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市场竞争激烈单票收入承压,快递公司继续降本增效
Di Yi Cai Jing· 2025-04-29 09:24
"快递进村"和电商业务成为快递公司业绩增长的助力。 圆通在财报中表示,报告期内,公司主营快递业务收入主要来源于电子商务用户,业务结构较为集中。如果未来电子商务 行业增速进一步放缓,而公司除电子商务之外的其他业务板块不能实现较快增长从而提高在整体业务结构中的占比,则公 司经营业绩的持续快速增长可能受到不利影响。 圆通财报还提及,跨境消费需求扩容推动国际业务提质增效,伴随"丝路电商""快递出海"等项目的实施落地,国际及港澳 台快件寄递网络日臻成熟。此外,个性化消费需求催生服务场景多元化,消费者对生鲜冷链、即时配送、逆向物流等服务 需求亦快速增长。 除了上述变化,过去一年快递公司也在提高服务质量。2024 年 3 月,新修订的《快递市场管理办法》正式施行,明确按需 投递原则,强化末端服务监管。圆通财报显示,公司在2024年推行按需派送,提高派件履约率,并不断加强虚假签收考核 管控。截至报告期末,公司虚假签收率同比下降近 28%。 近日,多家快递公司发布了2024年财报。从财报数据看,降本增效仍然是今年快递业关注的重点。 此外,"快递进村"和电商业务成为快递公司业绩增长的助力。在技术应用上,快递业逐步推进无人配送技术 ...
韵达股份(002120):点评:件量延续高增,单票核心成本及费用持续优化
Xinda Securities· 2025-04-29 07:51
证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 韵达股份(002120) 投资评级 增持 上次评级 买入 [Table_Author] 匡培钦 交运行业首席分析师 执业编号:S1500524070004 邮 箱:kuangpeiqin@cindasc.com 秦梦鸽 交运行业分析师 执业编号:S1500524110002 邮 箱:qinmengge@cindasc.com 相关研究 [Table_OtherReport] 韵达股份(002120.SZ)点评:10 月业 务量同比+32%,单票收入环比小幅提 升 韵达股份(002120.SZ)2024 年中报点 评:24H1 盈利同比增长 20%,看好经营 改善 国内电商快递龙头之一,经营及件量 拐点有望延续 [Table_Title] 韵达股份(002120.SZ)点评:件量延续高 增,单票核心成本及费用持续优化 25Q1 实现营业收入 121.89 亿元,同比+9.26%,归母净利润 3.21 亿元,同 比-22.15%,扣非归母净利润 3.08 亿元,同比-19.85%。 点评: ➢ 单 ...
中邮证券:给予韵达股份买入评级
Zheng Quan Zhi Xing· 2025-04-29 06:30
中邮证券有限责任公司曾凡喆近期对韵达股份(002120)进行研究并发布了研究报告《单量维持高速增长,期 待量利再平衡》,给予韵达股份买入评级。 韵达股份 l韵达股份披露2024年年报及2025年一季报 韵达股份披露2024年年报及2025年一季报。2024年公司营业收入485.4亿元,同比增长7.9%,归母净利润19.1亿 元,同比增长17.8%,其中第四季度营业收入130.3亿元,同比增长7.3%,归母净利润5.1亿元,同比增长9.8%。 2025年一季度公司营业收入121.9亿元,同比增长9.3%,实现归母净利润3.2亿元,同比下降22.1%。 l维持竞争身位,单量高速增长,营收再创新高 2024年得益于经济稳健增长及持续扩大的线上消费需求,全国快递业务量保持较高水平增速,公司业务量保持 高速增长,全年快递业务完成量237.8亿票,同比增长26.1%,市场份额保持行业第三。2025年一季度公司快递 业务完成量60.8亿票,同比增长22.9%,保持上升势头。因快递市场下沉及行业竞争,公司快递业务单票收入 同比有所下降,2024年为2.01元,同比下降12.3%,2025年一季度为1.98元,同比下降10.0 ...
