Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company achieved a net profit attributable to shareholders of 1.041 billion yuan in H1 2024, representing a year-on-year increase of 19.8% [3] - The company's operating revenue for H1 2024 was 23.252 billion yuan, an increase of 7.78% year-on-year, with express service revenue rising by 10.08% to 22.687 billion yuan [3][4] - The company continues to optimize its customer structure and enhance network capabilities, achieving a 30.02% year-on-year growth in express business volume, reaching 10.924 billion parcels in H1 2024 [4] Summary by Sections Financial Performance - In H1 2024, the company reported a net profit of 1.041 billion yuan, up 19.8% year-on-year, and a net profit excluding non-recurring items of 832 million yuan, up 5.42% [3] - The net cash flow from operating activities was 2.02 billion yuan, a significant increase of 75.46% year-on-year [3] - For Q2 2024, the company achieved operating revenue of 12.096 billion yuan, a year-on-year increase of 8.98%, and a net profit of 628 million yuan, up 23.15% [3] Cost Management - The company has seen a decrease in core operating costs, with the cost per parcel for sorting down by 19.8% to 0.31 yuan and transportation costs down by 27.6% to 0.39 yuan [3][4] - The average loading rate increased by 7 percentage points year-on-year, contributing to reduced operational costs [3] Market Position and Growth - The company's market share reached 13.6% with a business volume growth of 30.02% year-on-year in H1 2024 [4] - The company has enhanced its service quality and product competitiveness, particularly in sectors such as pharmaceuticals and e-commerce, with a doubling of single order business volume [4] Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 2.121 billion, 2.597 billion, and 2.986 billion yuan, respectively, with corresponding P/E ratios of 8.7, 7.1, and 6.2 [4]

Group 1: Business Performance - The company achieved a total express business volume of 10.924 billion packages in the first half of 2024, representing a year-on-year growth of 30.02% [2] - Total express service revenue reached 22.687 billion yuan, with a year-on-year increase of 10.1% [3] - Net profit attributable to shareholders was 1.041 billion yuan, reflecting a year-on-year growth of 19.80% [3] - The net cash flow from operating activities was 2.021 billion yuan, showing a significant increase of 75.46% [3] Group 2: Cost and Profitability Metrics - The gross profit margin for express services was 10.3%, indicating an upward trend compared to previous periods [3] - The average revenue per package decreased to 2.08 yuan, down 15.33% year-on-year, primarily due to a high base from the previous year and increased competition [3] - The average cost per package was 1.86 yuan, down 15.75% year-on-year, with transportation costs at 0.39 yuan (down 27.61%) and transfer costs at 0.31 yuan (down 19.81%) [3] - Total period expenses decreased by 1.75 billion yuan, a reduction of 14.35% [3] Group 3: Strategic Initiatives and Future Outlook - The company is focusing on enhancing service quality and efficiency in response to market demands, particularly during peak seasons [6][8] - A strategic shift towards core express business has led to a reduction in peripheral business activities, contributing to lower management and sales expenses [5] - The company anticipates continued double-digit growth in the express delivery industry for the second half of the year, driven by e-commerce diversification and improved rural logistics [6][7] - Capital expenditures for the first half of 2024 were 810 million yuan, a decrease of 42.07% year-on-year, reflecting a focus on maintaining existing resources and technological upgrades [8]

