Investment Rating - The report maintains a "Buy" rating for the company [1][2][5]. Core Views - The company reported a significant increase in net profit excluding non-recurring items, driven by continuous improvement in express delivery business costs. However, the net profit was below expectations due to asset impairment losses [1]. - The express delivery industry is experiencing a slowdown in volume growth, with a year-on-year increase of 20.0% in Q3 2024, down from 25.2% in Q1 and 21.3% in Q2. The average price per item has decreased by 6.5% year-on-year, but the decline is narrowing due to price increases in certain regions [2]. - The company's gross margin for Q3 2024 was 8.5%, a slight year-on-year decrease, but the decline is narrowing compared to previous quarters. The company has room for cost reduction and capacity utilization is expected to improve [2][12]. Financial Performance Summary - For Q3 2024, the company reported revenue of 12.26 billion RMB, a year-on-year increase of 8.84%, and a net profit of 367 million RMB, up 24.3% year-on-year. The net profit excluding non-recurring items was 340 million RMB, reflecting an 88.51% increase year-on-year [1]. - The company’s revenue and net profit for the first three quarters of 2024 were 35.51 billion RMB and 1.41 billion RMB, respectively, with year-on-year increases of 8.14% and 20.8% [1]. - The report forecasts net profits for 2024, 2025, and 2026 to be 2.1 billion RMB, 2.56 billion RMB, and 3.0 billion RMB, respectively, with corresponding year-on-year growth rates of 29.3%, 21.9%, and 17.3% [2][12]. Valuation Metrics - The target price for the company is set at 12.18 RMB, with a current closing price of 8.41 RMB, indicating potential upside [6]. - The report provides a price-to-earnings (PE) ratio forecast of 13.8x for 2025, with an expected earnings per share (EPS) of 0.88 RMB [2][12].

Investment Rating - The report assigns a "Recommended" rating to the company, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [1][4]. Core Insights - The company reported a Q3 net profit of 370 million yuan, representing a year-on-year increase of 24.3%. The revenue for Q3 was 12.26 billion yuan, up 8.8% year-on-year, with a non-recurring net profit of 34 million yuan, reflecting an 88.4% increase [1][2]. - For the first three quarters, the company achieved a total revenue of 35.51 billion yuan, a year-on-year growth of 8.1%, and a net profit of 1.41 billion yuan, also up 20.9% year-on-year [1][3]. - The report highlights the company's continuous improvement in operational efficiency, with a significant reduction in costs and expenses, contributing to enhanced profitability [2][3]. Financial Performance Summary - Q3 revenue: 12.26 billion yuan, up 8.8% YoY; Q3 net profit: 370 million yuan, up 24.3% YoY; Q3 non-recurring net profit: 34 million yuan, up 88.4% YoY [1][2]. - For the first three quarters, total revenue reached 35.51 billion yuan, with a net profit of 1.41 billion yuan, both showing positive growth [1][3]. - The company’s single-ticket revenue for Q3 was 1.99 yuan, down 10.4% YoY, while the single-ticket non-recurring net profit increased by 52% YoY to 0.056 yuan [2][3]. Business Volume and Market Share - The company’s business volume growth for the first three quarters was 27.7%, outperforming the industry average of 22.0% [1][2]. - In Q3, the company maintained a market share of 13.8%, ranking second in the industry, with competitors showing varied growth rates [1][2]. Profitability Forecast - The report adjusts the profit forecast for 2024-2026, estimating net profits of 1.96 billion, 2.38 billion, and 2.78 billion yuan respectively, with corresponding EPS of 0.68, 0.82, and 0.96 yuan [2][3]. - The target price for the company is set at 10.69 yuan, indicating a potential upside of approximately 27% from the current price of 8.41 yuan [2][4].

证券时报e公司讯，韵达股份10月29日接待机构调研时表示，前三季度，公司核心运营成本及四项费用 管控均保持下降趋势。 预计核心运营成本还有一定下降空间：一是在核心产能构建上公司仍具先发优势，产能利用率可进一步 提升，所以在固定资产折旧和可变成本摊销方面仍有下降空间；二是随着公司数字化能力全面赋能、优 化精细管理，对于货量预测、路由优化、车线数量、装载率提升、现场排班、工时管理、人效提升等经 营管控方面，仍具有挖降空间；三是公司充分发挥集包仓、网格仓、末端驿站、无人车等基础设施优 势，在揽派两端经营成本方面仍然具有下降空间。 费用方面，2024年前三季度四项费用同比下降近2.71亿元，预计费用的下降趋势还能持续：一是随着经 营性现金流提升、公司偿债规模逐步扩大，公司明年的有息负债规模会出现下降，利息支出同比也会实 现下降；二是当前市场的资金成本持续下降，公司也会把握融资窗口，使用低息的资金置换高息债务， 改善财务费用；三是公司还将持续进行部分资产处置。 ...