韵达股份(002120):单量维持高速增长,期待量利再平衡
China Post Securities· 2025-04-29 06:27
Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% compared to the benchmark index within six months [6][13]. Core Views - The company has shown strong growth in parcel volume, with a 26.1% year-on-year increase in express delivery volume in 2024, maintaining the third-largest market share in the industry [4]. - Despite the high growth in parcel volume, the average revenue per parcel has decreased, with a 12.3% decline in 2024 and a 10.0% decline in the first quarter of 2025 [4]. - The company has effectively controlled costs, achieving a 13% reduction in per-parcel costs in 2024, with significant decreases in various expense ratios [5]. - The company is expected to benefit from the integration of artificial intelligence in its operations, enhancing service quality and cost control, leading to a potential balance between volume and profit in the future [6]. Financial Summary - In 2024, the company reported a revenue of 48.54 billion yuan, a 7.9% increase year-on-year, and a net profit of 1.91 billion yuan, up 17.8% [3][9]. - For 2025, the company is projected to achieve revenues of 54.67 billion yuan and a net profit of 2.03 billion yuan, reflecting growth rates of 12.6% and 6.1% respectively [9][12]. - The company's earnings per share (EPS) is expected to increase from 0.66 yuan in 2024 to 0.70 yuan in 2025 [9][12].
韵达股份20250428
2025-04-28 15:33
韵达股份 20250428 摘要 • 韵达一季度单票利润同比下降约 1.8 分钱,主要受非经营性因素(如分拨 优化费用、资产计提)和市场价格竞争影响,其中非经营性因素和基数问 题导致约一分钱的下降。 • 公司 2024 年总资本开支约为 24 亿元,预计 2025 年略降至 20 亿元左右, 主要用于设备维护更新、车辆补充和人员研发,以及部分新开工项目支付, 资本开支主要集中在三四季度。 • 2025 年单票成本预计继续下降,但降幅收窄至约 9%,全年平均成本可能 在 6 毛 2 左右,未来通过科技应用有望进一步降低末端派送成本 2 到 3 毛 钱。 • 一季度经营性现金流同比下降 63%,主要原因是公司放松了对加盟商预付 款充值要求,以及市场竞争导致价格下降,公司为支持加盟商业务也降低 了收款标准。 • 公司通过优化财务结构、降低融资成本(如类 REITs 融资、美元债回购及 中票发行)等方式显著降低单票费用,未来一年到两年内财务费用预计将 进一步下降。 Q&A 2025 年一季度公司单票盈利有所波动的原因是什么? 2025 年一季度公司单票盈利有所波动,主要有几方面的影响因素。首先,市 场竞争激烈,特别是 ...
艰难守擂行业“老三”,去年净利润增长近18% 押注AI和无人技术能帮韵达突围吗?
Mei Ri Jing Ji Xin Wen· 2025-04-28 12:38
Core Viewpoint - Yunda Co., Ltd. reported a strong performance in 2024, with significant growth in business volume and net profit, despite facing intense competition and regulatory challenges in the express delivery industry [1][3][9]. Financial Performance - In 2024, Yunda achieved a total business volume of 23.783 billion parcels, a year-on-year increase of 26.14% [1][3]. - The company generated operating revenue of 48.543 billion yuan, up 7.92% from the previous year [1][3]. - Net profit attributable to shareholders reached 1.914 billion yuan, reflecting a growth of 17.77% [1][3]. - The profit margin improved, with total profit amounting to 2.613 billion yuan, a 19.52% increase year-on-year [3]. Competitive Landscape - Yunda maintained its position as the "third" player in the Tongda system, despite fierce competition from Shentong and Jitu [1][9]. - The company faced regulatory scrutiny from the State Post Bureau due to issues related to advertising materials in express deliveries [1][9]. - Yunda's single parcel revenue decreased by 12.3% to 2.01 yuan, which is among the lowest in the Tongda system [3][4]. Cost Management - Yunda reported a significant reduction in operational costs, with single parcel costs decreasing by 13% to approximately 1.83 yuan [3][4]. - The core operating cost per parcel was 0.68 yuan, down 21.9% year-on-year [3][4]. - The company implemented measures such as precise cargo forecasting and optimization of transportation routes to enhance efficiency and reduce costs [4]. Technological Advancements - Yunda is actively investing in AI and unmanned technologies, having deployed the DeepSeek model for operational data analysis [2][7]. - The company aims to enhance service quality and operational efficiency through a multi-layered technology strategy, integrating AI into various operational aspects [7][8]. - Despite a decrease in R&D investment to 293 million yuan, the company remains optimistic about the application of new technologies in the logistics sector [8]. Infrastructure and Network Expansion - By the end of 2024, Yunda established 73 optimized transfer centers and had over 47,750 first-level franchisees, achieving 100% franchise coverage [4]. - The company’s service network covers 31 provinces and municipalities, with over 95,000 end-point facilities [4]. Shareholder Changes - Alibaba reduced its stake in Yunda from 2% to 0.71% over the past year, indicating a shift in investment strategy [5].
