Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported steady growth in Q3 2024, with a 21.13% year-on-year increase in revenue for the first three quarters, totaling 49.369 billion yuan. Q3 revenue reached 16.805 billion yuan, up 22.13% year-on-year. The net profit attributable to the parent company for the first three quarters was 2.930 billion yuan, a 10.21% increase, with Q3 net profit at 943 million yuan, reflecting an 18.06% year-on-year growth [2][6] Summary by Relevant Sections Financial Performance - In Q3 2024, the company achieved a total express delivery volume of 6.711 billion pieces, a 28.16% increase year-on-year, surpassing the industry average growth rate by 8 percentage points. The market share in Q3 was 15.39%, an increase of 0.97 percentage points after adjusting for the National Postal Administration's data [7] - The average revenue per piece in Q3 was 2.20 yuan, down 5.83% year-on-year, with a gross margin of 8.41%, a decrease of 0.94 percentage points year-on-year. The net profit per piece was 0.14 yuan, down 7.78% year-on-year [8] - The company forecasts revenues of 66.371 billion yuan, 74.410 billion yuan, and 83.254 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.06%, 12.11%, and 11.88%. The net profit attributable to the parent company is expected to be 4.350 billion yuan, 4.975 billion yuan, and 5.714 billion yuan for the same years, with growth rates of 16.85%, 14.37%, and 14.86% [9][10]

Investment Rating - The report maintains a "Buy" rating for YTO Express, with projected net profits of 3.9 billion, 4.7 billion, and 5.4 billion yuan for 2024, 2025, and 2026, respectively [6][3] Core Views - YTO Express reported a 21.1% YoY increase in revenue to 49.37 billion yuan and a 10.2% YoY increase in net profit to 2.93 billion yuan for the first three quarters of 2024 [2] - In Q3 2024, the company achieved a revenue of 16.81 billion yuan, up 22.1% YoY, and a net profit of 940 million yuan, up 18.1% YoY [2] - The company's market share in express delivery reached 15.4% in Q3 2024, with a total volume of 18.92 billion parcels for the first three quarters, up 26.0% YoY [2] - Despite a 5.8% YoY decline in ASP (Average Selling Price) to 2.20 yuan per parcel in Q3 2024, the company maintained strong profitability [2] Financial Performance - YTO Express's gross profit for Q3 2024 was 1.41 billion yuan, up 9.8% YoY, with a gross margin of 8.4%, down 1.0 percentage points YoY [3] - The company's net profit margin for Q3 2024 was 5.6%, down 0.2 percentage points YoY, with a net profit per parcel of 0.14 yuan, down 7.8% YoY [3] - For the first three quarters of 2024, the company's gross profit was 4.76 billion yuan, up 11.2% YoY, and net profit was 2.93 billion yuan, up 10.2% YoY [3] Market Position and Volume - YTO Express handled 6.71 billion parcels in Q3 2024, with a market share of 15.4%, slightly down by 0.2 percentage points YoY [2] - The company's total parcel volume for the first three quarters of 2024 was 18.92 billion, up 26.0% YoY, with a market share of 15.3% [2] Financial Projections - Revenue is projected to grow to 64.45 billion yuan in 2024, 74.39 billion yuan in 2025, and 86.39 billion yuan in 2026, with growth rates of 12%, 15%, and 16%, respectively [5] - Net profit is expected to reach 3.90 billion yuan in 2024, 4.65 billion yuan in 2025, and 5.41 billion yuan in 2026, with growth rates of 5%, 19%, and 16%, respectively [5] - EPS is forecasted to be 1.13 yuan in 2024, 1.35 yuan in 2025, and 1.57 yuan in 2026 [5] Valuation Metrics - The P/E ratio is projected to be 14.3 in 2024, 12.0 in 2025, and 10.3 in 2026 [5] - The P/B ratio is expected to decline from 1.7 in 2024 to 1.3 in 2026 [5] Balance Sheet and Cash Flow - Total assets are projected to grow from 46.06 billion yuan in 2024 to 59.70 billion yuan in 2026 [7] - Operating cash flow is expected to increase from 7.67 billion yuan in 2024 to 9.38 billion yuan in 2026 [7] - The company's debt-to-asset ratio is forecasted to remain stable at around 28.5% to 28.8% from 2024 to 2026 [7]

