证券代码：002120 证券简称：韵达股份 公告编号：2024-062 韵达控股股份有限公司 第八届董事会第十二次会议决议公告 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"）第八届董事会第十二次会议于 2024 年 9 月 11 日以电子邮件和电话方式通知各位董事，会议于 2024 年 9 月 14 日以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。会议 由董事长聂腾云先生召集，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》（以下简称"《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，会议审议并一致通过了以下议案： 二、董事会会议审议情况 1、以 8 票同意，0 票反对，0 票弃权，审议通过了《关于续聘会计师事务所 的议案》。 公司拟续聘容诚会计师事务所（特殊普通合伙）为公司 2024 年度财务报表 及内部控制审计机构。董事会提请股东大会授权公司管理层与其签署相关 ...

韵达控股股份有限公司 关于独立董事辞职的公告 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。 韵达控股股份有限公司（以下简称"公司"）董事会于 2024 年 9 月 6 日收到 公司独立董事张晓荣先生提交的书面辞职报告。因个人原因，张晓荣先生申请辞 去公司第八届董事会独立董事、董事会审计委员会主任委员职务。辞职后，张晓 荣先生将不再担任公司及控股子公司任何职位。 证券代码：002120 证券简称：韵达股份 公告编号：2024-061 截至本公告披露日，张晓荣先生未持有公司股份，不存在应当履行而未履行 的承诺事项。 公司董事会对张晓荣先生任职期间对公司做出的贡献表示衷心的感谢。 特此公告。 韵达控股股份有限公司董事会 2024年9月7日 张晓荣先生的辞职将导致公司独立董事占董事会成员的比例低于三分之一 且独立董事中缺少会计专业人士，根据《中华人民共和国公司法》、《上市公司独 立董事管理办法》、《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》及《韵达控股股份有限公司章程》等相关规定，张晓荣先生的辞 职报告将在公司股东大会选举产生新任独立董 ...

华福证券 Table_F irst e p y T t r o p e R _ e l b a T | t s r i F _ e l b a T 交通运输 2024 年 9 月 5 日 韵达股份（002120.SZ） 买入(维持评级) 当前价格： 7.56 元 24Q2 归母净利同比+23.2%，成本费用持续改善 副标题事件：韵达股份公布2024半年报。24H1公司实现营业收入232.5亿元，同比增长 7.8%；归母净利润10.4亿元，同比增长19.8%；扣非归母净利润8.3亿元，同比 增长5.4%。分季度看，24Q1/Q2公司分别实现营业收入111.6亿元（同比增长 6.5%），121.0亿元（同比增长9.0%）；归母净利润4.1亿元，同比+15%，6.3亿 元，同比+23.2%；扣非归母净利润3.9亿元（同比增长11.5%），4.5亿元（同比 增长0.7%）。 件量增长明显，价格同比下降。量：2024H1公司快递业务量为109.2亿件，同比 增长30.0%，市占率为13.6%，通达系第三。24Q2公司快递业务量为59.8亿件， 同比增长30.8%。价：2024H1公司ASP为2.08元，同比-15.3% ...

证 券 研 究 报 告 韵达股份（002120）2024 年半年报点评 强推（维持） 业务量增速持续超行业，核心成本费用快速 下降 公司公告 2024 年半年报：1）上半年收入 232.52 亿元，同比增长 7.78%，快 递服务收入 226.87 亿元，同比增长 10.08%。实现归母净利 10.41 亿元，同比 增长 19.80%，扣非净利 8.32 亿元，同比增长 5.42%。2）分季度看：24Q1-2 实现收入 111.6、121 亿元，同比增长 6.5%、9%，快递收入 108.6、118.2 亿元， 同比增长 8.6%、11.5%，Q2 收入提速。Q1-2 归母净利分别为 4.1、6.3 亿元， 同比增长 14.9%、23.3%，扣非净利 3.9、4.5 亿，同比增长 11.5%、0.7%，单 票扣非净利 0.08、0.07 元，同比小幅下降 0.01 及 0.03 元。3）非经常性收益主 要为公司在二季度出售德邦股份股权获得投资收益 2.7 亿元。 经营数据：公司上半年累计完成快递业务量 109.24 亿票，同比增长 30.02%， 超过行业 23.1%的市场增速。1-7 月业务量累计同比增速： ...

