| --- | --- | |------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | [Table_Title] 圆通速递（600233.SH）2024 年中报点评： | | 公司研究[Table_ReportType] 公司点评报告[Table_StockAndRank] 圆通速递(600233) | 24H1 快递业务归母净利润同比稳增 13%，看好数字化工程持续降本提效 | | 投资评级 买入 | [Table_ReportDate] 2024 年 08 月 27 日 | | 上次评级 买入 | [Table_S 事件：圆通速递 ummar 发布 2024 年中期报告。2024 年上半年，公司实现归母净利 | | ...

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 3,256,452.32 million, representing a year-on-year increase of 20.61% compared to CNY 2,699,952.68 million in the same period last year[25]. - The net profit attributable to shareholders of the listed company was CNY 198,762.74 million, up 6.84% from CNY 186,044.30 million in the previous year[25]. - Basic earnings per share for the first half of 2024 were CNY 0.5773, reflecting a 6.79% increase from CNY 0.5406 in the same period last year[27]. - The diluted earnings per share also increased by 6.85%, reaching CNY 0.5773 compared to CNY 0.5403 in the previous year[27]. - The company reported a net profit after deducting non-recurring gains and losses of CNY 189,780.07 million, which is a 6.34% increase from CNY 178,462.08 million in the previous year[26]. - The company achieved operating revenue of 32.565 billion yuan, representing a year-on-year growth of 20.61%[59]. - The net profit attributable to shareholders of the parent company was 1.988 billion yuan, an increase of 6.84% year-on-year, with the express business contributing a net profit of 2.097 billion yuan, up 13.48%[59]. Cash Flow and Investments - The net cash flow from operating activities decreased by 7.85%, amounting to CNY 231,095.41 million compared to CNY 250,769.10 million in the same period last year[26]. - The cash flow from investment activities showed a significant negative shift, with a net outflow of 4.20 billion RMB, compared to a net outflow of 474.67 million RMB last year, primarily due to increased purchases of large-denomination certificates[73]. - The company reported a net cash outflow from financing activities of 1.04 billion RMB, a 305.63% increase from 256.57 million RMB, mainly due to debt repayments and increased dividend distributions[73]. - Cash received from operating activities increased by 83.42% to 70,891.98 million RMB, driven by increased receivables and rental income[93]. - The company reported a net cash outflow from investing activities of CNY 4,201,811,666.72 for the first half of 2024, compared to a smaller outflow of CNY 474,677,120.23 in the same period of 2023[177]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,369,174.57 million, a slight increase of 0.75% from CNY 4,336,703.99 million at the end of the previous year[26]. - The total liabilities decreased to CNY 13.52 billion from CNY 14.02 billion, indicating a reduction of approximately 3.5%[162]. - The total owner's equity increased to CNY 30.17 billion from CNY 29.35 billion, showing an increase of about 2.8%[162]. - The company's long-term borrowings increased to 138,745.86 RMB, a rise of 36.92% compared to the previous year[88]. - The total current assets decreased to CNY 13.94 billion from CNY 14.63 billion, reflecting a decline of about 4.73%[161]. Operational Efficiency - The company operates a comprehensive express logistics service network covering all 31 provinces, with a county-level coverage rate of 99.96%[32]. - The fleet includes approximately 7,000 trunk transport vehicles, with 5,429 being self-owned, and a self-owned airline fleet of 13 aircraft[32]. - The company has implemented a digital and intelligent development strategy to enhance its logistics ecosystem and expand international markets[31]. - The company has developed a comprehensive information platform for real-time monitoring and management of the entire logistics process[33]. - The company has improved customer service efficiency, with a 43% year-on-year decrease in repeat customer inquiries[63]. Industry Context - In the first half of 2024, the express delivery industry in China completed a total of 801.6 billion packages, representing a year-on-year growth of 23.1%[49]. - The total revenue for the express delivery industry reached 653 billion yuan, with a year-on-year increase of 15.1%[49]. - The express delivery industry is supported by national policies aimed at high-quality development, including the "14th Five-Year Plan for Modern Logistics Development"[48]. Risk Factors - The company faces market risks due to macroeconomic fluctuations, increased competition, and changing customer demands, which could adversely affect performance[99]. - The company is exposed to policy risks related to regulatory changes in the express delivery industry, which could impact operational performance if not addressed timely[100]. - The rapid growth of e-commerce has increased the demand for timely delivery services, posing a risk to service quality during peak promotional periods[102]. Social Responsibility and Sustainability - The company has established a green work committee in 2021 to promote low-carbon development and improve its green management system[118]. - The company has developed a "carbon footprint" digital system to monitor and manage carbon emissions throughout the lifecycle of packages[122]. - The company has engaged in various public welfare activities to consolidate poverty alleviation achievements, demonstrating its social responsibility[128]. - The company donated approximately 210,000 yuan for social security for elderly individuals in Tonglu County, benefiting over 400 elderly people[128]. Shareholder Information - The number of ordinary shareholders reached 33,351 by the end of the reporting period[148]. - The largest shareholder, Shanghai YTO Dragon Investment Development (Group) Co., Ltd., holds 1,043,118,613 shares, representing 30.28% of the total shares[150]. - The total share capital increased from 3,442,225,454 shares to 3,445,264,737 shares due to stock option exercises[147]. Corporate Governance - The financial report was approved by the board of directors on August 27, 2024[194]. - The company’s actual controllers are Yu Huijiao and Zhang Xiaojuan[194]. - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period, indicating a focus on reinvestment[111].