Investment Rating - The report maintains a "Buy" rating for the company [2][8][11] Core Insights - The company has shown a strong performance with a revenue increase of 21.13% year-on-year, reaching 49.369 billion yuan in the first three quarters of 2024 [3] - The net profit attributable to shareholders rose by 10.21% to 2.930 billion yuan, indicating stable profitability [3] - The company’s business volume grew by 25.99% compared to the market, with a market share increase to 15.28% [3][4] Financial Performance - For Q3 2024, the company achieved a revenue of 16.805 billion yuan, a year-on-year growth of 22.13% [3] - The net profit for Q3 2024 was 943 million yuan, up 18.06% year-on-year [3] - The company’s single-package revenue decreased by 0.12 yuan to 2.50 yuan, while the total cost per package fell by 0.08 yuan to 2.37 yuan [3][5] Market Position and Strategy - The company’s price decline of 4.90% is less than the industry average decline of 6.45%, showcasing its pricing power [5][6] - The company is focusing on enhancing customer satisfaction and brand reputation, which is expected to support its pricing strategy amidst industry competition [6][7] - The company is expanding its international presence and logistics capabilities, aiming to establish a second growth curve through overseas market penetration [7] Earnings Forecast - Projected revenues for 2024-2026 are 66.344 billion yuan, 73.125 billion yuan, and 79.615 billion yuan, with growth rates of 15%, 10%, and 9% respectively [8][9] - Expected net profits for the same period are 4.211 billion yuan, 4.517 billion yuan, and 5.469 billion yuan, with growth rates of 13%, 7%, and 21% respectively [8][9] - The report anticipates stable growth in earnings per share (EPS), projected at 1.22 yuan, 1.31 yuan, and 1.59 yuan for 2024, 2025, and 2026 respectively [8][9]

2024 年 10 月 30 日圆通速递投资者调研会议纪要 调研时间：2024年10月30日下午15:30--16:30 调研方式：电话调研 调研人员：申万宏源证券、汇添富基金、富国基金、易方达基金、高毅资产、东 方证券资管、华泰保兴基金、万家基金、泉果基金、招银理财、拾贝投资、和谐 汇一、宽远资产、大朴资产、广发证券、华泰证券、长江证券、中金资管、太平 洋资管、安信保险、摩根士丹利、花旗、中信里昂、美林证券、Goldman Sachs、 Y2 Capital、Jefferies等近100家投资和研究机构。 公司管理层： 董事兼总裁：潘水苗 副总裁兼财务负责人：王丽秀 董事局秘书：张龙武 一、由公司管理层简要介绍公司 2024 年三季度经营情况及四季度经营计划 2024 年前三季度，公司快递业务完成量 189.13 亿件，同比增长 25.98%；实 现营业收入 493.69 亿元，同比增长 21.13%，实现经营性现金流净额 40.83 亿元， 同比增长 7.16%；实现归母净利润 29.30 亿元，同比增长 10.21%，经营业绩稳健 增长。 2024 年第三季度，公司快递业务完成量 67.11 亿件，同比 ...