| --- | --- | |------------------------------------------------------|--------------------------------------------------------------------------------------| | 证券研究报告 | [Table_Title] 韵达股份（002120.SZ）2024 年中报点评： | | 公司研究 | 24H1 盈利同比增长 20%，看好经营改善 | | [Table_ReportType] 公司点评报告 | [Table_ReportDate] 2024 年 08 月 28 日 | | [Table_StockAndRank] 韵达股份(002120) | | | 投资评级 买入 | [Table_S 事件：韵达股份 ummary 发布 2024 年中期报告。2024 年上半年，公司实现归母净利 | | | 润 10.41 亿元，同比增长 19.8%；实现扣非归母净利润 8.32 亿元，同比增 | | 上次评级 买入 | 长 5.4%。 | | [Table_Author ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥23,251,979,402.66, representing a 7.78% increase compared to ¥21,574,143,692.80 in the same period last year[11]. - Net profit attributable to shareholders was ¥1,040,655,555.56, up 19.80% from ¥868,683,591.80 in the previous year[11]. - The net cash flow from operating activities increased significantly by 75.46%, amounting to ¥2,020,710,287.57 compared to ¥1,151,671,912.89 in the prior year[11]. - Basic earnings per share rose to ¥0.3596, a 19.87% increase from ¥0.3000 in the same period last year[11]. - Total assets at the end of the reporting period were ¥38,408,611,725.27, reflecting a 0.87% increase from ¥38,078,433,829.24 at the end of the previous year[11]. - The net assets attributable to shareholders increased by 2.99%, reaching ¥19,738,130,402.58 compared to ¥19,165,287,413.22 at the end of the last year[11]. - The total profit for the reporting period was 1.546 billion yuan, reflecting a year-on-year increase of 25.82%, while the net profit attributable to shareholders was 1.041 billion yuan, up 19.80%[24]. - The company's revenue for the reporting period reached ¥23,251,979,402.66, representing a year-on-year increase of 7.78% compared to ¥21,574,143,692.80[38]. - The express service revenue amounted to ¥22,687,026,325.28, accounting for 97.57% of total revenue, with a year-on-year growth of 10.08%[39]. Industry Overview - In the first half of 2024, the express delivery industry in China achieved a total business volume of 801.6 billion pieces, representing a year-on-year growth of 23.1%[21]. - The total revenue from express delivery services reached 653 billion yuan, with a year-on-year increase of 15.1%[21]. - The highest daily business volume in the express delivery sector exceeded 580 million pieces[21]. - The proportion of intercity express delivery business volume rose to 88.3%, with a year-on-year growth of 25.2% in the first quarter[21]. - The rural e-commerce market is identified as a new growth point for the express delivery industry, driven by the "rural revitalization" strategy[21]. Strategic Initiatives - The company aims to enhance its core express delivery business by focusing on high-value time-sensitive products and expanding its service offerings[16]. - The company is implementing a strategy of "customer segmentation and product stratification" to improve service quality and operational efficiency[17]. - The company is committed to technological innovation and fine management to optimize its operations and enhance service quality[16]. - The company is focused on expanding its logistics capabilities and enhancing its service network to meet the growing demand in both urban and rural markets[22]. - The company is actively implementing a green development strategy, including initiatives for sustainable packaging and reducing plastic pollution, in line with national carbon neutrality goals[33]. Operational Efficiency - The company achieved a total express business volume of 10.924 billion parcels in the reporting period, representing a year-on-year growth of 30.02%, significantly exceeding the industry growth rate of 23.1%[24]. - The express service gross margin was 10.32%, an increase of 0.44 percentage points year-on-year[24]. - The average loading rate increased by 7 percentage points year-on-year in the first half of 2024, driven by improved vehicle management and dynamic routing adjustments[30]. - Core operating costs per package decreased by 24.58% year-on-year in Q2 2024, and by 15.28% compared to Q1 2024, while total expenses decreased by 175 million yuan, a 14% year-on-year decline[31]. - The company has trained nearly 8,000 personnel in standardization management during the reporting period, enhancing operational efficiency and decision-making[29]. Risk Management - The company faces market environment risks due to macroeconomic fluctuations that may impact the logistics industry and its performance[59]. - The company is exposed to market competition risks, with aggressive pricing strategies from some competitors potentially affecting market share and growth[59]. - The company has implemented measures to manage risks, including flexible operations and enhanced internal controls[63]. - The company is committed to improving operational safety and compliance with regulations to mitigate risks[63]. Shareholder Information - The company plans not to distribute cash dividends or bonus shares for this reporting period[2]. - The total number of employees participating in the employee stock ownership plan is 65, holding a total of 7,000,000 shares, which accounts for 0.24% of the company's total share capital[69]. - The shareholding of directors and senior management remains unchanged during the reporting period, with each holding 245,000 shares, representing 0.0085% of the total share capital[70]. - The company plans to distribute a cash dividend of RMB 1.70 per 10 shares, based on a total share capital of 2,891,790,632 shares after excluding repurchased shares[89]. Financial Position - The company's cash and cash equivalents increased to ¥5,668,500,544.60, representing 14.76% of total assets, up from 13.02% at the end of the previous year[43]. - The company's short-term borrowings rose to ¥2,229,649,343.25, which is 5.81% of total liabilities, reflecting an increase during the reporting period[44]. - The total value of investment properties reached ¥2,273,616,154.64, accounting for 5.92% of total assets, due to changes in the use of properties[44]. - The company's asset-liability ratio was 48.28%, a decrease of 1.02 percentage points compared to the previous year[110]. - The company's liquidity ratio was 149.64%, up 15.63 percentage points from the previous year[110]. Environmental Initiatives - The company has implemented various environmental measures, including the use of thousands of new energy vehicles and the promotion of green packaging, contributing to a reduction in carbon emissions[72]. - The company has established over 20,000 express recycling boxes nationwide to promote packaging recycling initiatives[72]. - The company has published nearly 200 articles related to environmental protection on its WeChat public account, enhancing awareness among its business personnel[72]. Legal and Compliance - There were no significant legal disputes or arbitration matters reported during the reporting period[78]. - The company has not experienced any administrative penalties related to environmental issues during the reporting period[72]. - The company has not engaged in any derivative investments during the reporting period[53]. - The company has not utilized any raised funds during the reporting period, indicating a focus on internal financing[54].

