上 市 公 司 交通运输 2024年05月07日 韵达股份 (002120) 公 司 研 究 ——件量增速回暖，成本大幅下降 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持） ⚫ 事件：韵达股份发布 2023 年度及 2024 年一季度业绩报告，2023 年公司实现营业收入 449.83 亿元，同比-5.17%；归母净利润16.25 亿元，同比+9.58%；24Q1 公司实现营 证 市场数据： 2024年05月07日 券 业收入 111.56 亿元，同比+6.50%，实现归母净利润 4.12 亿元，同比+15.02%，扣非 收盘价（元） 8.18 研 一年内最高/最低（元） 12.43/5.66 归母净利润3.85亿元，同比+11.5%，业绩符合预期。 究 市净率 1.2 ⚫ 23年公司扎实经营，下半年件量增速回暖。2023 年公司业务完成量为 188.54 亿件，同 报 息率（分红/股价） - 告 流通A股市值（百万元） 23028 比增长7%，其中11-12月公司完成业务量38.8亿件，同比增长30%，件量增速改善。 上证指数/深证成指 3147.74/9770.94 23年公司积 ...

| 证券代码：002120 | 证券简称：韵达股份 | 公告编号：2024-036 | | --- | --- | --- | | 债券代码：127085 | 债券简称：韵达转债 | | 韵达控股股份有限公司 关于债券持有人持有可转换公司债券比例变动达 10%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、可转债发行上市概况 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，韵达控股股份有限公司（以 下简称"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，发行价格为每张 100 元，发行总额为人民币 245,000.00 万元。经深圳证券 交易所（以下简称"深交所"）同意，公司 245,000.00 万元可转换公司债券于 2023 年 5 月 23 日起在深交所挂牌交易，债券简称"韵达转债"，债券代码"127085"， 上市数量 2,450 万张。 二、本次债券持有人可转债持有比例变动情况 公司控股股东上海罗颉思投资管理有限公 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [6][20]. Core Insights - The company has shown a recovery in its business volume, with a significant increase in express delivery volume in the first quarter of 2024, growing by 29.1% year-on-year, surpassing the industry average of 25.2% [4][12]. - Despite a decline in single ticket revenue due to a shift towards lighter goods, the overall revenue has increased due to higher delivery volumes [4][12]. - Cost reduction strategies have been effective, leading to a decrease in core operating costs and an overall improvement in profitability [5][16]. Summary by Sections Company Overview - The latest closing price is 7.85 yuan, with a total market capitalization of 228 billion yuan and a PE ratio of 14.02 [1]. Financial Performance - In 2023, the company reported a revenue of 449.8 billion yuan, a decrease of 5.2% year-on-year, while net profit increased by 9.6% to 16.25 billion yuan. For Q1 2024, revenue was 111.6 billion yuan, up 6.5% year-on-year, and net profit was 4.12 billion yuan, up 15.0% [3][9]. Business Volume and Growth - The total express delivery volume for 2023 was 188.5 billion pieces, reflecting a year-on-year growth of 7.1%. The first quarter of 2024 saw a substantial increase in business volume, indicating a strong recovery trend [4][12]. Cost Management - The company has successfully reduced its core operating costs by 849 million yuan in 2023, with a 11% decrease in single ticket core operating costs. This trend continued into Q1 2024, where single ticket operating costs fell by 17.3% [5][16]. Future Projections - Revenue projections for 2024-2026 are 520.0 billion yuan, 579.4 billion yuan, and 629.4 billion yuan, with expected year-on-year growth rates of 15.6%, 11.4%, and 8.6%, respectively. Net profit is projected to reach 20.1 billion yuan, 24.1 billion yuan, and 27.4 billion yuan over the same period [6][20].

