Investment Rating - The report maintains a "Buy" rating for Yunda Express (韵达股份) [6]. Core Views - Yunda Express is one of the leading express delivery brands, steadily expanding and improving operations. The company has transformed from the fifth to the second in market share from 2014 to 2019, benefiting from the direct management and digital transformation of its transit centers. Despite a setback in 2022 due to network issues, the company has resumed market share expansion and demonstrated performance elasticity in 2023, with both market share and net profit margin increasing year-on-year in the first three quarters of 2024 [3][4]. - The industry is experiencing a supply-demand reversal, leading to improved returns. After a peak in capital expenditure in 2021, the industry is entering a capacity ramp-up phase. With strong demand growth, it is expected that supply-demand rebalancing will take four years, reaching peak capacity utilization by 2025, which presents a strategic opportunity for Yunda to reverse its previous challenges [3][4]. - The company has initiated a network repair plan in 2023, increasing the number of terminal outlets by 14.84% year-on-year to 4,851. This increase in outlets is expected to drive significant volume growth and enhance service capabilities. Yunda is currently in a phase of repairing market share and costs, with sufficient capacity ramp-up potential to support industry-leading cost elasticity and profit elasticity [4]. Financial Performance and Forecast - The financial forecast for Yunda Express indicates a recovery in profitability and business volume, with expected net profits of 1.974 billion, 2.349 billion, and 2.756 billion yuan for 2024, 2025, and 2026 respectively. The report suggests a reasonable valuation of 9.53 yuan per share based on a 14x PE ratio for 2024 [4][5]. - The company’s revenue for 2024 is projected to be 47.434 billion yuan, with a growth rate of 13.3%. The EBITDA is expected to be 5.887 billion yuan, and the net profit margin is anticipated to improve significantly [5][4]. - The report highlights that Yunda's operating cash flow reached 3.213 billion yuan in the first three quarters of 2024, with a reduction in the debt-to-asset ratio from 55.1% in 2022 to 48.0% in Q3 2024 [4][5][118]. Industry Overview - The express delivery industry has undergone a transformation, with a shift towards a dual market structure dominated by mid-to-low-end services. Yunda focuses on this segment while also developing high-value time-sensitive products [82][86]. - The industry is currently in a phase of moderate price competition, with Yunda managing to increase its market share despite a decline in single-package revenue due to competitive pressures [4][114]. - The report notes that the industry is expected to see a gradual recovery in profitability as capital expenditures stabilize and demand continues to grow [3][4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's express business volume in October reached 2.25 billion packages, a year-on-year increase of 31.81%, with a market share of approximately 13.80%, up 0.82 percentage points from 2023 [1] - The express business revenue for October was 4.535 billion yuan, a year-on-year increase of 16.58% [1] - The average revenue per package was 2.02 yuan, a year-on-year decrease of 11.40%, but a slight month-on-month increase of 0.5% [1] - The company is expected to benefit from the ongoing expansion of industry volume and the rise of live e-commerce, which will enhance online shopping penetration [1] - The company is focusing on improving operational efficiency while maintaining quality and profitability of packages [1] Summary by Sections Business Performance - In October, the company achieved express business revenue of 4.535 billion yuan, a year-on-year increase of 16.58% [1] - The express business volume was 2.25 billion packages, reflecting a year-on-year growth of 31.81% [1] - The average revenue per package was 2.02 yuan, down 11.40% year-on-year but up 0.01 yuan from September [1] Future Outlook - The company is expected to leverage its network improvements and operational efficiencies to continue its growth trajectory [1] - The management structure has been enhanced with a focus on strict performance evaluation and governance [1] - The company is implementing a "shared development" strategy with its franchise network to optimize pricing and package structure [1] Financial Projections - The projected net profits for 2024, 2025, and 2026 are 2.285 billion yuan, 2.854 billion yuan, and 3.397 billion yuan, respectively, with corresponding P/E ratios of 10.3, 8.2, and 6.9 [1]

