证券代码：600233 证券简称：圆通速递 公告编号：临 2024-047 圆通速递股份有限公司 第十一届监事会第十二次会议决议公告 本公司监事会及全体监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（以下简称"公司"）第十一届监事会第十二次会议 以电子邮件等方式通知了全体监事，并于 2024 年 9 月 27 日以现场方式召开。应 出席会议的监事 3 名，实际出席会议的监事 3 名，符合《中华人民共和国公司 法》等有关法律法规及《公司章程》的规定。会议由监事会主席王立福先生主持。 会议以记名和书面的表决方式形成如下决议： 一、审议通过《关于调整 2024 年度日常关联交易预计的议案》 具体内容详见上海证券交易所网站（http://www.sse.com.cn/）以及公司同 日披露的《圆通速递股份有限公司关于调整 2024 年度日常关联交易预计的公告》 （公告编号：临 2024-049）。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 圆通速递股份有限公司 监事会 2024 年 9 月 28 日 ...

圆通速递股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 一、召开会议的基本情况 (一)股东大会类型和届次 证券代码：600233 证券简称：圆通速递 公告编号：临 2024-050 2024 年第二次临时股东大会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 10 月 18 日 14 点 00 分 召开地点：上海市青浦区华新镇华徐公路 3029 弄 18 号 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 10 月 18 日 至 2024 年 10 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2024-045 圆通速递股份有限公司 2024 年 8 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 8 月快递业务主要经营数据如下： | 项目 | 2024 | 年 8 | 月 | | 同比变动 | | | --- | --- | --- | --- | --- | --- | --- | | 快递产品收入（亿元） | | | | 49.08 | | 20.67% | | 业务完成量（亿票） | | | | 22.61 | | 29.87% | | 快递产品单票收入（元） | | | | 2.17 | | -7.08% | 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。 2024 年 9 月 20 日 圆通速递股份有限公司 董事局 ...

华福证券 e p yT tro p eR _ e lb aT |ts r iF _ e lb aT 交通运输 2024 年 9 月 5 日 Table_First|Table_Rating 买入(维持评级) 当前价格： 15.92 元 Table_First|Table_MarketInfo 基本数据 总股本/流通股本（百万股） 3445/3445 总市值/流通市值（百万元） 54849/54849 每股净资产（元） 8.60 资产负债率（%） 30.95 一年内最高/最低（元） 17.14/10.7 Table_First|Table_Chart 一年内股价相对走势 团队成员 | --- | --- | |----------------------------|------------------------------| | | | | | | | | | | | | | | | | | 执业证书编号：S0210524070004 | | 邮箱： | lc30018@hfzq.com.cn | | | | | | | | | | | 2023.11.01 | | | | | | 元，业绩稳健》2023. ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 3.26 billion yuan for the first half of 2024, representing a year-on-year growth of 20.6%, with a net profit attributable to shareholders of 1.99 billion yuan, up 6.8% year-on-year [2]. - The company's business volume grew steadily, achieving 12.2 billion parcels in the first half, a year-on-year increase of 24.8%, slightly exceeding the industry average [2]. - Despite a decline in single-ticket revenue due to intense price competition, the company managed to maintain a relatively high level of delivery costs for its franchisees [2]. - The company continues to optimize its single-ticket costs, which decreased from 2.19 yuan to 2.11 yuan year-on-year, helping to offset revenue declines from price wars [2]. - The regulatory environment is shifting towards reducing "involution" in the industry, suggesting a potential easing of price competition in the fourth quarter [2]. Financial Performance Summary - Revenue projections for 2024-2026 are 65.79 billion, 73.97 billion, and 81.85 billion yuan, with corresponding net profits of 4.21 billion, 5.16 billion, and 6.22 billion yuan [3][4]. - The company’s earnings per share (EPS) are expected to be 1.22, 1.50, and 1.81 yuan for the years 2024-2026 [3][4]. - The price-to-earnings (PE) ratios for 2024-2026 are projected at 12.5, 10.2, and 8.4 times, indicating a favorable valuation [3][4]. Company Overview - The company is a comprehensive international supply chain integrator, involved in express logistics, technology, aviation, finance, and trade [5]. - As of the end of 2023, the company operates over 5,100 branches and more than 80,000 service points across all provincial-level cities in China [5].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [1][16]. Core Views - The company achieved a revenue of 32.57 billion with a year-on-year growth of 20.6% in the first half of 2024, and a net profit attributable to shareholders of 1.99 billion, up 6.8% year-on-year [1]. - The report emphasizes the industry's demand growth as a highlight within the domestic demand sector, suggesting that the trend of "anti-involution" will benefit the performance elasticity of express delivery companies [1]. - Profit forecasts remain unchanged, with expected net profits of 4.39 billion, 5.02 billion, and 5.72 billion for 2024-2026, corresponding to EPS of 1.27, 1.46, and 1.66, and PE ratios of 12, 10, and 9 respectively [1]. Financial Performance Summary - In Q2 2024, the company reported a revenue of 17.14 billion, a 21.7% increase year-on-year, and a net profit of 1.04 billion, reflecting a 9.4% increase year-on-year [1][7]. - The express delivery business generated a net profit of 2.09 billion in the first half of 2024, marking a 13.48% increase year-on-year [1]. - The company completed a business volume of 12.2 billion pieces in the first half of 2024, with a year-on-year growth of 24.81% [1]. Business Segmentation - Express delivery revenue reached 29.2 billion, up 19.8% year-on-year, while freight forwarding revenue increased by 37.4% to 1.98 billion, and air transport revenue grew by 24.9% to 770 million [1]. - The report highlights a focus on refined management and cost reduction, with significant improvements in operational efficiency and cost per ticket [1]. Valuation and Target Price - The target price is set at 19 yuan, representing a potential upside of approximately 25% from the current price of 15.26 yuan [1][3]. - The valuation method applied is a 15 times PE on the expected net profit for 2024, leading to a market capitalization estimate of 66 billion [1].

