Core Viewpoint - The company reported significant growth in net profit for 2024 and Q1 2025, indicating strong operational performance and market position [1][4]. Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 1.04 billion, a year-on-year increase of 205.2%; the net profit excluding non-recurring items was 1.02 billion, up 199.5% [1]. - For Q1 2025, the net profit attributable to shareholders was 236 million, a year-on-year increase of 24.0%; the net profit excluding non-recurring items was 231 million, up 23.8% [1]. Operational Metrics - In 2024, the company completed 22.73 billion parcels, a year-on-year increase of 29.8%, with a market share of 13.0%, an increase of 0.83 percentage points [2]. - For Q1 2025, the company completed 5.81 billion parcels, a year-on-year increase of 26.6%, with a market share of 12.9%, an increase of 0.5 percentage points [2]. Revenue and Cost Analysis - In 2024, the average revenue per parcel was 2.05 yuan, a decrease of 8.1% year-on-year; the average revenue from information services was 0.09 yuan, down 0.02 yuan; the average revenue from paid delivery was 1.20 yuan, down 0.12 yuan; and the average revenue from transit was 0.76 yuan, down 0.04 yuan [2]. - In Q1 2025, the average revenue per parcel was 2.04 yuan, a decrease of 6.2% year-on-year [3]. - The average cost per parcel in 2024 was 1.94 yuan, a decrease of 9.7% year-on-year; the delivery cost was 1.22 yuan, down 9.7%; and the transportation cost was 0.37 yuan, down 9.1% [3]. Profitability Metrics - In 2024, the gross profit per parcel was 0.125 yuan, an increase of 28% year-on-year; for Q1 2025, it was 0.117 yuan, a decrease of 10% [3]. - The net profit per parcel attributable to shareholders in 2024 was 0.046 yuan, an increase of 135% year-on-year; for Q1 2025, it was 0.041 yuan, remaining flat [3]. Capital Expenditure and Capacity Expansion - The company successfully completed a three-year capacity enhancement plan, implementing 179 projects, significantly increasing processing capacity [3]. - In 2024, the company completed 42 projects, achieving a daily processing capacity of over 75 million parcels, with the ability to handle over 100 million parcels during peak periods [3]. - The company expects to increase its daily processing capacity to over 90 million parcels in 2025 [3]. Market Position and Investment Outlook - For the first three months of 2025, the company led the industry in business volume growth at 26.6%, outperforming competitors [4]. - Based on the company's performance and current industry trends, profit forecasts for 2025-2026 have been slightly adjusted to 1.45 billion and 1.81 billion, respectively [4]. - The target price for 2025 is set at 14.17 yuan, reflecting a potential upside of 33% from the current price, with a recommendation for "buy" [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved a significant increase in net profit for 2024, with a year-on-year growth of 205.2%, driven by capacity release and efficiency improvements [1] - The company plans to continue enhancing its operational efficiency and cost management in response to intense regional price competition in the logistics industry [1][2] - The company is expected to benefit from a double-digit growth in industry parcel volume in 2025, with a projected net profit of 14.6 billion, 17.2 billion, and 20.1 billion for 2025-2027, respectively [4] Financial Performance Summary - In 2024, the company reported operating revenue of 471.69 billion, a year-on-year increase of 15.26%, and a net profit attributable to shareholders of 10.4 billion, up 205.2% [1] - The company completed 227.29 billion parcels in 2024, reflecting a year-on-year growth of 29.83%, achieving a market share of 12.98% [2] - For Q1 2025, the company reported operating revenue of 119.99 billion, a year-on-year increase of 18.43%, and a net profit of 2.36 billion, up 24.04% [1][3] Operational Strategy - The company aims to enhance its service quality and operational efficiency by focusing on customer needs and technological advancements [3] - The company has completed 42 expansion projects in 2024, increasing its daily throughput capacity to over 75 million parcels [2] - The company plans to further improve its capacity and service quality through partnerships and infrastructure development in 2025 [3]

