证券代码：002120 证券简称：韵达股份 公告编号：2025-027 | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 持股数量 | 持股比 | 累计质押股 | 占其所 | 占公司 | 已质押股 | | | | | 股东名称 | （股） | 例 | 份数（股） | 持股份 | 总股本 | 份限售和 | 占已质 | 未质押股份 | 占未质 | | | | | | 比例 | 比例 | 冻结、标 | 押股份 | 限售和冻结 | 押股份 | | | | | | | | 记数量 | 比例 | 数量(股) | 比例 | | | | | | | | (股) | | | | | 上海罗颉思投 资管理有限公 | 1,510,552,788 | 52.10% | 221,860,000 | 14.69% | 7.65% | 0 | 0.00% | 0 | 0.00% | | 司 | | | | | | | | | | | 聂腾云 | 80,361,697 | 2.77% ...

Core Insights - The Chinese logistics industry is projected to exceed 360 trillion yuan in market size by 2024, with a year-on-year growth of 5.8% and a five-year compound annual growth rate (CAGR) of 13.82% [1][3]. Market Segmentation - Agricultural logistics is expected to reach 5.5 trillion yuan in 2024, growing by 4.0% year-on-year - Industrial logistics is projected at 318.4 trillion yuan, with a growth of 5.8% - Import logistics is anticipated to total 18.4 trillion yuan, increasing by 3.9% - Recycled resources logistics is expected to reach 4.4 trillion yuan, with a significant growth of 15.7% - Logistics for units and household goods is projected at 13.9 trillion yuan, growing by 6.7% [3][6]. Industry Competition - Major players in the Chinese logistics sector include SF Express, COSCO Shipping, and Xiamen Xiangyu, which have strong competitive advantages in express logistics, warehousing, and cold chain logistics - The demand for logistics services is continuously growing due to the expansion of e-commerce, manufacturing, and agriculture sectors - Chinese companies are making significant advancements in technological innovation and service quality, particularly in smart logistics and cold chain logistics, gradually closing the gap with international competitors [6][7].

Investment Rating - The overall investment rating for the transportation industry is "Positive" [2][17]. Core Viewpoints - The logistics sector is expected to continue its robust growth, driven by the rise of e-commerce and changing consumer behaviors [28]. - The express delivery industry maintained a relatively high growth rate in volume, with a year-on-year increase of 21.5% in 2024, reaching 175.08 billion packages, and a 21.6% increase in Q1 2025, totaling 45.14 billion packages [26][30]. - The price competition in the express delivery sector has intensified, leading to pressure on single-package profitability, with the average price per package dropping by 8.8% year-on-year in Q1 2025 [3][32]. Summary by Sections Express Delivery - **Volume Growth**: The express delivery industry experienced a strong growth in volume, with major companies like Shunfeng, YTO, Yunda, and Shentong reporting package volumes of 3.541 billion, 6.779 billion, 6.076 billion, and 5.807 billion respectively in Q1 2025, with growth rates of 19.7%, 21.7%, 22.9%, and 26.6% [26][30]. - **Price and Profitability**: The average price per package in the industry was 7.66 yuan, down 8.8% year-on-year. Shunfeng's net profit increased by 16.9% year-on-year, while YTO, Yunda, and Shentong saw net profit changes of -9.2%, -22.1%, and +24.0% respectively [3][32]. - **Investment Recommendation**: The report recommends focusing on Shunfeng Holdings due to its strong cash flow and potential for growth in the express delivery sector [3][32]. Aviation - **Operational Status**: The aviation industry saw a recovery in passenger load factors, reaching 83.3% in 2024, slightly above 2019 levels. Domestic and international flight turnover volumes increased by 12.0% and 85.2% respectively [4][6]. - **Financial Performance**: Major airlines reduced losses significantly in 2024, with revenue growth for Air China, China Southern Airlines, and China Eastern Airlines at 18.1%, 8.9%, and 16.2% respectively [5][6]. - **Investment Recommendation**: The report suggests focusing on airlines like Air China and China Southern Airlines, anticipating improved performance as supply constraints and ticket prices recover [6]. Ports - **Operational Data**: The total cargo throughput for national ports reached 1.7595 billion tons in 2024, a year-on-year increase of 3.66%. In Q1 2025, throughput was 422.2 million tons, up 3.23% [7][8]. - **Financial Data**: Qingdao Port showed a net profit growth of 6.33% in 2024, while China Merchants Port's net profit increased by 26.44% [8]. - **Investment Recommendation**: The report recommends focusing on Qingdao Port due to its superior return on equity (ROE) and dividend capabilities [8]. Highways - **Performance Overview**: The highway sector showed stable growth in Q1 2025, with passenger and freight volumes increasing by 0.5% and 5.4% respectively [9][10]. - **Investment Recommendation**: The report highlights the importance of focusing on leading highway operators like China Merchants Highway and Shandong Highway for their strong cash flow and growth potential [10]. Railways - **Operational Status**: Railway freight and passenger turnover volumes declined in 2024, with significant drops in the Daqin Line's freight volume [11][12]. - **Financial Performance**: Daqin Railway's net profit fell by 24.23% in 2024, while Beijing-Shanghai High-Speed Railway's net profit increased by 10.6% [12]. - **Investment Recommendation**: The report suggests a positive outlook for Daqin Railway and Beijing-Shanghai High-Speed Railway as freight volumes are expected to recover [12]. Shipping - **Operational Data**: Oil shipping rates remained around $50,000 per day, while container shipping rates showed slight declines [13][14]. - **Financial Performance**: COSCO Shipping Holdings reported a net profit increase of 105.78% in 2024 [14]. - **Investment Recommendation**: The report recommends focusing on stable companies like China Merchants Energy and Zhonggu Logistics amid fluctuating shipping rates [14]. Bulk Supply Chain - **Operational Status**: The bulk supply chain sector faced weak downstream demand, leading to a slight decrease in cargo volume for leading companies [15][16]. - **Financial Performance**: Major companies like Xiamen Xiangyu and Xiamen Guomao reported significant declines in net profit [16]. - **Investment Recommendation**: The report suggests that the sector may see a recovery in profits as demand improves and recommends focusing on companies with high dividend yields [16].