证券代码：002120 证券简称：韵达股份 公告编号：2024-035 韵达控股股份有限公司 关于回购公司股份进展情况的公告 （一）公司回购股份的时间、回购股份价格及集中竞价交易的委托时段符合 《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的相关规定。 1、公司未在下列期间回购股份： 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。 韵达控股股份有限公司（以下简称"公司"）2023 年 11 月 17 日召开的第八 届董事会第八次会议审议通过了《关于回购公司股份的议案》，公司拟使用自有 资金通过深圳证券交易所股票交易系统以集中竞价交易方式回购公司已发行的 人民币普通股（A 股）股票，回购的股份将用于股权激励计划或员工持股计划。 回购资金总额为人民币 50,000,000 元（含）-100,000,000 元（含），回购价格为 不超过人民币 14 元/股。本次回购期限自公司董事会审议通过回购方案之日起不 超过 6 个月。具体内容详见公司 2023 年 11 月 20 日于 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7][9] Core Views - The report highlights a recovery in business volume growth, a rebalancing of supply and demand, and expected earnings elasticity for Yunda Express [1][4][7] - The company has improved its service levels and customer acquisition capabilities, leading to a return to growth in business volume [4][7] - The report anticipates continued cost optimization and performance improvement due to scale effects and capital expenditure reaching its peak [7][8] Financial Summary - In 2023, Yunda Express achieved operating revenue of 44.983 billion yuan, a year-on-year decrease of 5.17%, while net profit attributable to shareholders was 1.625 billion yuan, an increase of 9.58% [3][8] - For Q1 2024, the company reported operating revenue of 11.156 billion yuan, a year-on-year increase of 6.50%, and a net profit of 412 million yuan, up 15.02% [3][8] - The business volume for 2023 was 18.854 billion parcels, a year-on-year increase of 7.07%, and for Q1 2024, it reached 4.942 billion parcels, a growth of 29.14% [3][4] Cost and Profitability - The company has successfully reduced core operating costs per parcel by 11% in 2023, leading to a gross margin of 9.55%, an increase of 0.42 percentage points year-on-year [4][6] - In Q1 2024, despite a 6.79% increase in operating costs, the gross margin was 10.33%, with a net profit margin of 3.70%, up 0.27 percentage points year-on-year [6][8] Earnings Forecast - The report projects Yunda Express's operating revenue for 2024-2026 to be 59.55 billion yuan, 66.808 billion yuan, and 73.670 billion yuan, respectively, with net profits of 2.232 billion yuan, 3.008 billion yuan, and 3.828 billion yuan [7][8] - Corresponding P/E ratios for the same period are expected to be 10.20, 7.57, and 5.95, indicating strong earnings growth potential [7][8]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company reported a revenue of 44.983 billion yuan in 2023, a year-on-year decrease of 5.17%, while the net profit attributable to shareholders was 1.625 billion yuan, an increase of 9.58%. The market share of express delivery volume was 14.3%, down by 1.6 percentage points year-on-year [5][6]. - In Q1 2024, the company achieved a revenue of 11.156 billion yuan, a year-on-year increase of 6.5%, and a net profit of 412 million yuan, up 15.02% year-on-year [5]. - The company has shown significant improvement in cost control, with a reduction in single-ticket transfer and transportation costs, indicating a stable decline in core operating costs [5][6]. Financial Summary - The company’s financial indicators for 2023 and projections for 2024-2026 are as follows: - Revenue (million yuan): 44,983 in 2023, projected to be 53,516 in 2024, 60,030 in 2025, and 65,938 in 2026 [7]. - Net profit (million yuan): 1,625 in 2023, projected to be 2,170 in 2024, 2,598 in 2025, and 3,154 in 2026 [7]. - Gross margin: 9.6% in 2023, expected to increase to 10.7% by 2026 [7]. - Return on equity (ROE): 8.5% in 2023, projected to reach 12.5% by 2026 [7]. - The company’s earnings per share (EPS) is projected to grow from 0.56 yuan in 2023 to 1.09 yuan in 2026 [7][8]. Market Position and Outlook - The express delivery industry is expected to grow, with the total industry volume projected to increase from 1,320.7 billion pieces in 2023 to 2,025.9 billion pieces by 2026, reflecting a compound annual growth rate [8]. - The company’s market share is projected to stabilize and slightly improve, with expectations of benefiting from the overall industry recovery and demand for cost-effective delivery services [5][6][8].