全面释放全链路降本潜力 韵达股份发布2024年报告
Quan Jing Wang· 2025-04-28 09:34
Core Viewpoint - Yunda Holdings reported a revenue of 48.543 billion yuan for 2024, marking a year-on-year increase of 7.92%, with a net profit of 1.643 billion yuan, up 18.26% from the previous year, indicating strong operational performance and effective cost management [1][6] Financial Performance - The company achieved a net cash flow from operating activities of 5.087 billion yuan, a significant increase of 50.18% year-on-year [1][6] - The net asset scale reached 20.467 billion yuan, reflecting a growth of 6.79% [1][6] - The total expenses decreased by 13.9% to 1.978 billion yuan, with the cost per package dropping to 0.08 yuan, a reduction of 31.7% [6] Operational Efficiency - The gross margin for the express delivery business improved to 9.3%, an increase of 0.77 percentage points year-on-year [2] - The company optimized its operational network by establishing 939 grid warehouses and 322 efficient collection warehouses, enhancing operational efficiency [4] - The utilization rate of capacity increased significantly due to a rise in business volume, leading to scale and marginal cost effects [2][4] Strategic Focus - Yunda Holdings is focusing on building a cost-leading advantage through refined management and digital empowerment, with key areas of focus being "strong network, digital intelligence, cost control, and expense reduction" for 2024 [2] - The company has established a comprehensive service network covering all 31 provinces and municipalities in China, with a 100% coverage rate in cities above the prefecture level [3] Technological Advancement - The company is actively integrating AI and unmanned technologies into its operations, aiming to enhance efficiency and reduce costs [7][8] - Yunda has implemented a multi-layered technology strategy, "1+N+AI," to leverage digital capabilities and improve logistics quality [8][9] Market Expansion - The demand for rural express services is expanding, with the company increasing its coverage in county and town networks to over 99.6% and 99.8%, respectively [5] - Yunda has added 1,084 new town outlets, significantly extending its service range in rural areas [5]
韵达股份(002120):降本成效明显,24年盈利同比增长
HTSC· 2025-04-28 07:27
证券研究报告 韵达股份 (002120 CH) 降本成效明显,24 年盈利同比增长 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 仓储物流 | 单票成本显著优化,单票毛利提升 24 年,公司单票成本下降 14.4%至 1.85 元,其中核心运营成本同比下降 21.9%。单票毛利同比提升 20.6%至 0.17 元。成本端显著优化,主因通过 精准货量预测和精准排班等提升转运效能、降低转运成本;通过优化配载和 串联提升装载率、降低运输成本;在件量规模提升的同时精益经营,提升产 能利用率。24 年,四项费用同比下降 13.9%至 19.8 亿元。 一季度收入同比高增,毛利率同比下降 韵达股份发布 2024 年及 1Q25 业绩:1)24 年实现营业收入/归母净利 485.4 亿/19.1 亿元,同比+7.9%/+17.8%;2)1Q25 实现营业收入/归母净利 121.9 亿/3.2 亿元,同比+9.3%/-22.2%。24 年归母净利低于我们预期(21.0 亿元), 主因单票价格降幅高于预期:1)受到包裹轻小件 ...