Investment Rating - The report maintains a positive outlook on the express delivery sector, suggesting that it is currently undervalued and highlighting the growth potential driven by the e-commerce market and new demands in lower-tier markets [61]. Core Insights - The express delivery industry shows strong growth resilience, with a year-on-year increase of 21.6% in business volume for Q1 2025 and a 13.8% increase in total revenue for 2024, reaching 1.4 trillion yuan [1][21]. - Major companies in the sector, including Zhongtong and Shentong, have demonstrated solid revenue growth, with Shentong achieving a remarkable 205% increase in net profit for 2024 [2][34]. - The market share of Zhongtong remains dominant at 19.6% in 2024, leading the sector by a margin of 4.2 percentage points over its closest competitor [2][31]. Summary by Sections Industry Overview - The express delivery business volume in 2024 reached 1.758 billion pieces, a 21.5% increase year-on-year, while Q1 2025 saw 451.4 million pieces, marking a 21.6% increase [11][1]. - The average price per ticket in the express delivery industry faced slight pressure, decreasing by 14.2% in 2024 and 7.7% in Q1 2025 [25][21]. Performance Overview - All major express delivery companies reported steady growth in both business volume and revenue, with Shentong leading in growth rates at 29.8% for 2024 [2][28]. - In terms of revenue, major players like Shunfeng, Shentong, and Yunda achieved revenues of 2.844 billion, 471.7 million, and 485.4 million yuan respectively in 2024, with year-on-year growth rates of 10.1%, 15.3%, and 7.9% [34][36]. Asset Layout - Zhongtong possesses the largest fleet of self-owned vehicles and sorting equipment, with over 10,000 self-owned trucks and 95 sorting centers as of 2024 [3][56]. - Capital expenditures for 2024 show an increase for Shentong and Yunda, while Zhongtong, Yunda, and Shunfeng have slowed their capital spending [3][58]. Investment Recommendations - The report recommends focusing on leading e-commerce express delivery companies such as Zhongtong, Yunda, Shentong, and Jitu Express, as well as logistics leader Shunfeng, due to the expected recovery in demand in the mid-to-high-end express market [61][62].

证券代码：002120 证券简称：韵达股份 公告编号：2025-026 韵达控股集团股份有限公司 关于举办2024年度网上业绩说明会的公告 欢迎广大投资者积极参与。 特此公告。 韵达控股集团股份有限公司董事会 2025年5月9日 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。 韵达控股集团股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日披露 了《2024 年年度报告》，为了让广大投资者能够进一步了解公司 2024 年年度报 告及经营情况，公司定于 2025 年 5 月 13 日（星期二）下午 15:00-16:30 在全景 网举办 2024 年度网上业绩说明会，本次业绩说明会将采用网络远程的方式举行， 投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net）参与本次业绩 说明会或者直接进入公司路演厅（https://ir.p5w.net/c/002120.shtml）参与本次业绩 说明会。 出席本次年度网上业绩说明会的人员有：董事长兼总裁聂腾云先生、独立董 事胡铭心先生、副总裁兼财务总监谢万涛先生、董事会秘书杨红波先生 ...