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported a revenue of 45 billion yuan in 2023, a decrease of 5.2% year-on-year, while the net profit attributable to shareholders increased by 9.6% to 1.63 billion yuan [2] - In Q1 2024, the company achieved a revenue of approximately 11.2 billion yuan, representing a year-on-year growth of 6.5%, and a net profit of about 410 million yuan, up 15.0% year-on-year [2] - The company plans to distribute a cash dividend of 0.17 yuan per share (including tax) [2] Summary by Sections Market Data - Total share capital: 2.899 billion shares - Total market value: 22.846 billion yuan - One-year low/high: 5.66/12.37 yuan - Turnover rate over the last three months: 57.09% [1] Financial Performance - In 2023, the company handled approximately 18.9 billion express parcels, a growth of 7.1%, but below the national growth rate of 19.4% [2] - The company's express service revenue in 2023 was about 43.3 billion yuan, down 3.7% year-on-year, with a single ticket revenue of approximately 2.30 yuan, a decrease of 10.1% [2] - Cost control measures led to a decrease in single ticket costs by 10.2% in 2023, with a gross margin of 8.52% [2] Operational Insights - The company has been enhancing its service capabilities, leading to a steady recovery in delivery quality since October 2023, with significant month-on-month growth in parcel volume [2] - The report anticipates a gradual recovery in profitability due to ongoing cost reduction and efficiency improvement measures, despite short-term pressure on single ticket revenue from intensified market competition [2] Profit Forecast and Valuation - The report adjusts the net profit forecast for 2024 and 2025 down by 15% and 21% to 2.44 billion yuan and 2.83 billion yuan, respectively, while introducing a 2026 forecast of 3.24 billion yuan [2] - The company is expected to see a gradual improvement in profitability as operational measures take effect [2]

证券研究报告 | 2024年04月30日 韵达股份（002120.SZ） 买入 经营稳定向好，盈利稳健增长 核心观点 公司研究·财报点评 2024年一季度公司业绩增长稳健。2023年全年营收449.8亿元（-5.2%）， 交通运输·物流 扣非归母净利润13.9亿元（+0.07%）；23年四季度单季营收121.5亿元 证券分析师：罗丹 证券分析师：高晟 （-0.3%），扣非归母净利润4.20亿元（-39.3%）；2024年一季度单季营收 021-60933142 021-60375436 luodan4@guosen.com.cn gaosheng2@guosen.com.cn 111.6亿元（+6.5%），扣非归母净利润3.85亿元（+11.5%）。 S0980520060003 S0980522070001 公司业务量增速修复，市占率变化趋稳，行业竞争激烈导致单票价格同比降 基础数据 幅明显。在行业竞争较为激烈的背景下，韵达采取相对积极的价格策略，四 投资评级 买入(维持) 合理估值 季度和一季度的单票快递价格分别约为2.30元和2.20元，同比降幅分别为 收盘价 7.85元 16.4%和15.9%。202 ...

