliance with certain provisions of the Model Code for a trading plan by Mr. Wang Jilei[139] - All directors and relevant employees confirmed compliance with the code of conduct and the Model Code during the reporting period[139] - The company has complied with all code provisions of the Corporate Governance Code except for the separation of Chairman and CEO roles[137] - The board of directors held 8 meetings during the reporting period[144] - The company held one annual general meeting, one extraordinary general meeting, and 11 committee meetings during the reporting period[144] - The next annual general meeting is scheduled for June 18, 2024[144] - The audit committee held 4 meetings during the reporting period[150] - The audit committee reviewed and approved the financial results for the fourth quarter and the consolidated financial statements for the fiscal years ending December 31, 2022, and December 31, 2023[150] - The audit committee met with the company's independent auditor, Deloitte Touche Tohmatsu[150] - The audit committee reviewed the effectiveness of the company's internal audit function and its responsibilities under the corporate governance code[150] - The audit committee discussed accounting policies, internal controls, and financial reporting matters with senior management[150] - The independent auditor audited the consolidated financial statements of the group[150] - The compensation committee held three meetings during the reporting period to review and propose executive and director compensation terms[152] - The compensation range for senior management in 2023 was between RMB 1 million and RMB 6 million, with 3 executives earning RMB 1-5 million and 1 executive earning RMB 5-6 million[153] - The nomination and corporate governance committee held two meetings to review board structure, diversity policy, and director succession planning[155] - The environmental, social, and governance (ESG) committee held two meetings to adopt ESG policies and review performance metrics[157] - The company has established a director nomination policy to ensure board diversity and alignment with business needs[158] - The company has adopted a Board Diversity Policy, with 10 directors including 9 male and 1 female (10% of the board)[159] - As of December 31, 2023, the company has 23,554 employees, with 15,072 male (64%) and 8,482 female (36%)[160] - The company approved a semi-annual cash dividend policy, with at least 40% of distributable profits to be paid as dividends starting from 2024[161] - No significant fraud or misconduct impacting financial statements or operations was found in 2023[162] - The company has adopted an Anti-Corruption Policy to ensure ethical business practices and compliance with anti-corruption laws[163] - All directors have met continuous professional development requirements through training and reading materials[164] - The board is responsible for preparing the financial statements for the year ended December 31, 2023, with no significant uncertainties affecting the company's ability to continue as a going concern[165] - The company's risk management and internal control systems are reviewed annually by the Board of Directors, ensuring they are effective and adequate[166] - The company paid RMB 18.64 million for audit services and RMB 920,000 for non-audit services (tax and other consulting services) in 2023[169] - Shareholders can request a special general meeting if they hold at least 10% of the voting rights, and the meeting must be held within 21 days of the request[171] - The company adopted a new set of articles of association on May 1, 2023, allowing for electronic or hybrid general meetings[175] - The Board of Directors adopted a shareholder communication policy on April 20, 2023, to enhance investor relations and ensure timely and accurate information disclosure[174] Shareholder Structure and Equity - Lai Meisong holds 206,100,000 Class B ordinary shares, representing 100% of the Class B shares[177] - Lai Meisong holds 4,989,947 Class A ordinary shares, representing 0.82% of the Class A shares[177] - Wang Jilei holds 42,181,499 Class A ordinary shares, representing 6.95% of the Class A shares[177] - Lai Meisong holds 195,000,000 shares in TuXi Tech (Cayman) Inc., representing 12.46% of the issued shares[181] - Lai Meisong holds 120,000,000 shares in Zhejiang Tongyu Smart Industry Development Co., Ltd., representing 75% of the issued shares[181] - Lai Meisong holds 206,100,000 shares in ZTO Express (Cayman) Inc., representing 34.35% of the issued shares[181] - Wang Jilei holds 45,000,000 shares in TuXi Tech (Cayman) Inc., representing 2.87% of the issued shares[181] - Wang Jilei holds 60,000,000 shares in ZTO Express (Cayman) Inc., representing 10% of the issued shares[181] - Hu Hongqun holds 2,500,000 shares in TuXi Tech (Cayman) Inc., representing 0.15% of the issued shares[181] - Hu Hongqun holds 120,000,000 shares in Zhejiang Tongyu Smart Industry Development Co., Ltd., representing 75% of the issued shares[181] - SCTS Capital Pte. Ltd. holds 118,585,225 A类普通股 (L) representing 19.55% of the total shares[184] - Alibaba Group Holding Limited holds 71,941,287 A类普通股 (L) representing 11.86% of the total shares[184] - Alibaba ZT Investment Limited holds 57,870,370 A类普通股 (L) representing 9.54% of the total shares[185] - Mr. Jianfa Lai holds 66,252,639 A类普通股 (L) representing 10.92% of the total shares[185] - Invesco Advisers, Inc. holds 42,154,941 A类普通股 (L) representing 6.95% of the total shares[185] - JPMorgan Chase & Co. holds 40,743,250 A类普通股 (L) representing 6.71% of the total shares[185] - Zto Lms Holding Limited holds 206,100,000 B类普通股 (L) representing 100.00% of the total shares[185] - Alibaba is considered the beneficial owner of 71,941,287 A类普通股 held by Ali ZT, Cainiao Smart, NRF, Taobao, and Cainiao Hong Kong[186] - Mr. Jianfa Lai has the right to direct the sale of 33,598 A类普通股 held by ZTO ES[187] - Mr. Jilei Wang has the right to direct the sale of 120,000 A类普通股 held by ZTO ES[188] - 3,616,200 Class A ordinary shares (long position) and 619,800 Class A ordinary shares (short position) are held through physically settled listed derivatives[189] - 3,741,666 Class A ordinary shares (short position) are held through physically settled unlisted derivatives[189] - 456,093 Class A ordinary shares (long position) and 674,302 Class A ordinary shares (short position) are held through cash-settled unlisted derivatives[189] - 3,304,415 Class A ordinary shares (long position) and 12,816 Class A ordinary shares (short position) are held through listed derivatives that are convertible instruments[189] - Lai Meisong holds an interest in 206,100,000 Class B ordinary shares through Zto Lms Holding Limited[189] - The 2016 Plan has a cap of 21,000,000 shares and no new shares will be issued for awards under the plan[192] - As of March 31, 2024, 5,592,500 Class A ordinary shares in the form of restricted share units have been granted under the 2016 Plan[192] - The 2016 Plan allows for the granting of stock options, restricted shares, or other types of awards approved by the plan administrator[194] - The 2016 Plan has a remaining term of approximately two years and can be amended or terminated by the board of directors[199] - Awards under the 2016 Plan are evidenced by award agreements that specify the terms, conditions, and restrictions of each award[195] - 361,035 restricted share units were vested during the reporting period[200] - 23,830 restricted share units were

