近日，圆通速递披露2024 年报。本报告期内，实现营业总收入690.33 亿，同比增+19.67%；归母净利 40.12 亿，同比增+7.78%；扣非归母净利38.44 亿，同比增+6.64%；基本每股收益1.16 元，加权ROE 为 13.27%，经营活动产生的现金流量净额为58.57 亿元。 分红政策，公司24 年拟派发现金股息约12.3 亿人民币，每股约0.36 元（含税）; 全年分红1 次，约占当 年度净利润比例的30.7%。 若以年报披露日A 股的收盘股价计算，1 次分红对应股息率约为2.8%。 2025 年Q1 业绩，营收170.6 亿，同比增+10.6%，扣非归母净利润增8.1 亿，同比减-10.3%。 点评 公司是国内领先的综合性快递物流运营商，以自营的枢纽转运中心和扁平的终端加盟网络为基础，以快 递服务为核心，拓展国际市场，围绕客户需求提供国内、国际快递、仓配一体、商贸、航空货运及供应 链等综合服务。2024 年业务板块分拆如下： 快递分部，营收623 亿，同比增+19.2%，营收占比90.2%；毛利金额57.2 亿，同比增+6.6%，毛利占比 87.8%。 货代分部，营收37.6 亿，同比 ...

Core Viewpoint - The express delivery sector is experiencing increased performance uncertainty, but there are opportunities for valuation recovery among leading e-commerce express companies such as Zhongtong Express and YTO Express, driven by market share growth and cyclical bottoming of express delivery services [1] Group 1: Industry Growth Prospects - The express delivery business volume is expected to grow over 20% year-on-year in the first four months of 2024 and 2025, driven by structural demand growth from factors like small parcelization, reverse logistics, and new models such as live e-commerce and community group buying [2] - The trend of strong growth in business volume is likely to continue into 2025, supported by policies to boost domestic demand and support from e-commerce platforms [2] Group 2: Competitive Landscape - Price competition is expected to intensify in the first four months of 2025, with a year-on-year decline in single ticket revenue of 8.3%, reflecting increased focus on market share among leading companies [3] - Despite the intensified price competition, it is anticipated that healthy competition will prevail, aided by regulatory measures against malicious competition and the lack of large-scale capital expenditures by express companies [3] Group 3: Performance of Leading Companies - Leading e-commerce express companies maintain strong competitive advantages due to asset barriers, cash reserves, and profitability, demonstrating resilience in price competition [4] - Zhongtong Express showed stable performance in Q1 2025, with a narrowing decline in market share, and attention is needed on whether market share will rebound in the second half of the year [4] - The leading position and potential for improved profitability of direct-operated companies are expected to provide more certain returns for investors [4]

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].

圆通速递与东风柳汽已并肩走过11个春秋，堪称行业强强联合的典范。这11年里，乘龙快递车如同坚实的伙伴，始终与圆通速递并肩作战。它们如同高 速运转的精密齿轮，紧密嵌入圆通速递庞大高效的物流网络之中，成为承载亿万包裹的移动桥梁。 随着业务量的持续攀升，双方的合作领域也在不断拓展。智能驾驶牵引车成为双方合作的新焦点。圆通速递前期投用的乘龙H7智能驾驶牵引车产品， 凭借高阶智能驾驶科技，成功实现了长途干线"双驾变单驾"的运营模式变革，大幅提高了运营效率，赢得了圆通速递的高度认可。 东风柳汽总经理林长波致辞 交付仪式上，东风柳汽将象征着"战略携手，共赢未来"的金钥匙交予圆通速递，同时双方领导共同启动发车仪式，标志着1000台乘龙快递运输车正式投 入运营，将助力圆通速递增效减排，打造绿色物流运输网络，更为物流行业绿色低碳发展贡献力量。 5月23日，以"千帆踏浪 智领未来"为主题的圆通速递&东风柳汽千台交车盛典在广西柳州举行。1000台乘龙快递车正式交付圆通速递，广西壮族自治区 邮政管理局党组成员、副局长许志芳，柳州市人民政府党组成员袁东升，东风柳汽总经理林长波，圆通速递广西省区党支部书记、副总经理杜彬以及各界代 表齐聚柳 ...

Group 1 - The express delivery industry in China has shown impressive growth in 2023, with a total business volume of 61.45 billion pieces from January to April, representing a year-on-year increase of 20.9% [1] - Major listed express companies such as SF Express, YTO Express, and Yunda Express have reported a continuous decline in revenue per package this year, indicating intensified market competition [1] - In response to the challenges of increasing volume but decreasing prices, express companies are focusing on new growth areas such as parcel delivery, reverse logistics, and customized industry solutions, aiming to reduce costs and improve efficiency [1]