2024年10月快递服务主要经营指标快报 证券代码：002120 证券简称：韵达股份 公告编号：2024-087 韵达控股股份有限公司 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 10 月快递服务主要经营指标情况如下： 一、公司 2024 年 10 月快递服务主要经营指标 | 项目 | 2024年10月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 45.35 | 16.58% | | 完成业务量（亿票） | 22.50 | 31.81% | | 快递服务单票收入（元） | 2.02 | -11.40% | 二、数据说明 今年以来，随着我国快递市场规模持续扩增，公司持续提升全网运营效率和 服务品质，带动公司业务量快速增加。同时受电商平台促销模式和节奏变化影响， 今年快递业务旺季自 10 月 21 日开始，2024 年 10 月，公司完成业务量 22.50 亿 票，同比增长 31.81%。 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 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company is capitalizing on the trend of small parcel delivery, implementing cost reduction strategies to maintain profitability. The company's express delivery volume growth outpaces the industry average, and it is effectively lowering costs while enhancing profit margins [2][3]. - For Q3 2024, the company reported a revenue of 12.257 billion RMB, an increase of 8.84% year-on-year, and a net profit of 367 million RMB, up 24.25% year-on-year. The overall revenue for the first three quarters of 2024 reached 35.509 billion RMB, reflecting an 8.14% increase year-on-year, with a net profit of 1.408 billion RMB, a 20.93% increase year-on-year [2][3]. Summary by Sections Financial Performance - The company achieved a total express delivery volume of 16.943 billion pieces in the first three quarters of 2024, a year-on-year increase of 27.7%, surpassing the industry growth rate by 5.7 percentage points. In Q3 2024 alone, the volume was 6.019 billion pieces, up 23.72% year-on-year [2][3]. - The average revenue per piece for Q1-Q3 2024 was 2.10 RMB, down 15.32% year-on-year, indicating a successful strategy of price reduction to increase volume. The average cost per piece was 1.89 RMB, down 15.06% year-on-year, showcasing effective cost management [2][3]. Digitalization and Innovation - The company is enhancing its digital capabilities and actively exploring the low-altitude economy. It has implemented a comprehensive digital strategy to improve operational efficiency and service quality, including the introduction of new intelligent sorting equipment [2][3]. - The company is conducting pilot projects for drone deliveries in certain regions, aiming to shorten delivery times and improve service efficiency [2][3]. Valuation Adjustments - Due to a significant reduction in average revenue per piece, the company has adjusted its profit forecasts. The projected net profits for 2024-2026 are 2.075 billion RMB, 2.405 billion RMB, and 2.857 billion RMB, representing year-on-year growth rates of 27.7%, 15.9%, and 18.8% respectively. The corresponding EPS is expected to be 0.72 RMB, 0.83 RMB, and 0.99 RMB per share, with PE ratios of 11.3, 9.8, and 8.2 times [2][3].

Investment Rating - The report maintains a "Buy" rating for Yunda Holdings [4][6]. Core Insights - In Q3 2024, the company achieved a year-on-year volume growth of 23.7%, while the average revenue per ticket decreased by 10.4% to 1.99 yuan. Despite the competitive pressure, the company managed to balance market share and profitability, resulting in a 10.9% increase in express delivery revenue [4][5]. - The company demonstrated excellent cost control, with transportation and transfer costs per ticket decreasing by 25.4% and 18.0% respectively. The single ticket's non-recurring profit was 0.056 yuan, slightly down from the previous quarter but in line with market expectations [5][6]. - The company is focusing on digital tools and refined management to enhance operational efficiency, which has led to improved capacity utilization and cost optimization. The capital expenditure is expected to remain stable at around 2 billion yuan for the year, with a positive trend in cash flow [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 35.51 billion yuan, an increase of 8.1% year-on-year, and a net profit attributable to shareholders of 1.41 billion yuan, up 20.9% [4][6]. - In Q3 2024, the revenue reached 12.26 billion yuan, reflecting an 8.8% year-on-year growth, with a net profit of 370 million yuan, a 24.2% increase [4][6]. Cost Management - The company achieved significant reductions in costs, with single ticket transportation and transfer costs decreasing by 25.4% and 18.0% respectively. The period expense per ticket also saw a substantial decline of 32.4% [5][6]. - The optimization of costs is attributed to increased volume, enhanced operational efficiency through digital management, and a focus on core express delivery business [5][6]. Future Outlook - The company is expected to see net profits of 2.11 billion yuan, 2.56 billion yuan, and 3.28 billion yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 12.0, 9.9, and 7.7 [6].

韵达控股集团股份有限公司 董事会议事规则 第一条 宗旨 为规范韵达控股集团股份有限公司（以下简称"公司"）董事会的议事方式 和议事程序，促使董事会有效履行职责，提高董事会的规范运作和科学决策水平， 根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股 票上市规则》和《韵达控股集团股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，结合公司的实际情况制定本议事规则。 第二条 董事会办公室 董事会下设董事会办公室，处理董事会日常事务。 董事会秘书或者证券事务代表兼任董事会办公室负责人，保管董事会和董 事会办公室印章。 第三条 定期会议 董事会会议分为定期会议和临时会议。 董事会每年应当至少在上下两个半年度各召开一次定期会议。 按照前条规定提议召开董事会临时会议的，应当通过董事会办公室或者直 接向董事长提交经提议人签字（盖章）的书面提议。书面提议中应当载明下列 事项： 提案内容应当属于本公司《公司章程》规定的董事会职权范围内的事项， 与提案有关的材料应当一并提交。 董事会办公室在收到上述书面提议和有关材料后，应当于当日转交董事 长。董事长认为提案内容不明确、不具体或者有关材料不充分的，可以 ...