证券代码：600233 证券简称：圆通速递 公告编号：临 2024-043 圆通速递股份有限公司 2024 年 7 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 7 月快递业务主要经营数据如下： | 项目 | 2024 | 年 7 | 月 | 同比变动 | | --- | --- | --- | --- | --- | | 快递产品收入（亿元） | | | 47.92 | 21.86% | | 业务完成量（亿票） | | | 21.38 | 26.52% | | 快递产品单票收入（元） | | | 2.24 | -3.69% | 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 8 月 20 日 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2024-042 圆通速递股份有限公司 关于第二期股票期权激励计划限制行权期间的 提示性公告 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。 根据《圆通速递股份有限公司第二期股票期权激励计划（草案）》和中国证 券登记结算有限责任公司上海分公司关于股票期权自主行权的相关规定，并结合 圆通速递股份有限公司（以下简称"公司"）2024 年半年度报告的披露计划，现 对第二期股票期权激励计划第二个行权期行权时间进行限定，具体如下： 一、公司第二期股票期权激励计划授予的股票期权已于 2024 年 7 月 5 日进 入第二个行权期（行权代码：1000000157），行权期为 2024 年 7 月 5 日至 2025 年 6 月 5 日，目前尚处于行权阶段。 二、第二期股票期权激励计划本次限制行权期为 2024 年 8 月 13 日至 2024 年 8 月 27 日，在此期间全部激励对象将限制行权。 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司 申请办理限制行权相 ...

特此公告。 圆通速递股份有限公司 圆通速递股份有限公司 2024 年 6 月快递业务主要经营数据如下： | 项目 | 2024 | 年 | 6 月 | | 同比变动 | | | --- | --- | --- | --- | --- | --- | --- | | 快递产品收入（亿元） | | | | 49.63 | | 16.88% | | 业务完成量（亿票） | | | | 22.02 | | 22.85% | | 快递产品单票收入（元） | | | | 2.25 | | -4.85% | 上述数据未经审计，敬请广大投资者注意投资风险。 证券代码：600233 证券简称：圆通速递 公告编号：临 2024-041 圆通速递股份有限公司 2024 年 6 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。 2024 年 7 月 20 日 董事局 ...