北京市天元律师事务所 关于韵达控股股份有限公司 注销2022年股票期权激励计划 首次授予及预留授予部分股票期权相关事项的 法律意见 京天股字（2022）第313-4号 致：韵达控股股份有限公司 北京市天元律师事务所（以下简称"本所"）接受韵达控股股份有限公司的 委托，担任公司 2022 年股票期权激励计划事项的专项中国法律顾问，就公司注 销 2022 年股票期权激励计划首次授予及预留授予部分股票期权（以下简称"本 次注销"）的有关事宜出具本法律意见。 本所及经办律师依据《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》"）、《上市公司股权激 励管理办法》（以下简称"《管理办法》"）、《律师事务所从事证券法律业务 管理办法》《律师事务所证券法律业务执业规则（试行）》等法律、法规和中国 证监会的有关规定及本法律意见出具日以前已经发生或者存在的事实，按照律师 行业公认的业务标准、道德规范和勤勉尽责的精神，出具本法律意见。 为出具本法律意见，本所律师审阅了公司《2022 年股票期权激励计划（草 案）》（以下简称"《激励计划（草案）》"）、相关信息披露公告、批准和授 ...

韵达控股股份有限公司 2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的 | 2024年初占用资 | 2024半年度占用累计发生 | 2024半年度占用资金 | 2024半年度偿还累 | 2024年半年度期末 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 会计科目 | 金余额 | 金额(不含利息) | 的利息(如有) | 计发生金额 | 占用资金余额 | | | | 控股股东、实际控制人及其附属企业 | | | | | | | | - | | 非经营性占用 | | 小计 | — | — | — | - | - | - | - | - | | | | 前控股股东、实际控制人及其附属企业 | | | | | | | | - | | 非经营性占用 | | 小计 | — | — | — | - | - | - | - | - | | | | 总计 | — | — | — | ...

本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 韵达控股股份有限公司（以下简称"公司"）第八届监事会第九次会议通知 于 2024 年 8 月 17 日以电子邮件和书面方式送达各位监事，会议于 2024 年 8 月 27 日在上海市召开，本次会议以现场表决的方式进行，会议应参加表决的监事 3 人，实际参加表决的监事 3 人。会议由监事会主席赖雪军先生召集并主持，本次 会议的出席人数、召集、召开程序和审议内容符合《中华人民共和国公司法》《中 华人民共和国证券法》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。 二、监事会会议审议情况 1、以 3 票同意，0 票反对，0 票弃权，审议通过了《公司 2024 年半年度报 告全文及摘要》。 证券代码：002120 证券简称：韵达股份 公告编号：2024-058 韵达控股股份有限公司 第八届监事会第九次会议决议公告 因公司 2023 年归母净利润未能满足"2023 年归母净利润不低于 280,000 万 元"的公司业绩考核目标及部分激励对象离职或属于《2022 ...