智通财经APP获悉，4月19日，银华基金明星基金经理李晓星在管基金产品一季报全部亮相。截止2024年一季度末，李晓星旗下共管理基金资产总规模276.28亿元，本季度表现最佳的为银华心怡灵活配置混合A，基金份额净值增长率为-5.51%。 与上一季度相比，银华心怡灵活配置混合A前十大重仓股新增中通快递-W(02057)，东方财富(300059.SZ)，盐湖股份(000792.SZ)，中矿资源(002738.SZ)；其中汇川技术(300124.SZ)持仓占比4.09%，为该基金第一大重仓股；伊利股份(600887.SH)，江丰电子(300666.SZ)，中芯国际(688981.SH)等退出前十大重仓股。具体持仓情况如下： 李晓星在该基金的一季报指出，总体来说，二级市场在经过一段时间的调整后，相关风险已经得到充分释放，绝大部分标的已经进入到了估值底部，伴随宏观经济的逐步上行，其对于大盘并不悲观。 分行业来看，李晓星认为消费行业仍会面临需求不足、竞争加大的压力，企业加速分化会是常态，但相比去年，由于市场对宏观的预期足够低，消费行业在经历了三年估值调整后，基本上估值都处于历史 20%以下的分位，24 年消费当中"高质量 ...

[Table_Page] 公司深度研究|运输 证券研究报告 [中Table_通Title] 快递-W(02057.HK/ZTO.N) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 166.90港元/21.09美元 穿越周期，强者恒强 合理价值 207.34港元/26.17美元 报告日期 2024-03-26 [ 核Tabl 心e_Su 观mm 点ary] ： （如无特殊说明，本报告货币单位均为人民币，1RMB=0.139USD=1.1014HKD） 基[Ta本ble数_B据ase Info] ⚫ 中低端赛道的高毛利企业，穿越周期的电商快递龙头。中通快递立足 股票代码 02057.HK ZTO.N 于中低端电商快递赛道，尽管是“通达”系中成立最晚，凭借其同建 总股本（百万股） 823.52 823.52 共享、双层股权网络平衡机制，后发先至成为电商快递的龙头。14-23 流通股本（百万股） 617.42 617.42 年间，公司业务量增长16倍，利润增长21倍，平均毛利率29%，平 总市值 （百万） 135,387港元 17310美元 均摊薄ROE 13%，在增长与盈利平衡中穿越周期。 ...

[Table_Stock] 中通快递-W（02057） 业绩符合预期，规模优势持续保持，单 证 券 票成本持续改善 研 究 ——中通快递 2023年业绩点评 报 告 [Table 买_R 入at （ing 维] [◼Ta bl投e_资Su摘mm要a ry] 持） 事件概述 [行Ta业bl:e _Indu交st通ry]运 输 3月20日，公司发布公告称，2023年公司实现营业收入、调整后净利 日期: s 20h2z4q年da0t3e月m2a9r日k 润和调整后归母净利润分别为384.2亿元、90.1亿元和90.0亿元，分别 同比增长8.6%、32.3%和29.4%。其中，四季度公司实现营业收入 [T分ab析le师_A: utho王r]亚 琪 106.2亿元，同比增长7.6%；调整后净利润为22.1亿元，同比增长 Tel: 021- 53686472 4.4%。此外，2023年公司每股分配0.62美金，同比增长67.6%。 E-mail: wangyaqi@shzq.com SAC编号: S0870523060007 分析与判断 2023年快递行业的价格竞争较为激烈，尤其在电商需求集中的地区， [基Ta本bl数e ...