Summary of YTO Express Conference Call Company Overview - **Company**: YTO Express - **Fiscal Year**: 2024 - **Key Financials**: - Net profit: 4.012 billion CNY, up 7.78% YoY - Express business net profit: 4.307 billion CNY, up 12.16% YoY - Loss in air freight and international business: 294 million CNY Key Points Financial Performance - **2024 Performance**: - Total express volume: 26.573 billion pieces, up 25.32% YoY - Revenue: 69.033 billion CNY, up 16.67% YoY - Q4 2024 express volume: 7.659 billion pieces, up 23.72% YoY - Q4 2024 net profit: 1.082 billion CNY, with express business profit at 1.106 billion CNY [2][3][4] Business Segments - **Express Business**: - Q1 2025 express volume: 6.779 billion pieces, up 21.75% YoY - Q1 2025 revenue: 17.060 billion CNY, up 10.58% YoY - Q1 2025 net profit: 857 million CNY, with express business profit at 947 million CNY [5][6] - **Air Freight and International Business**: - Losses in Q1 2025: 90 million CNY, including losses from Hong Kong airport investment [5][6] Pricing and Cost Structure - **Single Ticket Revenue and Costs**: - Q4 2024 single ticket revenue: 2.29 CNY, down 0.14 CNY YoY - Q4 2024 single ticket cost: 2.11 CNY, down 0.10 CNY YoY - Q1 2025 single ticket revenue: 2.28 CNY, down 0.16 CNY YoY - Q1 2025 single ticket cost: 2.11 CNY, down 0.09 CNY YoY [2][6] Market Dynamics - **Industry Competition**: - Increased price competition in 2025, with leading companies growing faster while trailing companies see declines [2][7] - YTO aims for steady growth while ensuring profitability amidst competitive pressures [2][7] Strategic Initiatives - **Capital Expenditure**: - 2024 capital expenditure: 6.7 billion CNY, expected to remain high in 2025 to address industry changes and capacity needs [2][8] - **Digital and AI Transformation**: - Transitioning from digital to intelligent operations, with expected cost improvements of 1 billion CNY through AI applications [4][17] - New ERP version launched to enhance merchant management and inventory control [20] Policy and Regulatory Environment - **Pricing Policy**: - Nationwide uniform delivery fee policy to restore network confidence [9] - Price war dynamics and ASP (average selling price) decline predictions remain uncertain [10] - **Refund Policy Impact**: - Changes in refund policies may lead to improved product quality focus among merchants [11] Future Outlook - **Growth Targets**: - 2025 growth target set at over 20%, with Q1 achieving 20.3% growth [4][12] - Air freight profitability expected to improve, with stable international business operations [13] - **Long-term Confidence**: - Management expresses confidence in future growth driven by AI and technology advancements [28] - Market sentiment currently cautious, but potential for significant recovery as industry dynamics stabilize [29] Conclusion - YTO Express is navigating a competitive landscape with a focus on profitability, strategic investments in technology, and maintaining market share while adapting to changing industry conditions. The company is optimistic about future growth prospects, particularly through AI and digital transformation initiatives.

Core Viewpoint - YTO Express reported a revenue of 69.033 billion yuan for 2024, marking a year-on-year growth of 19.67%, with a net profit attributable to shareholders of 4.012 billion yuan, up 7.78% [1] Financial Performance - In 2024, YTO Express's express delivery business volume reached 26.573 billion pieces, a year-on-year increase of 25.32%, surpassing the industry average growth rate by 3.8 percentage points [1] - For Q1 2025, the company achieved a revenue of 17.060 billion yuan, a 10.58% increase year-on-year, with a net profit of 0.857 billion yuan [1] - The average revenue per express delivery piece decreased to 2.30 yuan in 2024, down 4.86% from 2.41 yuan in the previous year [3][4] Business Segmentation - Domestic time-sensitive products generated a revenue of 5.975 billion yuan, while international express and parcel services saw a revenue decline of 5.58% to 126 million yuan [2] - Value-added services contributed 252.945 million yuan, with a gross margin of 53.16%, and freight forwarding services generated 3.759 billion yuan, with a gross margin of 22.51% [2] Cost Management - The cost per express delivery piece decreased to 2.09 yuan, down 4.04% from the previous year, with significant reductions in transportation and operational costs [4][5] - The company reported a nearly 12% increase in the number of packages per vehicle and a nearly 10% improvement in labor efficiency by the end of 2024 [5] Strategic Initiatives - YTO Express is focusing on embracing artificial intelligence and advancing smart development, particularly in international business, which has shown limited growth [3][9] - The company plans to enhance its domestic and international networks and improve core services in international express, freight, and supply chain management [8][10] Industry Context - The express delivery industry is experiencing intense price competition, with YTO Express's single-piece revenue declining alongside competitors [6][7] - The industry is shifting towards high-quality development, emphasizing service quality over mere cost advantages [6][7]

