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]

证券代码：002120 证券简称：韵达股份 公告编号：2024-023 韵达控股股份有限公司 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 4 月 24 日-2024 年 4 月 25 日，公司发行了 2024 年度第一期中期票据，发行金额为 5 亿元，募集资 金已于 2024 年 4 月 26 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 2024 年 度第一期中期票据 | 简称 | 韵达股份 24 MTN001 | | 代码 | 102481756.IB | 期限 | 2 ...

证券代码：002120 证券简称：韵达股份 公告编号：2024-022 韵达控股股份有限公司 2024年3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 3 月快递服务主要经营指标情况如下： 一、公司 2024 年 3 月快递服务主要经营指标 | 项目 | 2024年3月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 39.89 | 8.84% | | 完成业务量（亿票） | 19.20 | 32.60% | | 快递服务单票收入（元） | 2.08 | -17.79% | 二、数据说明 1、随着快递行业运行整体保持畅通稳定、市场规模持续扩大、提质增效步 伐稳健、发展势头持续向好，公司服务质量不断提升、业务量不断增加。2024 年 3 月，公司完成业务量 19.20 亿件，同比增长 32.60%。 2、上述数据未经审计，可能会与定期报告数 ...

| 证券代码：002120 | 证券简称：韵达股份 公告编号：2024-021 | | --- | --- | | 债券代码：127085 | 债券简称：韵达转债 | 韵达控股股份有限公司 关于可转换公司债券2024年付息的公告 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。 特别提示： 1、"韵达转债"将于 2024 年 4 月 11 日按面值支付第一年利息，每 10 张债券 （面值 1,000 元）利息为 2.00 元（含税）； 2、债权登记日：2024 年 4 月 10 日（星期三）； 3、除息日：2024 年 4 月 11 日（星期四）； 4、付息日：2024 年 4 月 11 日（星期四）； 5、"韵达转债"票面利率为：第一年 0.20%、第二年 0.40%、第三年 0.60%、 第四年 1.50%、第五年 1.80%、第六年 2.00%； 6、"韵达转债"本次付息的债权登记日为 2024 年 4 月 10 日，凡在 2024 年 4 月 10 日（含）前买入并持有本期债券的投资者享有本次派发的利息；2024 年 4 月 10 日卖出本期债券的投资者 ...

| 证券代码：002120 | 证券简称：韵达股份 公告编号：2024-019 | | --- | --- | | 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 2024 年第一季度可转换公司债券 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，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，期限 6 年，发行价格为每张 100 元，发行总额为人民币 245,000.00 万元。 （二）可转债上市情况 经深圳证券交易所（以下简称"深交所"）同意，公司向不特定对象发行的 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 证券代码：002120，证券简称：韵达股份 债券代码：127085，债券简称：韵达转债 转股价格：12.10 元/股 转股时间：2023 年 10 月 17 日至 2029 年 4 月 10 日 转股情况的公告 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 ...