Business Performance - In the first three quarters of 2024, the company completed a total express delivery volume of 16.943 billion pieces, representing a year-on-year growth of 27.71% [2] - The total operating revenue for the same period reached 35.509 billion yuan, with a year-on-year increase of 8.14% [2] - The net profit attributable to shareholders was 1.408 billion yuan, up 20.93% year-on-year; the net profit after deducting non-recurring gains and losses was 1.172 billion yuan, reflecting a growth of 20.86% [2] - In Q3 2024, the net profit attributable to shareholders was 367 million yuan, a year-on-year increase of 24.25% [2] Cash Flow and Expenses - The net cash flow from operating activities for the first three quarters was 3.213 billion yuan, showing a significant year-on-year increase of 111.6% [2] - Total expenses for the first three quarters amounted to 1.537 billion yuan, a decrease of 271 million yuan, or 14.99% year-on-year [2] - The asset-liability ratio as of September 30, 2024, was 48.02%, down 2.73 percentage points year-on-year [2] Cost Management - The company has maintained a downward trend in core operating costs and expenses, with expectations for further reductions due to improved digital management and operational efficiency [3][4] - The company anticipates continued cost reductions through various measures, including optimizing resource allocation and focusing on core express delivery operations [5] Market Outlook - The peak season for express delivery began on October 21, 2023, with a projected strong performance leading up to the 2025 Spring Festival [4] - The express delivery industry recorded a single-day collection of 729 million packages on October 22, 2023, marking a year-on-year growth of 74.0% [4] - The company expects the express delivery market to maintain double-digit growth in 2025, driven by strong consumer demand and the expansion of e-commerce [6] Strategic Initiatives - The company is focusing on enhancing digital capabilities and service quality, implementing a comprehensive digital strategy to improve operational efficiency and service standards [5][6] - Future capital expenditures will be directed towards resource maintenance and technological upgrades, ensuring stable capital spending while meeting business growth needs [5][6]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥12,256,945,511.23, an increase of 8.84% year-on-year[3] - Net profit attributable to shareholders was ¥367,232,663.20, reflecting a growth of 24.25% compared to the same period last year[3] - The net profit after deducting non-recurring gains and losses was ¥339,823,324.62, up 88.45% year-on-year[3] - Total operating revenue for the third quarter reached CNY 35.51 billion, an increase of 8.1% compared to CNY 32.84 billion in the same period last year[20] - Net profit for the quarter was CNY 1.43 billion, up 21.8% from CNY 1.18 billion year-on-year[21] - Operating profit increased to CNY 2.10 billion, representing a growth of 21.7% from CNY 1.73 billion in the previous year[21] - The total comprehensive income for Q3 2024 was CNY 100,686,695.50, compared to a loss of CNY 6,685,864.34 in the previous year[32] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥3,213,401,822.58, representing a significant increase of 111.59%[9] - The net cash flow from operating activities for Q3 2024 was CNY 3,213,401,822.58, a significant increase from CNY 1,518,705,214.61 in Q3 2023, representing a year-over-year growth of approximately 111.5%[24] - The cash flow from operating activities showed a net outflow of CNY 1,377,424,746.72, compared to a net outflow of CNY 971,851,328.05 in the previous period[33] - The cash flow from investing activities generated a net inflow of CNY 1,013,051,195.44, up from CNY 597,000,000.00 in the previous year[34] - The cash flow from financing activities resulted in a net inflow of CNY 430,850,939.10, compared to CNY 410,757,359.54 in the same period last year[34] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥38,980,394,079.88, a 2.37% increase from the end of the previous year[3] - The total current liabilities rose to approximately 12.19 billion yuan, up from 10.22 billion yuan, indicating an increase of about 19.3%[19] - The company's total equity increased to approximately 20.26 billion yuan from 19.31 billion yuan, reflecting a growth of about 4.9%[19] - The total liabilities increased from CNY 6,937,919,446.19 to CNY 7,058,682,244.17, representing a rise of approximately 1.7%[29] Shareholder Information - The total number of common shareholders at the end of the reporting period is 74,834, with the largest shareholder, Shanghai Luojisi Investment Management Co., Ltd., holding 52.10% of shares, totaling 1,510,552,788 shares[10] - The second largest shareholder, Nie Tengyun, holds 2.77% of shares, amounting to 80,361,697 shares, with 60,271,273 shares subject to trading restrictions[10] - The third largest shareholder, Hong Kong Central Clearing Limited, holds 2.31% of shares, totaling 67,109,945 shares[10] Investment and Expenses - Investment income surged by 308.51% to ¥362,601,174.14, mainly from the disposal of long-term equity investments and financial products[8] - Research and development expenses decreased to CNY 212.35 million, down 18.2% from CNY 259.86 million in the previous year[20] - The company incurred financial expenses of CNY 2,781,563.19, compared to a financial income of CNY 2,473,052.67 in the previous period[31] Corporate Actions - The company has decided to cancel 11,274,060 stock options granted to 354 incentive objects and 87,120 stock options reserved for 4 incentive objects as part of the 2022 stock option incentive plan[14] - The company has appointed Zhang Dachun as an independent director and chairman of the audit committee, following the resignation of independent director Zhang Xiaorong[14] - The company plans to issue medium-term notes with a total scale not exceeding 3 billion yuan to optimize its debt structure and reduce financial costs[15]