上 市 公 司 2025 年 04 月 29 日 圆通速递 (600233) ——业务量保持较高增速，关注行业格局优化机遇 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 13.09 | | 一年内最高/最低（元） | 19.55/11.97 | | 市净率 | 1.5 | | 股息率%（分红/股价） | 2.67 | | 流通 A 股市值（百万元） | 45,118 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 9.44 | | 资产负债率% | 31.68 | | 总股本/流通 A 股（百万） | 3,447/3,447 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 交通运输 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 ...

Core Insights - The core viewpoint of the articles highlights that the "Rural Express" initiative and e-commerce business have become significant drivers for the growth of express delivery companies in 2024 [2][4]. Financial Performance - YTO Express reported a revenue of 69.033 billion yuan in 2024, a year-on-year increase of 19.67%, with a net profit of 4.012 billion yuan, up 7.78% [3]. - Yunda Express achieved a revenue of 48.543 billion yuan, a 7.92% increase, and a net profit of 1.914 billion yuan, up 17.77% [3]. - Shentong Express reported a revenue of 47.169 billion yuan, a 15.26% increase, and a net profit of 1.04 billion yuan, a significant rise of 205.24% [3]. - The overall express delivery business volume in China reached 1.758 billion pieces, a year-on-year growth of 21.5% [3]. Market Trends - The "Rural Express" initiative has led to the establishment of 346,000 village-level logistics service stations across the country in 2024 [4]. - The live e-commerce sector contributed significantly to the express delivery industry, with retail sales reaching 4.3 trillion yuan from January to November 2024, accounting for 80% of the e-commerce sector's growth [4]. Operational Efficiency - Companies are focusing on cost reduction and efficiency improvements, with Yunda reporting a 21.91% decrease in core operating costs per ticket in 2024 [8]. - YTO Express has implemented demand-based delivery and improved delivery performance, resulting in a nearly 28% reduction in false signing rates [5]. Pricing Pressure - YTO Express experienced a decline in revenue per ticket to 2.3 yuan, a decrease of 4.86%, while the cost per ticket fell to 2.09 yuan, down 4.04% [7]. - The average price for express delivery in the industry was reported at 8.02 yuan per ticket, indicating a continuous downward trend [7]. Technological Advancements - Companies are increasingly adopting unmanned delivery technologies, with Shentong testing smart-assisted driving vehicles on express routes [9]. - YTO Express is exploring the application of autonomous driving technology to enhance transportation efficiency and reduce costs [8].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 69.03 billion yuan in 2024, representing a year-on-year increase of 19.67%, with a net profit attributable to the parent company of 4.01 billion yuan, up 7.78% year-on-year [2] - In Q1 2025, the company reported a net profit of 857 million yuan, a decrease of 9.16% year-on-year, while the operating revenue was 17.06 billion yuan, reflecting a year-on-year growth of 10.58% [2] - The company continues to see strong growth in its express delivery business, with a volume of 26.57 billion pieces in 2024, up 25.32% year-on-year, and a market share of approximately 15.2% [4] Financial Performance Summary - In 2024, the company’s operating revenue was 690.33 million yuan, with a net profit of 40.12 million yuan, and a cash flow from operating activities of 58.57 million yuan, which decreased by 3.0% year-on-year [2][7] - The company’s single ticket express revenue in Q1 2025 was 2.28 yuan, down 6.26% year-on-year, while the core cost per ticket was 0.72 yuan, a decrease of 6.49% [3] - The company’s net profit forecast for 2025-2027 is 4.10 billion yuan, 4.74 billion yuan, and 5.39 billion yuan, with respective year-on-year growth rates of 2.2%, 15.6%, and 13.6% [8] Business Growth and Strategy - The company is focusing on international business expansion, with a self-owned fleet of 13 aircraft and over 150 routes opened, leading to a significant revenue increase of 43.20% in the air cargo segment in 2024 [5] - The company’s digital transformation and cost management strategies are expected to enhance operational efficiency and profitability [8]