Core Viewpoint - The express delivery industry is facing intense competition, with companies needing to shift from price wars to a focus on quality and profitability to maintain market share and avoid a detrimental cycle of reliance on low prices [1][10]. Group 1: Company Performance - SF Express reported a business volume of 1.335 billion parcels in April, a year-on-year increase of 29.99%, the highest among the four companies, although its revenue per parcel fell by 13.91% to a historical low [1][4]. - YTO Express led the growth in business volume among the "Tongda" system, while Yunda and Shentong continue to face fierce competition [1][6]. - The total revenue for SF Express in April was 23.915 billion yuan, a year-on-year increase of 12.42%, with express logistics revenue at 18.003 billion yuan, up 11.85% [3][4]. Group 2: Market Dynamics - The "Tongda" system is experiencing downward pressure on pricing, with all companies reporting declines in revenue per parcel, indicating a highly competitive market environment [1][7]. - The industry is expected to undergo accelerated consolidation, with stronger companies gaining more market share while weaker ones may shrink their operations [1][10]. - The integration of intelligent and automated technologies is becoming a key focus for companies to enhance efficiency and reduce costs amid rising competition [8][9]. Group 3: Future Outlook - Analysts predict that the express delivery industry will see a significant shift towards high-quality development, moving away from traditional profit compression strategies [1][10]. - Companies are investing in automation and digitalization to improve service efficiency and meet diverse consumer demands, which is essential for survival in the evolving market landscape [9][10].

证券代码：600233 证券简称：圆通速递 公告编号：临 2025-036 圆通速递股份有限公司 关于第三期股票期权激励计划内幕信息知情人及 激励对象买卖公司股票情况的自查报告 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。 圆通速递股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开第十 一届董事局第十六次会议，审议通过了《关于 <圆通速递股份有限公司第三期股> 票期权激励计划（草案）>及其摘要的议案》及相关议案，具体内容详见公司于 息披露媒体披露的相关公告。根据《上市公司股权激励管理办法》《上市公司信 息披露管理办法》等有关规定，公司遵循《内幕信息知情人登记管理制度》的规 定，针对公司第三期股票期权激励计划（以下简称"本次激励计划"）采取了相 应的保密措施，对本次激励计划的内幕信息知情人进行了必要登记，并对内幕信 息知情人和激励对象在本次激励计划草案公告前六个月内买卖公司股票的情况 进行自查，具体情况如下： 一、核查的范围与程序 圆通速递股份有限公司 董事局 励计划首次公开披露前六个月（即 2024 年 ...

关于注销回购股份通知债权人的公告 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。 一、通知债权人的原因 证券代码：600233 证券简称：圆通速递 公告编号：临 2025-038 圆通速递股份有限公司 债权申报具体方式如下： 圆通速递股份有限公司（以下简称"公司"）分别于 2025 年 4 月 28 日、2025 年 5 月 20 日召开第十一届董事局第十六次会议和 2024 年年度股东大会，审议通 过了《关于变更回购股份用途并注销的议案》。根据有关规定并结合实际情况， 公司同意将回购专用证券账户中的 26,527,300 股股份用途由"用于实施员工持 股计划或股权激励计划"变更为"用于注销并相应减少注册资本"，并对该部分 股份实施注销。本次注销完成后，公司股份总数将由 3,446,753,438 股减少至 具体内容详见公司分别于 2025 年 4 月 29 日、2025 年 5 月 21 日在上海证券 交易所网站（http://www.sse.com.cn/）及指定的信息披露媒体披露的《圆通速 递股份有限公司第十一届董事局第 ...

具体内容详见公司分别于 2025 年 4 月 29 日、2025 年 5 月 21 日在上海证券 交易所网站（http://www.sse.com.cn/）及指定的信息披露媒体披露的《圆通速 递股份有限公司第十一届董事局第十六次会议决议公告》（公告编号：临 2025-019）、《圆通速递股份有限公司关于变更回购股份用途并注销的公告》（公 告编号：临 2025-027）和《圆通速递股份有限公司 2024 年年度股东大会决议公 告》（公告编号：临 2025-035）。 二、需债权人知晓的信息 公司本次回购股份注销将涉及注册资本减少，根据《中华人民共和国公司法》 等相关法律、法规的规定，公司特此通知债权人。债权人自本公告披露之日起 45 日内，有权要求公司清偿债务或提供相应担保。债权人如逾期未向公司申报 债权，不会因此影响其债权的有效性，相关债务（义务）将由公司根据原债权文 件的约定继续履行，本次回购股份的注销将按法定程序继续实施。债权人如要求 公司清偿债务或提供相应担保的，应根据《中华人民共和国公司法》等法律、法 规的有关规定向公司提出书面要求，并随附相关证明文件。 证券代码：600233 证券简称：圆通速递 公 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2025-036 圆通速递股份有限公司 关于第三期股票期权激励计划内幕信息知情人及 激励对象买卖公司股票情况的自查报告 根据中国证券登记结算有限责任公司上海分公司出具的《信息披露义务人持 股及股份变更查询证明》《股东股份变更明细清单》，在自查期间，共 44 名核查 对象（非公司董事、高级管理人员）存在买卖公司股票的行为。经公司自查并根 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（以下简称"公司"）于 2025 年 4 月 28 日召开第十 一届董事局第十六次会议，审议通过了《关于<圆通速递股份有限公司第三期股 票期权激励计划（草案）>及其摘要的议案》及相关议案，具体内容详见公司于 2025 年 4 月 29 日在上海证券交易所网站（http://www.sse.com.cn/）及指定信 息披露媒体披露的相关公告。根据《上市公司股权激励管理办法》《上市公司信 息披露管理办法》等有关规定，公司遵循《内幕信息知情人登记管理制度》的规 定，针对公司第三 ...