Group 1: Company Performance Overview - In 2024, the company achieved a business volume of 22.729 billion pieces, a year-on-year increase of 29.8% [1] - The market share reached 13.0%, up by 0.83 percentage points compared to the previous year [1] - Revenue for 2024 was CNY 47.17 billion, reflecting a growth of 15.3%, with express delivery revenue at CNY 46.65 billion, up 19.3% [1] Group 2: Cost and Profitability Metrics - The single-piece express delivery cost was CNY 1.94, a decrease of CNY 0.21 year-on-year [2] - The net profit attributable to shareholders for 2024 was CNY 1.04 billion, a significant increase of 205.2% [2] - Operating cash flow for 2024 was CNY 3.94 billion, with capital expenditure at CNY 3.25 billion, indicating improved free cash flow [2] Group 3: Strategic Initiatives and Future Plans - The company plans to enhance profitability through revenue growth and cost reduction, focusing on expanding reverse and scattered parcel volumes [2] - Capital expenditure is expected to maintain 2024 levels, with daily throughput capacity projected to exceed 90 million pieces by 2025 [2] - The company is exploring the use of unmanned vehicles for last-mile delivery to improve efficiency and reduce costs [3] Group 4: Market Trends and Challenges - The shift of foreign trade enterprises to domestic sales is anticipated to boost demand in the logistics sector [3] - The company aims to balance market share and profitability by focusing on economic express delivery and leveraging artificial intelligence [3] - The recent cancellation of the "refund only" policy by e-commerce platforms is expected to optimize the e-commerce environment, although its immediate impact on delivery volume remains unclear [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 15.15 [7][8]. Core Views - The company is expected to achieve a revenue of RMB 471.7 billion and a net profit of RMB 10.4 billion in 2024, representing a year-on-year growth of 15.3% and 205.2% respectively. For Q1 2025, the revenue is projected at RMB 120.0 billion with a net profit of RMB 2.4 billion, showing a year-on-year increase of 18.4% and 24.0% [1][2]. - The company has successfully increased its market share to 12.98% in 2024, with a significant growth in express delivery volume of 29.8%, outperforming the industry average [2][3]. - The acquisition of the Yiwu transit center is expected to enhance overall network efficiency, leading to increased volume and revenue [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total express delivery volume of 227.29 billion pieces, with a unit cost reduction of 9.1% to RMB 1.95 per piece, and a gross profit per piece increase of 27.6% to RMB 0.12 [2][4]. - The company’s net profit forecast for 2025 has been raised by 17% to RMB 13.2 billion, and for 2026 by 13% to RMB 16.4 billion, with an additional forecast for 2027 at RMB 19.4 billion [4][6]. Market Position and Strategy - The company is focusing on enhancing its service capabilities and optimizing management, which is expected to sustain its volume growth above the industry average [4][6]. - The company’s average delivery price decreased by 8.1% in 2024, which is greater than the industry decline of 6.3%, indicating a strategic shift towards volume over price [2][3]. Valuation Metrics - The company is assigned a PE ratio of 17.6x for 2025, which is a premium compared to the industry average of 11.7x, reflecting its superior growth prospects [4][6]. - The projected EPS for 2025 is RMB 0.86, with a continuous upward trend expected in subsequent years [4][6].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 15.15 [7][8]. Core Views - The company achieved a revenue of RMB 471.7 billion and a net profit of RMB 10.4 billion in 2024, representing a year-on-year growth of 15.3% and 205.2% respectively. For Q1 2025, the revenue was RMB 120.0 billion with a net profit of RMB 2.4 billion, showing a year-on-year increase of 18.4% and 24.0% [1][2]. - The growth in performance is attributed to a higher volume growth than the industry average and cost reductions due to economies of scale. Despite increased competition in the industry, the company is expected to enhance its service capabilities and maintain market share growth [1][4]. Summary by Sections Performance Overview - In 2024, the company achieved a total express delivery volume of 22.729 billion pieces, a year-on-year increase of 29.8%, surpassing the industry growth rate of 21.5%. The average price per piece decreased by 8.1% to RMB 2.05, which is a larger decline than the industry average of 6.3% [2]. - The single-piece cost decreased by 9.1% to RMB 1.95, while the gross profit per piece increased by 27.6% to RMB 0.12. The company continues to invest in automation and digital transformation [2]. Strategic Developments - The acquisition of the Yiwu transfer center is expected to optimize network efficiency and increase volume and revenue. The company’s daily throughput capacity is projected to increase from 75 million pieces in 2024 to over 90 million pieces in 2025 [3]. - The acquisition of the Yiwu assets, which handle a daily average of 34.6 million pieces, is a significant step in the company's strategy to enhance its operational efficiency and expand its market presence [3]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been raised by 17% and 13% respectively, to RMB 1.323 billion and RMB 1.642 billion. A new forecast for 2027 is set at RMB 1.942 billion, with corresponding EPS of RMB 0.86, 1.07, and 1.27 [4][6]. - The company is assigned a PE ratio of 17.6x for 2025, which is a premium compared to the industry average of 11.7x, reflecting the company's superior volume growth and profitability potential [4].