Investment Rating - The report assigns a "Buy" rating for the company, Yunda Express [8][15]. Core Insights - The growth of the express delivery business is closely linked to the e-commerce consumption upstream, with the rapid rise of social and live-streaming e-commerce platforms driving a high growth rate in express delivery volume, which exceeded 20% in the first half of 2024 [11][13]. - The company has shown resilience in its operations, with a recovery in business volume and a gradual realization of scale effects as capital expenditures peak and decline [11][15]. - The company’s revenue and profit forecasts for 2024-2026 indicate a positive growth trajectory, with expected revenue of 523.52 billion, 587.39 billion, and 636.21 billion yuan, and net profit of 21.20 billion, 25.59 billion, and 29.47 billion yuan respectively [15][12]. Summary by Sections Company Overview - Yunda Express, founded in August 1999, is a well-established express delivery service provider in China, focusing on e-commerce logistics [20][22]. - The company has a concentrated shareholding structure, with the actual controllers being Nie Tengyun and Chen Liying, and Alibaba being the third-largest shareholder [24][26]. Financial Performance - From 2019 to 2023, the company achieved a compound annual growth rate (CAGR) of 6.9% in revenue, with improvements in profitability reflected in a rise in gross margin and net profit margin by 0.42 percentage points and 0.49 percentage points respectively in 2023 [11][28]. - The company’s operating strategies have led to significant cost optimization, with a 24.0% year-on-year decrease in core costs per package and a 29.4% decrease in total costs per package in the first quarter of 2024 [11][15]. Industry Outlook - The express delivery industry in China is experiencing robust growth, with a compound annual growth rate of 36.4% from 2010 to 2023, and a year-on-year growth rate of 23.1% in the first half of 2024 [41][39]. - The competitive landscape is stabilizing, with average express delivery prices declining by 6.5% year-on-year in the first half of 2024, indicating a moderation in price competition [47][41]. Future Projections - The company is expected to continue its growth trajectory, with projected revenues of 523.52 billion, 587.39 billion, and 636.21 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 21.20 billion, 25.59 billion, and 29.47 billion yuan [15][12]. - The anticipated earnings per share (EPS) for the same period are 0.73, 0.88, and 1.02 yuan, reflecting a positive outlook for the company's financial performance [15][12].

证券代码：002120 证券简称：韵达股份 公告编号：2024-056 韵达控股股份有限公司董事会 韵达控股股份有限公司（以下简称"公司"）根据 2022 年 6 月 23 日召开的 2022 年第一次临时股东大会授权，向中国银行间市场交易商协会申请注册发行 规模不超过人民币 20 亿元（含 20 亿元）的中期票据。公司于 2022 年 10 月 1 日 披露了《关于中期票据获准注册的公告》，获准注册的中期票据额度为人民币 20 亿元，注册额度自《接受注册通知书》落款之日（即 2022 年 9 月 29 日）起 2 年 内有效。根据公司资金计划安排和银行间市场情况，2024 年 8 月 19 日-2024 年 8 月 20 日，公司发行了 2024 年度第三期中期票据，发行金额为 10 亿元，募集 资金已于 2024 年 8 月 21 日到账。现将发行结果公告如下： | | 发行要素 | | | | --- | --- | --- | --- | | 名称 | 韵达控股股份有限公司 | 简称 | 24 韵达股份 MTN003 | | | 年度第三期中期票据 2024 | | | | 代码 | 10248361 ...

证券代码：002120 证券简称：韵达股份 公告编号：2024-055 韵达控股股份有限公司 | 项目 | 2024年7月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 39.71 | 14.87% | | 完成业务量（亿票） | 20.10 | 27.78% | | 快递服务单票收入（元） | 1.98 | -10.00% | 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7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。 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 7 月快递服务主要经营指标情况如下： 一、公司 2024 年 7 月快递服务主要经营指标 2024年8月20日 ...