韵达股份（002120.SZ）事件点评 控股股东增持彰显长期发展信心，25Q1 业务量稳步增长 2025 年 05 月 08 日 ➢ 事件概述：2025 年 5 月 7 日，基于对未来持续稳定发展的信心和对公司价 值的坚定认可，公司控股股东计划增持公司股份。公司控股股东上海罗颉思计划 以集中竞价、大宗交易等方式增持公司股份，计划增持金额为人民币 1-2 亿元。 截至公告披露日，上海罗颉思及其一致行动人合计持有公司股票 16.59 亿股，占 公司总股本的 57.22%。此次增持彰显控股股东对公司长期发展的信心，进一步 巩固公司股权结构。 ➢ 24 年及 25Q1 经营状况：24 年及 25Q1 公司件量稳步增长。 2024 年全年，1）收入端：24 年公司实现营收 485.4 亿元，同比+7.9%，实现 销售毛利 46.1 亿元，同比+7.2%；毛利率 9.5%。2）利润端：2024 年公司实现 归母净利润 19.1 亿元，同比+17.8%；归母净利率 3.9%；扣非后归母净利润 16.4 亿元，同比+18.3%，扣非归母净利率 3.4%。3）业务量：2024 年全年，公司完 成业务量 237.8 亿件，同比增 ...

韵达股份（002120.SZ）事件点评 控股股东增持彰显长期发展信心，25Q1 业务量稳步增长 2025 年 05 月 08 日 ➢ 事件概述：2025 年 5 月 7 日，基于对未来持续稳定发展的信心和对公司价 值的坚定认可，公司控股股东计划增持公司股份。公司控股股东上海罗颉思计划 以集中竞价、大宗交易等方式增持公司股份，计划增持金额为人民币 1-2 亿元。 截至公告披露日，上海罗颉思及其一致行动人合计持有公司股票 16.59 亿股，占 公司总股本的 57.22%。此次增持彰显控股股东对公司长期发展的信心，进一步 巩固公司股权结构。 ➢ 24 年及 25Q1 经营状况：24 年及 25Q1 公司件量稳步增长。 2024 年全年，1）收入端：24 年公司实现营收 485.4 亿元，同比+7.9%，实现 销售毛利 46.1 亿元，同比+7.2%；毛利率 9.5%。2）利润端：2024 年公司实现 归母净利润 19.1 亿元，同比+17.8%；归母净利率 3.9%；扣非后归母净利润 16.4 亿元，同比+18.3%，扣非归母净利率 3.4%。3）业务量：2024 年全年，公司完 成业务量 237.8 亿件，同比增 ...

Core Insights - Yunda Holdings (韵达股份) announced plans for its controlling shareholder, Shanghai Luojiesi, to increase its stake in the company by investing between 100 million to 200 million yuan within six months, reflecting confidence in the company's future growth and value [1] - The company has a strategic focus on leading quality and efficiency, digital intelligence, and innovation, while continuing to deepen its presence in the e-commerce express delivery market [1][2] Group 1: Shareholder Actions - Shanghai Luojiesi currently holds 1,510,552,788 shares, representing 52.10% of the total share capital, while combined with its concerted parties, it holds 1,658,825,073 shares, or 57.22% of the total [1] Group 2: Technological Advancements - The company is implementing a "1+N+AI" multi-layered technology strategy, focusing on strong digital capabilities and full-chain business scenarios, integrating AI to enhance operations and network services [2] - Digital management tools have been developed to meet diverse service needs across various stakeholders, including merchants, customers, and consumers [2] Group 3: Operational Expansion - Yunda has optimized the establishment of 73 transit centers and has 4,775 first-level franchisees, achieving a 100% franchise ratio [2] - The service network covers over 31 provinces, autonomous regions, and municipalities, with more than 95,000 end-store facilities and coverage of 2,843 county-level units [2] Group 4: Financial Performance - In Q1 2025, the company completed approximately 6.076 billion express deliveries, a year-on-year increase of 22.9%, with revenue reaching 12.189 billion yuan, up 9.3% [3] - The net profit attributable to shareholders was 321 million yuan, with a non-recurring net profit of 308 million yuan [3] Group 5: Future Outlook - The company is optimistic about its growth in 2025, aiming to diversify its service offerings in line with major e-commerce platforms and enhance revenue generation capabilities [3] - Yunda plans to maintain a long-term strategy focused on digitalization and AI to optimize network structure while collaborating with franchisees for efficient service delivery [3]