Investment Rating - The investment rating for the company is "Buy" with a target price of 17.89 RMB [6][7]. Core Views - The company achieved a revenue of 69.03 billion RMB and a net profit of 4.01 billion RMB in 2024, representing a year-on-year growth of 19.7% and 7.8% respectively. The express delivery business contributed 62.29 billion RMB to revenue and 4.31 billion RMB to net profit, with growth rates of 19.2% and 12.2% [1][2]. - In Q1 2025, the company reported a revenue of 17.06 billion RMB and a net profit of 860 million RMB, showing a year-on-year increase of 10.6% in revenue but a decline of 9.2% in net profit [1][2]. - The company is expected to face continued pressure on profitability due to increased competition and a higher proportion of low-priced deliveries, which has led to a decrease in average revenue per package [1][3]. Summary by Sections Financial Performance - In 2024, the company handled 26.57 billion packages, a year-on-year increase of 25.3%, outperforming the industry growth rate of 21.5% by 3.8 percentage points. The average price per package decreased by 4.9% to 2.30 RMB, which is better than the industry average decline of 6.3% [2]. - The company's single-package cost decreased by 4.0% to 2.09 RMB, with transportation costs down by 9.4% to 0.42 RMB. However, the single-package gross profit fell by 12.6% to 0.20 RMB due to intense industry competition and declining revenue per package [2]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been revised down by 16% to 4.42 billion RMB and 5.07 billion RMB respectively, with a new forecast for 2027 at 5.72 billion RMB. The corresponding EPS estimates are 1.28 RMB, 1.47 RMB, and 1.66 RMB [3]. - The company is assigned a PE ratio of 14.0x for 2025, which is a premium compared to the industry average of 12.5x, reflecting the company's superior management and service quality [3].

Core Viewpoint - YTO Express reported a revenue of 69.03 billion and a net profit of 4.01 billion for 2024, reflecting year-on-year growth of 19.7% and 7.8% respectively, with the express delivery business contributing 62.29 billion and 4.31 billion, showing growth of 19.2% and 12.2% [1] Group 1: Performance Summary - In 2024, the company achieved a total volume of 26.57 billion parcels, a year-on-year increase of 25.3%, outperforming the industry growth rate of 21.5% by 3.8 percentage points [2] - The average price per parcel decreased by 4.9% to 2.30 yuan, which was better than the industry average decline of 6.3% [2] - In Q1 2025, the company continued to outperform the industry with a parcel volume increase of 21.7% compared to the industry’s 21.6%, while the average price per parcel fell by 6.3% against the industry’s 8.8% [2] Group 2: Cost and Profitability - The single parcel cost decreased by 4.0% to 2.09 yuan, with transportation costs down by 9.4% to 0.42 yuan due to optimized fleet structure and routing [2] - The single parcel gross profit fell by 12.6% to 0.20 yuan, attributed to ongoing industry competition and declining revenue per parcel [2] - The four expense ratios increased by 0.1 percentage points to 2.4%, with financial expenses rising significantly by 259.6% due to increased interest payments and reduced interest income [2] Group 3: Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 16% to 4.42 billion and 5.07 billion respectively, with a new forecast for 2027 at 5.72 billion [3] - The company is assigned a 2025 PE ratio of 14.0x, compared to the industry average of 12.5x, reflecting a premium due to improved management efficiency and service quality [3] - The target price has been adjusted to 17.89 yuan from a previous 23.70 yuan, while maintaining a "buy" rating [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of 17.89 RMB [6][7]. Core Views - The company achieved a revenue of 69.03 billion RMB and a net profit of 4.01 billion RMB in 2024, representing a year-on-year growth of 19.7% and 7.8% respectively. The express delivery business contributed 62.29 billion RMB to revenue and 4.31 billion RMB to net profit, with growth rates of 19.2% and 12.2% respectively [1][2]. - In Q1 2025, the company reported a revenue of 17.06 billion RMB and a net profit of 860 million RMB, showing a year-on-year increase of 10.6% in revenue but a decline of 9.2% in net profit [1]. - The company is expected to face continued pressure on profitability due to increased competition and a higher proportion of low-priced deliveries, which has led to a decrease in average revenue per package [1][3]. Summary by Sections Revenue and Profitability - The company’s package volume grew by 25.3% in 2024, outperforming the industry growth rate of 21.5%. The average price per package decreased by 4.9% to 2.30 RMB, which is better than the industry average decline of 6.3% [2]. - The single-package cost decreased by 4.0% to 2.09 RMB, with transportation costs down by 9.4% to 0.42 RMB. However, the single-package gross profit fell by 12.6% to 0.20 RMB due to intense industry competition [2]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been revised down by 16% to 4.42 billion RMB and 5.07 billion RMB respectively. A new forecast for 2027 is set at 5.72 billion RMB, with corresponding EPS of 1.28 RMB, 1.47 RMB, and 1.66 RMB [3]. - The company is assigned a PE ratio of 14.0x for 2025, which is a premium compared to the industry average of 12.5x, reflecting the company's superior management and service quality [3]. Financial Metrics - The projected revenue for 2025 is 77.13 billion RMB, with a year-on-year growth of 11.73%. The net profit is expected to reach 4.42 billion RMB, reflecting a growth of 10.17% [5][21]. - The company’s market capitalization is approximately 45.12 billion RMB, with a closing price of 13.09 RMB as of April 28 [7].