Financial Performance - Total revenue for 2023 was approximately ¥44.98 billion, a decrease of 5.17% compared to ¥47.43 billion in 2022[12] - Net profit attributable to shareholders for 2023 was approximately ¥1.63 billion, an increase of 9.58% from ¥1.48 billion in 2022[12] - Net cash flow from operating activities decreased by 35.98% to approximately ¥3.39 billion in 2023, down from ¥5.29 billion in 2022[12] - Basic earnings per share for 2023 increased by 9.80% to ¥0.56, compared to ¥0.51 in 2022[12] - Total assets at the end of 2023 were approximately ¥38.08 billion, a slight increase of 0.02% from ¥38.07 billion at the end of 2022[12] - Net assets attributable to shareholders increased by 12.89% to approximately ¥19.17 billion at the end of 2023, up from ¥16.98 billion at the end of 2022[12] - The gross margin for the year was reported at 18.5%, a slight decrease from 19.2% in 2022[14] - The company's gross profit margin for express services was 8.52%, an increase of 0.13 percentage points year-on-year[39] - The total operating revenue for 2023 was ¥44,982,510,736.07, a decrease of 5.17% compared to ¥47,433,735,496.37 in 2022[76] - Express service revenue accounted for 96.22% of total revenue, totaling ¥43,282,719,009.45, down 3.72% from ¥44,956,834,559.28 in the previous year[76] Operational Efficiency - The company plans to distribute a cash dividend of ¥1.70 per 10 shares (including tax) to all shareholders[2] - The company reported a total cash flow from operating activities of CNY 2.92 billion, an increase of 15.6% year-on-year[14] - The company achieved operating revenue of 44.983 billion yuan, with express service revenue accounting for 43.283 billion yuan[39] - The company's operating costs decreased by 5.61% year-on-year, with express service costs down by 3.86%[39] - The company has invested CNY 300 million in new technology development, focusing on automation and AI in logistics[19] - The company is investing in infrastructure, automation, and digitalization to improve operational efficiency and service quality, aiming for high-quality development[32] - The company has established 76 self-operated hub transfer centers, achieving a 100% self-operated ratio, and has a total of 4,851 first-level franchisees, also at a 100% franchise ratio[41] - The average daily dispatch of mainline routes exceeds 4,500 trips, with over 750 branch lines opened, and more than 900 trips dispatched daily[46] - The company has developed a customer manager system to provide a one-stop logistics service, enhancing customer service quality[47] Market Expansion and Strategy - The company plans to expand its service network by opening 500 new service centers in 2024, aiming to enhance delivery efficiency[19] - The company expects a revenue growth of 10% to 15% in 2024, driven by increased e-commerce activity and market expansion[19] - The company has expanded its international business to 272 cities, covering 41 countries and regions[43] - The company is exploring potential acquisitions to enhance its logistics capabilities and expand its service offerings[140] - Yunda Holdings plans to expand its market presence by opening 100 new service centers across China in the next fiscal year[140] - The company aims to enhance service quality and operational efficiency, targeting a balanced growth in business volume and market share in 2024[112] Customer Satisfaction and Service Quality - The satisfaction rate for effective complaint handling by express companies reached 97%, with the average delivery time in key areas reduced to 56.42 hours, a decrease of 2.40 hours year-on-year[30] - The on-time delivery rate within 72 hours improved to 80.97%, an increase of 3.15 percentage points year-on-year[30] - The company has reported a significant improvement in customer satisfaction, with a complaint rate of 0.69 and an effective complaint rate of 0.02 per million packages[52] - The company ranked second in the 2023 express service satisfaction survey, with a 72-hour delivery rate between 80%-90%[33] - The company is focusing on enhancing service quality and digital capabilities to improve customer acquisition and service experience[39] Technological Innovation - The company is enhancing its digital management capabilities, integrating big data and AI to improve operational efficiency and service quality[56] - The company has developed a smart visual system utilizing computer vision and deep learning to automate logistics processes, improving operational efficiency and reducing damage to goods[59] - The implementation of intelligent sorting and scheduling has significantly enhanced package processing efficiency, optimizing employee work schedules based on predicted package volumes[59] - The company has invested 5.456 billion yuan in automation equipment, enhancing sorting speed, accuracy, and overall operational efficiency across its network[64] - The company emphasizes continuous technological innovation, focusing on AI and machine learning applications to enhance logistics services[61] Sustainability and Social Responsibility - The company has actively engaged in community support and disaster relief activities, demonstrating its commitment