韵达股份(002120):2024年报及2025年一季报点评:2024年盈利19.1亿,同比+18%,Q1盈利3.2亿,同比
Huachuang Securities· 2025-04-28 04:14
Investment Rating - The report maintains a "Recommended" rating for Yunda Holdings (韵达股份) [1][7][24] Core Views - The company achieved a revenue of 48.54 billion in 2024, representing a year-on-year growth of 7.9%, and a net profit of 1.914 billion, up 17.8% year-on-year [1][3] - For Q1 2025, the company reported a revenue of 12.19 billion, a 9.3% increase year-on-year, but a net profit decline of 22.1% to 320 million [1][3] - The report highlights the company's leading growth in business volume, with a total of 23.783 billion parcels delivered in 2024, a 26.1% increase year-on-year [2][9] Financial Performance - **2024 Financial Data**: - Revenue: 48.54 billion, up 7.9% - Net Profit: 1.914 billion, up 17.8% - Non-recurring Net Profit: 1.643 billion, up 18.3% - Non-recurring Net Profit Margin: 3.4% [1][3][8] - **2025 Q1 Financial Data**: - Revenue: 12.19 billion, up 9.3% - Net Profit: 320 million, down 22.1% - Non-recurring Net Profit: 310 million, down 19.9% - Non-recurring Net Profit Margin: 2.5% [1][3][8] Business Volume and Market Share - The company completed a total parcel volume of 23.783 billion in 2024, with a market share of 13.58% [2][9] - In Q1 2025, the completed parcel volume was 6.076 billion, with a market share of 13.46% [2][9] Pricing and Profitability - The average revenue per parcel in 2024 was 2.01 yuan, down 12.3% year-on-year [2][9] - The average net profit per parcel in 2024 was 0.08 yuan, down 6.6% year-on-year, while in Q1 2025, it was 0.053 yuan, down 36.6% [2][9] Future Outlook - The report adjusts the profit forecast for 2025-2026, estimating a net profit of 1.92 billion and 2.17 billion respectively, with EPS of 0.66 and 0.75 yuan [7][9] - The target price for the stock is set at 8.63 yuan, indicating a potential upside of approximately 21% from the current price of 7.14 yuan [3][7]
【财经早报】301323,拟重大资产重组;拟10派50元,又见大额分红
Group 1: Economic Indicators - In the first quarter, the total profit of industrial enterprises above designated size reached 150.936 billion yuan, a year-on-year increase of 0.8% [4] - The Ministry of Commerce and six other departments announced an optimization of the departure tax refund policy, raising the cash refund limit to 20,000 yuan [4][6] Group 2: Company Earnings - Gujing Gongjiu reported a net profit of 5.517 billion yuan for 2024, a year-on-year increase of 20.22%, and proposed a dividend of 50 yuan per 10 shares [8] - Gree Electric reported a net profit of 32.185 billion yuan for 2024, a year-on-year increase of 10.91%, and proposed a dividend of 20 yuan per 10 shares [8] - Luzhou Laojiao reported a net profit of 13.473 billion yuan for 2024, a year-on-year increase of 1.71%, and proposed a dividend of 45.92 yuan per 10 shares [8] - Yake Technology reported a net profit of 872 million yuan for 2024, a year-on-year increase of 50.41%, and proposed a dividend of 2.6 yuan per 10 shares [8] - Yunda Holdings reported a net profit of 1.914 billion yuan for 2024, a year-on-year increase of 17.77%, and proposed a dividend of 2 yuan per 10 shares [8] Group 3: Significant Corporate Announcements - National City Mining reported a net profit of 612 million yuan for the first quarter of 2025, a year-on-year increase of 18,279.65%, primarily due to increased investment income from the sale of subsidiaries [9] - Zhenghe Ecology signed a strategic cooperation agreement with Yanshan (Hebei) Cultural Tourism Development Group, planning a total investment of 2 billion yuan for a tourism integration project [9] - New Life Fortune announced plans to issue shares and pay cash to acquire 100% of Guangzhou Jinnan Magnetic Materials, which is expected to constitute a major asset restructuring [9] - Chengdi Xiangjiang announced that its subsidiary won a bid for a project with a contract value of 1.632 billion yuan, with a construction period of 92 days [10]