Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a significant increase in revenue and profit, with H1 2024 revenue reaching 32.565 billion yuan, a year-on-year increase of 20.61%, and net profit attributable to shareholders of 1.988 billion yuan, up 6.84% year-on-year [3] - The company has maintained a strong market position with a business volume of 12.203 billion parcels in H1 2024, reflecting a year-on-year growth of 24.81% and a market share increase of 0.21 percentage points to 15.22% [3] - The company has successfully reduced its single parcel cost, achieving a new low, while maintaining stable profitability despite industry price competition [4][6] Financial Performance - In H1 2024, the company reported a revenue of 32.565 billion yuan, with a net profit of 1.988 billion yuan, and a net profit from express delivery of 2.097 billion yuan, showing respective year-on-year increases of 20.61%, 6.84%, and 13.48% [3] - The company’s single parcel revenue in H1 2024 was 2.34 yuan, down 0.10 yuan year-on-year, while the core cost per parcel was 2.11 yuan, down 0.08 yuan year-on-year, indicating effective cost management [4][6] - The company’s projected revenue for 2024-2026 is expected to be 66.344 billion yuan, 74.002 billion yuan, and 82.373 billion yuan, with respective year-on-year growth rates of 15%, 12%, and 11% [7][8] Operational Highlights - The company has significantly improved service quality, with a year-on-year reduction in delivery delays by 23%, loss rates by over 40%, and complaint rates by 4% in H1 2024 [6] - The company is focusing on enhancing its infrastructure and expanding its international market presence, with capital expenditures of 3.778 billion yuan in H1 2024, a year-on-year increase of 29.37% [7] - The company is actively pursuing a "going global" strategy, expanding its service network internationally, particularly in key countries and regions [7] Profitability Forecast - The company’s earnings per share (EPS) for 2024-2026 are projected to be 1.22 yuan, 1.46 yuan, and 1.69 yuan, with corresponding price-to-earnings (P/E) ratios of 12.29, 10.26, and 8.88 [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 32.565 billion yuan in the first half of 2024, representing a year-on-year growth of 20.6%, with a net profit attributable to shareholders of 1.988 billion yuan, up 6.8% [5] - The express delivery business showed steady profit growth, with a total business volume of 12.203 billion pieces in the first half of 2024, a year-on-year increase of 24.8% [5] - The company is enhancing its network competitiveness through ongoing projects and digitalization, leading to improved service quality and reduced customer complaints [5] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 32.565 billion yuan and a net profit of 1.988 billion yuan, with respective year-on-year growth rates of 20.6% and 6.8% [5] - The second quarter of 2024 saw revenues of 17.137 billion yuan, a 21.7% increase year-on-year, and a net profit of 1.044 billion yuan, up 9.4% [5] Business Operations - The express delivery business achieved a volume of 6.635 billion pieces in Q2 2024, reflecting a year-on-year growth of 24.75% [5] - The average transportation cost per piece decreased to 0.43 yuan, down 0.04 yuan year-on-year, while the average transfer cost was 0.28 yuan, down 0.02 yuan [5] Future Outlook - The company expects net profits for 2024-2026 to be 4.353 billion, 5.359 billion, and 6.116 billion yuan, with growth rates of 16.9%, 23.1%, and 14.1% respectively [5] - The current market valuation corresponds to a PE ratio of 12x for 2024, which is below the historical average, indicating potential for growth [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [8]. Core Insights - The company reported a revenue of 32.56 billion yuan for the first half of 2024, reflecting 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 [5]. - The company's express delivery volume increased by 24.8% year-on-year, outperforming the industry average growth rate by 1.7 percentage points, while the average revenue per package slightly decreased by 4.0% [5][6]. - The company has successfully reduced its core costs, with transportation costs per package down by 8.6% to 0.43 yuan, and operational costs at transfer centers also decreased by 8.33% [6]. - The overall performance of the company is strong, with stable expenses and a notable increase in express delivery profits, which grew by 13.5% year-on-year [7]. Financial Summary - The company expects net profits for 2024-2026 to be 4.32 billion yuan, 5.26 billion yuan, and 6.09 billion yuan, representing year-on-year growth rates of 16.0%, 21.9%, and 15.8% respectively [8]. - The projected earnings per share (EPS) for 2024 is 1.25 yuan, with a price-to-earnings (P/E) ratio of 11.73, indicating a relatively low valuation [10]. - The company’s total revenue is forecasted to reach 65.21 billion yuan in 2024, with a growth rate of 13.04% [11].

圆通速递 (600233.SH) 买进（Buy） 2024 年 08 月 28 日 赵旭东 H70556@capital.com.tw 目标价(元) 18 上半年收入增长两成，竞争格局优于同业 结论与建议： ◼ 公司业绩：公司发布2024年半年报，2024H1实现营收325.6亿元， YOY+20.6%；录得归母净利润19.9亿元，YOY+6.8%；扣非后净利润19.0亿 元，YOY+6.3%，符合预期。 其中，2Q单季度公司实现营收171.4亿元，YOY+21.7%；录得归母净利润 10.4亿元，YOY+9.4%；扣非后净利润9.9亿元，YOY+9.3%。 ◼ 上半年公司件量增速快于行业，带动收入增长近两成。2024 年上半年公 司快递业务完成量达 122.0 亿件，同比增长 24.8%，超出行业平均增速 1.7pcts。得益于业务规模增长，公司快递业务实现营业收入 292.2 亿元， 同比增长 19.8%，实现归母净利润 21.0 亿元，同比增长 13.5%。其他业 务方面，公司货代业务、航空业务分别实现收入 19.8、7.7 亿元，YOY 分别增长 37.4%、24.9%，主要系公司提供的跨国货运业务量 ...

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 ...