Core Viewpoint - The performance of major express delivery companies in China shows growth in revenue and net profit for 2024, but a divergence in Q1 2025 results, indicating varying strategies and market conditions among the companies [1][2]. Group 1: Company Performance - SF Express (顺丰控股) achieved a total revenue of 284.42 billion yuan in 2024, 1.7 times that of its competitors, with a net profit surpassing 10 billion yuan for the first time at 10.17 billion yuan [2]. - YTO Express (圆通速递) ranked second with a revenue of 69.03 billion yuan and a net profit of 4.01 billion yuan, while Yunda Express (韵达股份) and Shentong Express (申通快递) followed with revenues of 48.54 billion yuan and 47.17 billion yuan, and net profits of 1.91 billion yuan and 1.04 billion yuan respectively [2]. - In Q1 2025, SF Express continued to lead with a revenue of 69.85 billion yuan, a year-on-year increase of 6.9%, and a net profit of 2.33 billion yuan, up 16.87% [2]. Group 2: Competitive Dynamics - YTO Express maintained a high profit level in Q1 2025 with a revenue of 17.06 billion yuan, a 10.58% increase, but its net profit decreased by 9.15% to 857 million yuan [3]. - Shentong Express reported a significant net profit growth of 24.04% to 236 million yuan, driven by a low base effect and increased business volume [3][6]. - Yunda Express faced a decline in net profit by 22.15% to 321 million yuan, indicating a disconnect between revenue growth and profitability [3]. Group 3: Cost and Efficiency - YTO Express led in single-package net profit with 0.16 yuan, outperforming Yunda Express at 0.07 yuan and Shentong Express at 0.04 yuan, attributed to its digital management [4]. - In 2024, YTO Express's single-package transportation cost was 0.42 yuan, down 9.41%, and its operational efficiency improved significantly due to automation and technology [5]. - Shentong Express's business volume grew by 29.83% to 22.73 billion packages in 2024, but its net profit margin remained low at under 2%, highlighting ongoing challenges in profitability despite volume growth [7].

Core Viewpoint - Yunda Holdings (韵达股份) is sending positive signals to the market by announcing a share buyback plan, which aims to enhance investor confidence and reflects the company's strong business performance and growth prospects [1] Group 1: Financial Performance - In 2024, Yunda achieved a total business volume of 23.783 billion pieces, representing a year-on-year growth of 26.14% [1] - The company reported an operating revenue of 48.543 billion yuan, an increase of 7.92% year-on-year, and a net profit attributable to shareholders of 1.914 billion yuan, up 17.77% year-on-year [1] - For Q1 2025, Yunda's operating revenue was 12.189 billion yuan, showing a year-on-year growth of 9.26%, while the net profit attributable to shareholders was 321 million yuan, a decline of 22.15% year-on-year [1] Group 2: Market Position and Growth Strategy - Yunda's business growth rate in 2024 exceeded the industry average by 4.64 percentage points, maintaining a top-three market share position [1] - The company is actively expanding its network coverage, achieving 99.6% coverage in county-level areas and 99.8% in town-level service networks, with the addition of 1,084 new town outlets [2] - Yunda is enhancing its end-service facilities, constructing 95,000 various types of stores and stations, and building 939 grid warehouses and 322 collection warehouses [2] Group 3: Cost Management and Efficiency - Yunda has developed various digital management tools to enhance cost control and operational efficiency, resulting in a 21.91% year-on-year decrease in core operating costs per package in 2024 [2] - The company operates over 6,800 self-owned vehicles and collaborates with more than 50 national air freight agents to optimize transportation management [2] Group 4: Technological and Environmental Initiatives - Yunda is implementing a "1+N+AI" multi-layered technology strategy, focusing on comprehensive and mobile digitalization to improve operational efficiency and network services [3] - The company is making strides in green logistics by promoting electronic waybills, building eco-friendly logistics parks, and utilizing new energy vehicles to reduce carbon emissions [3] - Yunda plans to continue its digital transformation and the application of intelligent equipment to enhance logistics efficiency in 2025 [3]