（二）本次计提资产减值准备的资产范围、金额和计入报告期 2024年前三季度公司及下属子公司计提各项资产减值准备为16,919.40万元，具 体如下表所示： 单位：万元 证券代码：002120 证券简称：韵达股份 公告编号：2024-082 韵达控股股份有限公司 关于计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本次计提资产减值准备情况概述 （一）计提资产减值准备的原因 韵达控股股份有限公司（以下简称"公司"）根据《深圳证券交易所股票上市规 则》《企业会计准则》等相关规定的要求，为真实、准确地反映公司截至2024年前 三季度的财务状况及经营成果，基于谨慎性原则，公司及下属子公司对截至2024年9 月30日的资产进行了全面清查和减值测试，对可能发生减值损失的资产计提减值准 备。 根据《深圳证券交易所股票上市规则》《企业会计准则》以及公司会计政策的 有关规定，本次计提资产减值准备事项需履行信息披露义务，无需提交董事会及股 东大会审议。 二、本次计提减值准备合理性的说明及对公司的影响 （一）本次计提减值准备合理性的说明 1、应收账款、应收 ...

编号：2024-005 证券代码：002120 证券简称：韵达股份 韵达控股股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|------------------------------|------------------------------------------------------| | | | | | 投资者关系活 | √ 特定对象调研 | □ 分析师会议 | | 动类别 | √ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 □ | 路演活动 | | | √ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称 | | 投资者服务中心、中国证券报、上海证券报、证券时报、证 | | 及人员姓名 | 者及个人投资者 | 券日报、华福证券、上海理石投资管理有限公司等机构投资 | | 时间 | 2024 年 10 月 24 | 日（周四） | | 地点 | 上海市青浦区盈港东路 | 6679 号 | | 上市公司接待 | 1 | 、董事、副总裁、业务负责人符勤先生 | | 人员姓名 | 2 、规划中 ...

根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露 （2023 年修订）》的规定，韵达控股股份有限公司（以下简称"公司"）2024 年 9 月快递服务主要经营指标情况如下： 一、公司 2024 年 9 月快递服务主要经营指标 | 项目 | 2024年9月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 40.83 | 6.75% | | 完成业务量（亿票） | 20.36 | 21.99% | | 快递服务单票收入（元） | 2.01 | -12.23% | 证券代码：002120 证券简称：韵达股份 公告编号：2024-080 韵达控股股份有限公司 2024年9月快递服务主要经营指标快报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 二、数据说明 上述数据未经审计，可能会与定期报告数据存在差异，仅供投资者阶段性参 考，相关数据以公司定期报告为准，请投资者注意风险。 特此公告。 韵达控股股份有限公司董事会 2024年10月19日 ...

韵达控股股份有限公司 二、对公司的影响 关于出售参股公司股权的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、交易概述 1、韵达控股股份有限公司（以下简称"公司"）于 2024 年 4 月 29 日召开 第八届董事会第十次会议、第八届监事会第八次会议审议通过了《关于拟出售参 股公司股权的议案》，公司拟通过大宗交易、协议转让等方式减持不超过 66,957,470 股德邦物流股份有限公司（以下简称"德邦股份"）A 股股票，占德 邦股份总股本的比例为 6.52%。具体内容详见公司 2024 年 4 月 30 日于巨潮资讯 网披露的《关于拟出售参股公司股权的公告》（公告编号：2024-032）。 2、截至本公告披露日，出售计划已实施完毕，公司已通过大宗交易方式累 计出售所持有的德邦股份股票 66,957,470 股，占德邦股份当前总股本的 6.52%。 本次出售完成后，公司不再持有德邦股份股票。 证券代码：002120 证券简称：韵达股份 公告编号：2024-079 公司出售德邦股份股票资产，有利于整合和优化公司资产结构，提高资产流 动性及使用效率，不会 ...

| 证券代码：002120 | 证券简称：韵达股份 | 公告编号：2024-078 | | --- | --- | --- | | 债券代码：127085 | 债券简称：韵达转债 | | 韵达控股股份有限公司 特别提示： 1、截至 2024 年 10 月 16 日，韵达控股股份有限公司（以下简称"公司"） 股票已经出现在任意连续三十个交易日中至少十五个交易日的收盘价低于当期 转股价格 85.00%的情形，触发"韵达转债"转股价格向下修正条件。 2、公司于 2024 年 10 月 16 日召开的第八届董事会第十三次会议审议通过了 《关于不向下修正韵达转债转股价格的议案》，公司董事会决定本次不向下修正 "韵达转债"的转股价格，且在未来三个月内，如再次触发"韵达转债"转股价 格向下修正条款，亦不提出向下修正方案。 一、可转换公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准韵达控股股份有限公司公开发行可转 换公司债券的批复》（证监许可[2022]2408 号）核准，公司于 2023 年 4 月 11 日 向不特定对象发行 2,450 万张可转换公司债券，期限 6 年，发行价格为每张 100 ...