韵达控股集团股份有限公司 章 程 2024 年 11 月 | 目录 | 2 | | --- | --- | | 第一章 | 总则 3 | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股份 4 | | 第四章 | 股东和股东会 9 | | 第五章 | 董事会 27 | | 第六章 | 总经理及高级管理人员 36 | | 第七章 | 监事会 38 | | 第八章 | 财务会计、利润分配和内部审计制度 40 | | 第九章 | 通知和公告 44 | | 第十章 | 合并、分立、增资、减资、停业、解散和清算 45 | | 第十一章 | 修改章程 48 | | 第十二章 | 附则 49 | 第一章 总则 第一条为维护公司、股东和债权人的合法权益，规范公司的组织和行为，根 据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）和其他有关规定，制订本章程。 第二条公司系依照《公司法》和其他有关规定成立的股份有限公司（以下简 称"公司"）。 公司经宁波市人民政府甬政发〔2002〕156号文批准，由宁波新海投资开发有 限公司变更设立，于2003年1月17日在宁波市 ...

韵达控股集团股份有限公司 监事会议事规则 第一条 宗旨 为规范韵达控股集团股份有限公司（以下简称"公司"）监事会的议事方式 和表决程序，促使监事和监事会有效地履行监督职责，完善公司法人治理结构， 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国 证券法》《深圳证券交易所股票上市规则》和《韵达控股集团股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，结合公司的实际情况，制订本规则。 第二条 监事会组成 公司设监事会。监事会由 3 名监事组成，监事会设主席 1 人。监事会主席由 全体监事过半数选举产生。监事会应当包括股东代表和适当比例的公司职工代表， 其中职工代表的比例不低于 1/3。监事会中的职工代表由公司职工通过职工代表 大会、职工大会或者其他形式民主选举产生。 监事的任期每届为三年。监事任期届满，连选可以连任。监事在任期内辞职 应向公司监事会提交书面辞职报告，并在其中明确注明辞职原因。监事任期届满 未及时改选，或者监事在任期内辞职导致监事会成员低于《公司法》规定的法定 人数的，在改选出的监事就任前，原监事仍应依照法律、行政法规和《公司章程》 的规定，履行监事职务。 第三条 监 ...

证券代码：002120 证券简称：韵达股份 公告编号：2024-083 韵达控股股份有限公司 第八届董事会第十五次会议决议公告 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、董事会会议召开情况 韵达控股股份有限公司（以下简称"公司"）第八届董事会第十五次会议于 2024 年 11 月 3 日以电子邮件和书面方式通知各位董事，会议于 2024 年 11 月 6 日在上海市召开，本次会议以现场结合通讯表决的方式进行。会议应出席的董事 8 人，实际出席的董事 8 人（其中张大瑞先生、胡铭心先生以通讯表决方式出席）。 会议由董事长聂腾云先生召集并主持。本次会议的出席人数、召集、召开程序和 审议内容均符合《中华人民共和国公司法》等有关法律、行政法规、部门性规章、 规范性文件及《韵达控股股份有限公司章程》等有关规定。 修订后的《股东大会议事规则》更名为《股东会议事规则》。具体内容详见 公司同日在巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 本议案需提交公司 2024 年第二次临时股东会以特别决议方式进行审议。 3、以 8 票同意，0 ...

韵达控股集团股份有限公司 股东会议事规则 第一章 总 则 第一条 为了完善韵达控股集团股份有限公司（以下简称"公司"）法人治 理结构，保证公司股东会能够依法召集、召开并充分行使其职权，促进公司规范 化运作，特制定本议事规则。 第二条 本议事规则依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》 （以下简称"《规则》"）、《深圳证券交易所股票上市规则》（以下简称"《股票上 市规则》"）、《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范 运作》（以下简称"《规范运作指引》"）及其他有关法律、法规和规范性文件的规 定和《韵达控股集团股份有限公司章程》（以下简称"《公司章程》"），结合公司 实际情况制定。 本议事规则的规定与相关法律、法规以及规范性文件的规定若有不一致时， 以法律、法规以及规范性文件的规定为准。 第二章 一般规定 第三条 股东会是公司的最高权力机构，在《公司法》和《公司章程》规定 的范围内行使职权。 股东会依据《公司法》《证券法》《规则》《公司章程》及本议事规则的规定 对公司重大事项进行决策。 第四条 ...