to social responsibility[178] - The company aims to contribute to achieving China's carbon peak and carbon neutrality goals through its green transportation management initiatives[175] - The company has implemented energy-saving measures in its new distribution centers, including radar-sensing lighting systems[176] - The company has introduced various green packaging initiatives, including the promotion of electronic waybills and "thinner tape" to minimize waste[175] - The company has significantly reduced the proportion of secondary packaging for e-commerce express deliveries in 2023[177] Governance and Compliance - The company ensures compliance with corporate governance regulations, maintaining independence from its controlling shareholder in operations, assets, and finances[130] - The company has established a performance evaluation mechanism linking the compensation of senior and middle management to operational performance[130] - The company emphasizes transparency in information disclosure, utilizing multiple platforms to ensure fair access to information for all shareholders[129] - The company has a structured board of directors and supervisory board, ensuring compliance with legal requirements in their composition and operations[130] - The company has not faced any penalties from securities regulatory authorities in the past three years for its current and former directors, supervisors, and senior management[142] Employee Development and Compensation - The total pre-tax remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 1,504.12 million[144] - The company has implemented a competitive compensation policy to ensure employee rights and promote internal balance while remaining competitive in the external market[153] - The company has established a talent development plan that includes a comprehensive training system for management and operational roles[155] - The company aims to enhance employee skills through a standardized training system, focusing on key personnel such as managers and delivery staff[155] - The company has developed a talent pool plan to meet the needs of various talent pools and optimize the talent development environment[155]

Financial Performance - The company's operating revenue for Q1 2024 was ¥11,155,511,857.71, representing a 6.50% increase compared to ¥10,474,591,597.16 in the same period last year[2] - Net profit attributable to shareholders for Q1 2024 was ¥412,474,416.07, up 15.02% from ¥358,606,392.61 in Q1 2023[2] - Basic and diluted earnings per share for Q1 2024 were both ¥0.14, reflecting a 16.67% increase from ¥0.12 in Q1 2023[2] - The total profit for Q1 2024 was approximately ¥595.49 million, an increase from ¥485.34 million in Q1 2023, representing a growth of 22.8%[17] - Net profit attributable to the parent company was approximately ¥412.47 million, up from ¥358.61 million in the same period last year, reflecting a year-over-year increase of 15.0%[17] - The company reported a total comprehensive income of approximately ¥440.20 million for Q1 2024, compared to ¥385.86 million in Q1 2023, which is an increase of 14.1%[17] Cash Flow - The net cash flow from operating activities surged to ¥510,745,941.69, a significant increase of 1,228.67% compared to ¥38,440,474.52 in the previous year[2] - Operating cash flow for Q1 2024 was approximately ¥510.75 million, significantly higher than ¥38.44 million in Q1 2023, indicating a substantial improvement in cash generation[18] - The net cash flow from investing activities was approximately ¥77.22 million, a decrease from ¥288.26 million in Q1 2023, indicating a decline of 73.2%[19] - The net cash flow from financing activities was negative at approximately -¥307.48 million, an improvement from -¥449.29 million in the same period last year[19] - The net increase in cash and cash equivalents was ¥44,559,948.34, compared to a decrease of ¥3,646,507.47 in the previous period[26] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥37,731,429,602.33, a decrease of 0.91% from ¥38,078,433,829.24 at the end of the previous year[2] - Total liabilities amounted to CNY 18,006,717,430.32, down from CNY 18,772,507,882.15 year-over-year[15] - The company's total liabilities increased to CNY 7,122,545,799.90 from CNY 6,937,919,446.19, marking an increase of approximately 2.66%[21] - The total equity attributable to shareholders increased to CNY 19,592,368,881.94, up from CNY 19,165,287,413.22 in the previous year[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 87,715, with the largest shareholder holding 52.10% of the shares[6] - The company reported a total of 559,280 shares repurchased, representing 0.19% of the total share capital, with a total transaction amount of RMB 40,911,900[12] Investment and Research - Research and development expenses for Q1 2024 were CNY 73,587,538.89, a decrease from CNY 88,552,610.43 in Q1 2023, indicating a focus on cost management[16] - The company reported investment income of CNY 6,075,179.86, up from CNY 5,016,802.54, reflecting an increase of approximately 21.1%[23] Future Outlook - Future outlook includes plans for market expansion and potential new product launches to drive revenue growth[16]