Investment Rating - The report maintains a "Recommend" rating for YTO Express (600233) with a target price of 21.77 yuan, representing a 29% upside from the current price [1][3] Core Views - The report highlights that the "anti-involution" trend in the express delivery industry is beneficial for the release of performance elasticity among express companies [1] - The industry landscape is optimizing, with major companies shifting their competitive strategies, such as ZTO focusing on service quality and J&T achieving adjusted profitability in the first half of 2024 [1] - The report continues to be optimistic about the express delivery industry's configuration window [1] Financial Performance - In Q3 2024, YTO Express achieved revenue of 16.8 billion yuan, a year-on-year increase of 22.1%, and net profit attributable to the parent company of 943 million yuan, a year-on-year increase of 18.1% [1] - For the first three quarters of 2024, the company achieved revenue of 49.37 billion yuan, a year-on-year increase of 21.1%, and net profit attributable to the parent company of 2.93 billion yuan, a year-on-year increase of 10.2% [1] - The single-ticket revenue in Q3 2024 was 2.20 yuan, a year-on-year decrease of 5.8%, and the single-ticket net profit was 0.140 yuan [1] Operational Performance - In the first three quarters of 2024, YTO Express completed a business volume of 18.9 billion pieces, a year-on-year increase of 26.0%, with Q3 business volume reaching 6.71 billion pieces, a year-on-year increase of 28.1% [1] - The company's market share in the first three quarters was 15.3%, ranking first among major express delivery companies [1] Profit Forecast - The report slightly adjusts the profit forecast, expecting net profit attributable to the parent company of 4.12 billion, 5.00 billion, and 5.72 billion yuan for 2024-2026, with corresponding EPS of 1.20, 1.45, and 1.66 yuan, and PE ratios of 14, 12, and 10 times respectively [1] Industry Comparison - In the first three quarters of 2024, the business volume growth rates of major express delivery companies were: STO (30.8%) > Yunda (27.7%) > YTO (26.0%) > Industry (22.0%) > SF (9.1%) [1] - In Q3 2024, the business volume growth rates were: YTO (28.1%) > STO (27.9%) > Yunda (23.7%) > Industry (20.1%) > SF (14.5%) [1]

圆通速递股份有限公司 2024 年第三季度报告 证券代码：600233 证券简称：圆通速递 圆通速递股份有限公司 2024 年第三季度报告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事局、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一）主要会计数据和财务指标 | --- | --- | --- | --- | --- | |-----------------------------------------------|--------------|--------------------------------------|-----------------|----------------------------------------- ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2024-054 圆通速递股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 3.会议召开方式：网络互动方式 三、参加人员 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 圆通速递股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日发布《2024 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2024 年第三季度的 经营成果、财务状况等，公司拟于 2024 年 11 月 8 日通过网络互动方式召开业绩 说明会，具体情况如下： 一、说明会类型 本次说明会以网络互动形式召开，公司将针对 2024 年三季度的经营成果及 财务指标等情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资 者普遍关注的问题进行回答。 二、说明会召开的时间、地点 1.会议召开时间：2024 年 11 月 8 日下午 16:00-17:00 2.会议召开地点：上证路演中心，网址：http://roadshow.sseinfo.com 六、其他事 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2024-052 圆通速递股份有限公司 2024 年 9 月快递业务主要经营数据公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 圆通速递股份有限公司 2024 年 9 月快递业务主要经营数据如下： | 项目 | 2024 | 年 | 9 月 | | 同比变动 | | | --- | --- | --- | --- | --- | --- | --- | | 快递产品收入（亿元） | | | | 50.47 | | 19.57% | | 业务完成量（亿票） | | | | 23.12 | | 28.03% | | 快递产品单票收入（元） | | | | 2.18 | | -6.61% | 上述数据未经审计，敬请广大投资者注意投资风险。 特此公告。 圆通速递股份有限公司 董事局 2024 年 10 月 19 日 ...

北京市金杜（南京）律师事务所 关于圆通速递股份有限公司 2024 年第二次临时股东大会之 法律意见书 致：圆通速递股份有限公司 北京市金杜（南京）律师事务所（以下简称本所）接受圆通速递股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等 中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括香港 特别行政区、澳门特别行政区和台湾地区）现行有效的法律、行政法规、规章和 规范性文件和现行有效的《圆通速递股份有限公司章程》（以下简称《公司章程》） 有关规定，指派律师出席了公司于 2024 年 10 月 18 日召开的 2024 年第二次临 时股东大会（以下简称本次股东大会），并就本次股东大会相关事项出具本法律 意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1 1. 经公司 2022 年第二次临时股东大会审议通过的《公司章程》； 2. 公司 2024 年 9 月 28 日刊登于《中国证券报》 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2024-053 圆通速递股份有限公司 2024 年第二次临时股东大会决议公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 10 月 18 日 (二)股东大会召开的地点：上海市青浦区华新镇华徐公路 3029 弄 18 号一楼会议 室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 785 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,479,193,861 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 72.4945 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由公司董事局召集，采取现场投票和网络投票相结合的方式召开，会议 由半数以上董事共同推举董事潘水苗先生主持。本 ...