Core Viewpoint - YTO Express has demonstrated strong financial performance and growth in the logistics sector, supported by technological innovation and a robust service network [2][3][4]. Financial Performance - In 2024, YTO Express achieved operating revenue of 69.033 billion yuan, a year-on-year increase of 19.67%, and a net profit attributable to shareholders of 4.012 billion yuan, up 7.78% [2]. - For the first quarter of 2025, the company reported operating revenue of 17.060 billion yuan, a 10.58% increase year-on-year, but a net profit of 0.857 billion yuan, which represents a decline of 9.16% [2]. - The profit distribution plan for 2024 includes a cash dividend of 3.60 yuan per 10 shares, totaling 1.231 billion yuan, which accounts for 30.69% of the net profit [2]. Business Growth - YTO Express completed a total express delivery volume of 26.573 billion pieces in 2024, reflecting a year-on-year growth of 25.32%, surpassing the industry average growth rate by 3.8 percentage points [3]. - The company has been focusing on digital transformation and the application of advanced technologies, such as artificial intelligence, to enhance operational efficiency and cost control [3]. Competitive Advantages - YTO Express has established significant competitive barriers through technological innovation, network optimization, and cost control, which have further solidified its market share [4]. - The company emphasizes service quality and customer experience by improving employee skills and optimizing business processes [3][4]. Industry Outlook - The express delivery industry is expected to continue its rapid growth due to factors such as consumption upgrades, policy support, and ongoing technological innovation [4]. - The ongoing prosperity of the e-commerce sector and market penetration are anticipated to provide substantial development opportunities for the logistics industry [4].

关于开展外汇套期保值业务的公告 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，并对其内容的真实性、准确性和完整性承担法律责任。 基于生产经营需要，为有效防范外汇市场风险，增强财务稳健性，圆通速递 股份有限公司（以下简称"公司"）拟使用累计不超过 8,000 万美元（或等值外 币）自有资金开展外汇套期保值业务，前述额度可由公司及全资子公司、控股子 公司共同使用，额度有效期为自董事局会议审议通过之日起十二个月内。现将具 体内容公告如下： 一、外汇套期保值业务概述 证券代码：600233 证券简称：圆通速递 公告编号：临 2025-024 （一）交易目的 圆通速递股份有限公司 近年来公司持续推进国际化发展战略，国际业务稳步发展，日常经营过程中 涉及以外币结算，鉴于目前国际经济形势复杂多变，外汇市场不确定性仍然存在， 为有效平抑汇率波动对公司经营效益的影响，进一步提高公司应对外汇波动风险 的能力，增强财务稳健性，公司拟开展外汇套期保值业务。 包括但不限于远期结售汇、外汇掉期、外汇期权、外汇互换等。 （五）交易期限 自董事局会议审议通过之日起十二个月内。 （六）授权事项 公司董事局授 ...