Investment Rating - The investment rating for the company is "Add" [1][5] Core Views - The company reported a revenue of 32.565 billion yuan for H1 2024, representing a year-on-year increase of 20.61%, and a net profit attributable to shareholders of 1.988 billion yuan, up 6.84% year-on-year. The express delivery segment contributed a net profit of 2.097 billion yuan, reflecting a 13.48% increase year-on-year [4][5] - The company has shown improvements in operational efficiency, with a significant reduction in service delays and customer complaints, indicating enhanced customer satisfaction and operational effectiveness [4][5] - The ongoing digital transformation efforts are beginning to yield results, with a notable increase in market share and profitability, suggesting a strong competitive position in the industry [4][5] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 32.565 billion yuan, with a net profit of 1.988 billion yuan. The express delivery segment's net profit was 2.097 billion yuan, with a market share of 15.2% [4][5] - Quarterly net profits for the express delivery segment were 0.96 billion yuan in Q2 2023, 0.86 billion yuan in Q3 2023, 1.13 billion yuan in Q4 2023, 0.99 billion yuan in Q1 2024, and 1.10 billion yuan in Q2 2024, showing a consistent upward trend [4][10] Operational Metrics - The company has improved service metrics, with a 23% reduction in delivery delays and over 30% decrease in false delivery rates. Customer complaint rates have also decreased by 4% [4][5] - The company operates a robust logistics network with nearly 7,000 trunk vehicles and 73 self-operated transfer centers, indicating strong infrastructure support for its operations [4][8] Profitability Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 4.37 billion yuan, 5.25 billion yuan, and 6.10 billion yuan, respectively, with corresponding PE ratios of 11.8, 9.8, and 8.5 [5][9] - The express delivery business is expected to maintain a net profit margin of approximately 0.170 yuan per package in 2024, with projected growth in profitability over the next few years [9][10]

2024 年 8 月 28 日圆通速递投资者调研会议纪要 调研时间：2024年8月28日下午15:30--16:45 调研方式：电话调研 调研人员：长江证券、睿远基金、汇添富基金、高毅资产、大成基金、易方达基 金、富国基金、广发基金、诺德基金、招商基金、博时基金、汇丰晋信、工银瑞 信、拾贝投资、宽远资产、慎知资产、正心谷资本、敦和资产、太平资产、友邦 人寿、中英人寿、中信证券、国海证券、中金资管、贝莱德基金、碧云资本、 NeubergerBerman、Fidelity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 年上半年、第二季度经营情况及未来经营 计划 2024 年上半年公司快递业务完成量 122.03 亿件，同比增长 24.81%，超出行 业平均增速 1.7 个百分点，业务规模和份额持续提升。同时，公司实现营业收入 325.65 亿元，较 2023 年同期增长 20.61%，经营性现金流净额 23.11 亿元。上半 年公司实现归属于母公司股东净利润 19.88 亿元，同比增长 6.84%。 2024 ...

证券研究报告 非金融公司|公司点评|圆通速递（600233） H1 业绩增长稳健，单票成本持续优化 glzqdatemark1 证券研究报告 |报告要点 公司发布 2024 年半年报。2024H1，公司实现营收 325.65 亿元，同比增长 20.61%，实现归母 净利润 19.88 亿元，同比增长 6.84%。其中 2024Q2 公司实现营收 171.37 亿元，同比增长 21.66%，实现归母净利润 10.44 亿元，同比增长 9.40%。 |分析师及联系人 李蔚 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 圆通速递(600233) H1 业绩增长稳健，单票成本持续优化 股价相对走势 -30% -10% 10% 30% 2023/8 2023/12 2024/4 2024/8 圆通速递 沪深300 相关报告 1、《圆通速递（600233）：数字化赋能助力， 成长前景可期》2024.05.15 扫码查看更多 事件 公司发布 2024 年半年报。2024H1，公司实现营收 325.65 亿元，同比增长 20.61%， 实现归母净利润 19.88 亿元，同比增长 6.84%。 ...

2024 年 08 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 张晋铭 S0350124040003 zhangjm02@ghzq.com.cn [Table_Title] 核心成本行业领先，单票盈利保持稳健 ——圆通速递（600233）2024 年半年报点评 | --- | --- | --- | --- | --- | --- | |-----------------------------|--------------------|---------------|----------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------| | 最近一年走势 | | | | 事件 | ...