Investment Rating - The report maintains a "Strong Buy" rating for Yunda Holdings, expecting it to outperform the benchmark index by over 20% in the next six months [1][17]. Core Views - Yunda Holdings continues to show robust growth in business volume, exceeding industry growth rates, with a significant reduction in core costs and expenses [1]. - The company reported a revenue of 23.252 billion yuan for the first half of 2024, a year-on-year increase of 7.78%, with express service revenue growing by 10.08% [1]. - The net profit attributable to shareholders reached 1.041 billion yuan, reflecting a 19.80% increase year-on-year [1]. Financial Performance Summary - **Revenue Growth**: The company achieved a total revenue of 23.252 billion yuan in H1 2024, with express revenue contributing 22.687 billion yuan [1]. - **Quarterly Breakdown**: In Q1 2024, revenue was 11.16 billion yuan, and in Q2, it increased to 12.1 billion yuan, showing a growth of 6.5% and 9% respectively [1]. - **Net Profit**: The net profit for H1 2024 was 1.041 billion yuan, with a quarterly breakdown of 0.41 billion yuan in Q1 and 0.63 billion yuan in Q2, marking increases of 14.9% and 23.3% year-on-year [1]. - **Business Volume**: The total express business volume reached 10.924 billion parcels, a 30.02% increase year-on-year, significantly outpacing the industry growth rate of 23.1% [1]. Cost and Efficiency Analysis - **Single Parcel Revenue**: The average revenue per parcel decreased to 2.08 yuan, down 15.3% year-on-year [1]. - **Single Parcel Cost**: The average operating cost per parcel was 1.86 yuan, a decrease of 15.75% year-on-year, with transportation costs dropping by 27.61% [1]. - **Expense Management**: Total expenses decreased by 14% year-on-year, with Q2 expenses down by 19.26% [1]. Investment Forecast - **Profit Projections**: The report adjusts profit forecasts for 2024-2026, estimating net profits of 2.13 billion, 2.56 billion, and 2.97 billion yuan respectively, with corresponding EPS of 0.73, 0.88, and 1.02 yuan [1][2]. - **Target Price**: The target price is set at 9.55 yuan, indicating a potential upside of approximately 36% from the current price of 7.02 yuan [1][4].

Investment Rating - The report maintains a "Buy" rating for Yunda Holdings [1] Core Views - Yunda Holdings is benefiting from the trend of small parcel delivery, leading the industry in growth rates with a business volume increase of 30.02% year-on-year in H1 2024, significantly outperforming the industry average of 23.11% [5][8] - The company is expected to see a recovery in single-ticket profitability as cost optimization measures continue to take effect, alongside an anticipated improvement in pricing power [8] Financial Summary - In H1 2024, Yunda Holdings achieved operating revenue of 23.252 billion yuan, a year-on-year increase of 7.78%, and a net profit attributable to shareholders of 1.041 billion yuan, up 19.80% [4] - The company reported a single-ticket operating cost of 1.90 yuan, down 16.76% year-on-year, which alleviated some pressure from price competition [6][8] - The gross profit margin for Q2 2024 was 10.79%, showing a slight decline of 0.49 percentage points year-on-year, while the net profit margin improved by 0.60 percentage points to 5.19% [6][8] Business Performance - Yunda Holdings completed a business volume of 10.924 billion parcels in H1 2024, with a single-ticket revenue of 2.13 yuan, reflecting a year-on-year decline of 17.11% [4][5] - The company has been optimizing its transportation resource structure and increasing the proportion of self-operated vehicles, which has contributed to a reduction in transportation costs [5][8] Future Outlook - The report forecasts Yunda Holdings' operating revenue to reach 53.158 billion yuan in 2024, with net profits expected to be 1.803 billion yuan, reflecting a growth rate of 11% [9][10] - The company is anticipated to maintain a strong growth trajectory, with a projected PE ratio decreasing from 11.29 in 2024 to 7.75 by 2026, indicating potential for increased profitability [9][10]

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].