大家好欢迎参加西部郊运深度报告解读第174期源通速递数字化降本能力领先国际业务有望开启第二增长曲线目前所有参会者均处于静音状态下面播报免责声明播完毕后主持人可直接发言谢谢 本次电话会议服务于西部证券研究所客户不构成投资建议相关人员应自主作出投资决策并自行承担投资风险西部证券不应使用本次内容所导致的任何损失承担任何责任 专家发言内容仅代表专家个人观点不代表本公司观点本次会议内容不涉及国家保密信息、密幕信息、未公开重大信息、商业秘密、个人隐私不得涉及可能引发不当炒作或股价异常波动的敏感信息不得涉及影响社会或资本市场稳定的言论 不得以任何形式复制刊载转载转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利 各位领导大家晚上好我是西部证券的交通运输研究员宗峰非常感谢大家参加今天晚上的会议我们今天解读的公司是源通速币我们认为公司是数字化降本能力领先同时国际业务有望开启第二增长曲线 那么首先说一下结论我们认为源通呢作为快递行业数字化转型的标杆企业通过数字化加经济管理加执行的有效组合取得了19到23年单票核心成本降幅行业第一的领先优势同时呢他的国际业务也受益于跨境电商市场的蓬 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2024-040 圆通速递股份有限公司 第二期股票期权激励计划第一个行权期行权条件成就开始行权的提示性公告》 （公告编号：临 2023-043）。 二、本次股票期权自主行权具体情况 2024 年 4 月 1 日至 2024 年 6 月 30 日，公司第二期股票期权激励计划部分 激励对象自主行权，并在中国证券登记结算有限责任公司上海分公司完成过户登 记共 3,039,283 股股份，占可行权数量 3,509,000 份的 86.61%，获得募集资金 47,959,885.74 元；截至 2024 年 6 月 30 日，部分激励对象累计自主行权且完成 股份过户登记共 3,039,283 股股份，占可行权数量的 86.61%，公司累计获得募 集资金 47,959,885.74 元，该项资金将用于补充公司流动资金。 本次行权不会对公司财务状况和经营成果产生实质性影响。 三、股份变动情况 关于第二期股票期权激励计划 2024 年第二季度 自主行权结果暨股份变动的公告 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 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2024-039 圆通速递股份有限公司 （五）股票来源：公司向激励对象定向发行圆通速递 A 股普通股 关于第二期股票期权激励计划第二个行权期 行权条件成就开始行权的提示性公告 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： 圆通速递股份有限公司（以下简称"公司"或"圆通速递"）于 2024 年 6 月 13 日召开第十一届董事局第十一次会议、第十一届监事会第十次会议，分别审 议通过了《关于第二期股票期权激励计划第二个行权期行权条件成就的议案》， 同意为符合条件的 220 名激励对象办理第二个行权期合计 314.00 万份股票期权 的行权手续等事宜。截至目前，公司第二期股票期权激励计划第二个行权期相关 行权事宜已准备完毕，将于 2024 年 7 月 5 日起开始行权。现将有关事项说明如 下： 一、本次行权的具体情况 （一）行权数量：314.00 万份 （二）行权人数：220 人 （三）行权价格：15.43 元/股 （四）行权方式：自主行权。行权期内，激励对 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2024-038 圆通速递股份有限公司 2024 年 5 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 5 月快递业务主要经营数据如下： | 项目 | 2024 | 年 5 | 月 | 同比变动 | | | --- | --- | --- | --- | --- | --- | | 快递产品收入（亿元） | | | 50.93 | | 22.62% | | 业务完成量（亿票） | | | 22.84 | | 27.59% | | 快递产品单票收入（元） | | | 2.23 | | -3.89% | 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 6 月 20 日 ...

Investment Rating - The report gives a "Buy" rating for the company, YTO Express (600233), based on its strong market position and growth potential [5]. Core Insights - YTO Express is one of the leading domestic express delivery companies, with its express business contributing significantly to its performance. In 2023, express delivery revenue accounted for 90.6% of total revenue, and gross profit from this segment was 91.6% [2][10]. - The company has initiated a comprehensive digital transformation, enhancing operational efficiency and reducing costs through its proprietary "Jingang System" [10]. - The competitive landscape in the express delivery industry is expected to stabilize, creating favorable conditions for steady growth. Regulatory measures are anticipated to improve market order and quality of service [20][21]. Company Overview - YTO Express was founded in May 2000 and became the first express company to partner with Alibaba in 2005, marking the beginning of its focus on e-commerce logistics [2][11]. - The company has expanded its international operations, establishing its own airline and acquiring a Hong Kong-listed company to enter the international freight forwarding business [2][4]. Financial Performance - The company’s projected net profits for 2024, 2025, and 2026 are expected to be 4.379 billion, 5.154 billion, and 5.982 billion yuan, respectively, reflecting year-on-year growth rates of 17.6%, 17.7%, and 16.1% [5][6]. - In 2023, total revenue reached 57.684 billion yuan, with a year-on-year growth of 7.7% [6]. Competitive Advantages - YTO Express has three core competitive advantages: 1. Comprehensive digital transformation that enhances operational management [10]. 2. Scale effects and asset layout that strengthen operational capabilities [10]. 3. A well-established professional management system that improves strategic decision-making [10][11]. Market Position - As of 2023, YTO Express regained its position as the second-largest player in the express delivery market, with a market share of 90.6% in terms of package volume [10][14]. - The company has a robust asset base, including 73 self-operated transfer centers and a fleet of 7,500 vehicles, with a significant increase in self-owned vehicles [14][15]. Future Outlook - The company is expected to continue its international expansion and enhance its logistics capabilities, particularly in the air freight and international express sectors [4][10]. - The regulatory environment is shifting towards promoting high-quality development in the express delivery industry, which is likely to support YTO Express's growth trajectory [22][23].