Investment Rating - The investment rating for the company is "Outperform the Market" [3][10]. Core Insights - The company achieved rapid growth in Q2 2024, with revenue of 32.57 billion yuan (+20.6%) and net profit attributable to shareholders of 1.99 billion yuan (+6.8%) for the first half of 2024. In Q2 alone, revenue was 17.14 billion yuan (+21.7%) and net profit was 1.04 billion yuan (+9.4%) [1][5]. - The volume of packages handled increased significantly, with a total of 12.20 billion packages in the first half of 2024 (+24.8%), surpassing the industry growth rate by 1.7 percentage points. The market share increased by 0.4 percentage points to 15.4% in Q2 2024 [1][9]. - The company focused on cost optimization, leading to a decrease in transportation costs per package by 8.8% to 0.39 yuan and a reduction in center operation costs by 6.3% to 0.26 yuan in Q2 2024 [1][10]. - Capital expenditure increased, with 2.70 billion yuan in the first half of 2024 and 1.30 billion yuan in Q2, compared to 2.26 billion yuan and 1.09 billion yuan in the same periods of the previous year. The company is also expanding its international business, with a 65.5% increase in revenue from international express and parcel services [1][10]. Financial Forecasts - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 4.36 billion yuan, 5.17 billion yuan, and 6.00 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of +17%, +19%, and +16% [1][10]. - Revenue projections for the next few years are as follows: 2024E at 66.10 billion yuan (+14.6%), 2025E at 74.04 billion yuan (+12.0%), and 2026E at 82.19 billion yuan (+11.0%) [2][11].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company achieved a revenue of 32.565 billion yuan in H1 2024, representing a year-on-year increase of 20.6%, with a net profit attributable to shareholders of 1.988 billion yuan, up 6.84% year-on-year [2] - The company focuses on refined management and explores core cost reduction opportunities, with a single ticket express revenue of 2.34 yuan in H1 2024, down 3.95% year-on-year, and a single ticket cost of 2.11 yuan, down 3.47% year-on-year [2][3] - The company continues to enhance service experience and business scale, completing 12.203 billion express deliveries in H1 2024, a year-on-year increase of 24.81%, exceeding the industry average growth rate [3] - The company is deepening its international layout and strengthening comprehensive logistics service capabilities, with a self-owned fleet of 13 aircraft as of H1 2024 [4] - Profit forecasts indicate that the company's net profit attributable to shareholders is expected to reach 4.26 billion yuan in 2024, with corresponding P/E ratios of 11.9, 10.2, and 8.6 for 2024-2026 [5] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 32.565 billion yuan, a 20.6% increase year-on-year, and a net profit of 1.988 billion yuan, up 6.84% year-on-year [2] - For Q2 2024, the company achieved a revenue of 17.137 billion yuan, a 21.66% increase year-on-year, and a net profit of 1.044 billion yuan, up 9.40% year-on-year [2] Cost Management - The company reported a single ticket express revenue of 2.34 yuan in H1 2024, down 3.95% year-on-year, while the single ticket cost was 2.11 yuan, down 3.47% year-on-year [2] - The core costs (transportation + center operation) decreased to 0.71 yuan, down 0.06 yuan year-on-year [2] Market Position - The company completed 12.203 billion express deliveries in H1 2024, achieving a market share of 15.2% [3] - The company has a total of 5,045 franchisees and nearly 75,000 terminal stores nationwide [3] International Expansion - The company has a self-owned fleet of 13 aircraft and collaborates with cross-border e-commerce platforms to enhance international logistics capabilities [4] Profit Forecast - The company is expected to achieve net profits of 4.26 billion yuan in 2024, 4.95 billion yuan in 2025, and 5.87 billion yuan in 2026, with corresponding P/E ratios of 11.9, 10.2, and 8.6 [5]

Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company achieved a net profit attributable to shareholders of 1.988 billion yuan in the first half of 2024, representing a year-on-year increase of 6.8% [1]. - The company's express delivery business net profit increased by 13.5% to 2.097 billion yuan in the first half of 2024 [1]. - The company is expected to maintain a steady growth trajectory, with projected net profits of 4.188 billion yuan, 4.871 billion yuan, and 5.608 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 12.5%, 16.3%, and 15.1% [2][3]. Financial Performance - In the first half of 2024, the company reported a net profit of 1.988 billion yuan, with a net profit of 1.044 billion yuan in Q2, marking a 9.4% year-on-year increase [1]. - The operating cash flow for the first half of 2024 decreased by 7.8% to 2.311 billion yuan, while free cash flow saw a significant decline to -391 million yuan [1]. - The company's total revenue is projected to grow from 53.539 billion yuan in 2022 to 84.580 billion yuan in 2026, with a compound annual growth rate of approximately 12.3% [3][4]. Business Operations - The company’s express delivery volume for Q1 and Q2 of 2024 was 5.568 billion and 6.636 billion pieces, respectively, showing year-on-year growth of 24.9% and 24.8% [1]. - The cost per express delivery piece decreased by 3.5% to 2.11 yuan in the first half of 2024, with transportation costs down by 8.6% [1]. - The company is focusing on digital transformation and operational efficiency improvements to enhance the quality of its express delivery services [1]. Strategic Outlook - The company is expected to continue its international expansion strategy, with a self-owned fleet of 13 aircraft and over 140 routes opened as of June 2024 [1]. - The completion of the "Oriental Tian Di Port" in Jiaxing, Zhejiang, is anticipated in 2024, which will enhance the company's logistics network [1].

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 ...

Summary of Conference Call Company/Industry Involved - The conference call pertains to Xibu Jiaoyun, focusing on its digital cost reduction capabilities and international business growth potential. Core Points and Arguments - Xibu Jiaoyun is recognized for its leading digital cost reduction capabilities, which are expected to enhance its competitive edge in the market [1] - The company is optimistic about opening a second growth curve through its international business initiatives, indicating a strategic focus on expanding beyond domestic operations [1] Other Important but Potentially Overlooked Content - The call began with a disclaimer, emphasizing the importance of the information shared during the session [1] - All participants were initially muted, suggesting a structured approach to the meeting to ensure clarity and focus on the presented information [1]

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 ...