Core Insights - Shentong Express has reported significant growth in both profit and express business volume, with a total revenue of 47.169 billion yuan in 2024, marking a 15.26% year-on-year increase, and a net profit of 1.04 billion yuan, up 205.24%, achieving a historical high [1] - The company's aggressive pricing strategy has contributed to its performance, although it has the lowest average revenue per package among its peers in the "Tongda" system [1][2] - The competitive landscape remains intense, particularly in the "battle for third place" among Shentong and Yunda [1][5] Financial Performance - In 2024, Shentong's business volume reached 22.729 billion packages, a 29.83% increase, with a market share of 12.98%, up 0.83 percentage points [3] - For Q1 2025, the company reported revenue of 11.999 billion yuan, an 18.43% increase, and a net profit of 236 million yuan, up 24.04% [3] - The average daily package processing volume has increased from less than 30 million three years ago to over 75 million in 2024 [3] Strategic Initiatives - Shentong has completed its three-year capacity enhancement plan, implementing 179 projects to improve processing capabilities [3] - The acquisition of the Yiwu transfer center is a strategic move to enhance management of key routes and improve operational efficiency [4] - The company aims to increase its daily throughput capacity to over 90 million packages by 2025 [3] Market Position and Competition - The competition with Yunda remains fierce, with Shentong briefly surpassing Yunda in business volume earlier this year before being overtaken again [6][7] - The potential exercise of Alibaba's stock options could lead to significant changes in Shentong's market position and operational management [7] - The company's financial metrics indicate challenges ahead, with a 40% decline in operating cash flow and a debt ratio of 62.53%, the highest in its history [6][7]

2025年4月24日，申通快递发布了2024年年度报告2025年一季报。 2024年，公司实现营业收入471.69亿元，同比增长15.26%；归属于上市公司股东的净利润为10.40亿元，同 比增长205.24%。公司拟向全体股东每10股派发现金红利0.67元（含税）。 | 项目 | 2024 年 | 2023年 | 本年比上年增减 | 2022年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 47,169,493,265.65 | 40,923,638,519.97 | 15.26% | 33,670,693,346.03 | | 归属于上市公司股东的 净利润(元) | 1,039,952,625.12 | 340,696,536.70 | 205,24% | 287.718,532.36 | | 归属于上市公司股东的扣除 非经常性损益的净利润(元) | 1,016,814,413.56 | 339,450,669,10 | 199.55% | 308,990,366.22 | | 经营活动产生的现金流量 净额(元) | 3,944,144,367.74 | 3, ...

Core Viewpoint - The company, Shentong Express Co., Ltd., reported significant growth in its business operations for the year 2024, achieving a total express delivery volume of 22.729 billion pieces, a year-on-year increase of 29.83%, and a market share of 12.98% [16]. Company Overview - Shentong Express is committed to the development philosophy of "integrity management and long-termism," aiming to become a leader in the economic express delivery sector in China [4]. - The company operates primarily in the express delivery industry, offering services such as land and air express delivery, value-added services, and packaging materials [5][6][7]. Business Model - The company employs a "direct operation and franchise" model, focusing on enhancing its core transfer centers and expanding its network coverage through franchise partnerships [8]. Financial Performance - In 2024, the company achieved operating revenue of 47.169 billion yuan, a year-on-year increase of 15.26%, and a net profit attributable to shareholders of 1.04 billion yuan, up 205.24% from the previous year [16]. - The net profit after deducting non-recurring gains and losses was 1.017 billion yuan, reflecting a growth of 199.55% year-on-year [16]. Profit Distribution Plan - The board approved a profit distribution plan, proposing a cash dividend of 0.67 yuan per share (including tax) based on a total share capital of 1,530,802,166 shares, excluding shares held in the repurchase account [3][29]. Important Meetings - The company held its sixth board meeting on October 30, 2024, and a second extraordinary general meeting on November 15, 2024, to discuss various proposals, including the change of the auditing firm to Deloitte Huayong [18][19]. Upcoming Shareholder Meeting - The company plans to hold its 2024 annual general meeting on May 26, 2025, to review the proposals discussed in the board meetings [43].

每经记者 赵雯琪 每经实习编辑 余婷婷 | 2025年4月25日 星期五 | 4月24日，支付宝"碰一下"生态大会上，蚂蚁集团首席执行官韩歆毅透露，支付宝"碰一下"目前已经覆 盖400个城市，用户数已经超过1亿。此外，支付宝还宣布面向合作伙伴全面开放基于"碰一下"的超300 种细分行业场景解决方案。 点评：支付宝"碰一下"拓宽了服务边界，满足多元需求。相比扫码、刷脸支付，其以独特交互与快速普 及速度，构建起差异化优势。不过，后续也面临着巩固市场地位、深化场景应用等挑战。总体而 言，"碰一下"为支付行业创新发展注入了新活力。 NO.4 申通快递2024年营收472亿元 4月24日晚，申通快递发布年度财报，其2024年全年营收471.69亿元，同比增长15.26%；归母净利润 10.40亿元，同比增205%。业务量达227.29亿件，增长29.83%，市占率提升至12.98%。申通快递表示， 预计2025年内常态处理能力突破日均9000万单。 点评：2024年申通快递营收与利润双增长，展现出强劲发展态势。业务量增长近30%，反映出其市场份 额在持续扩大，或因优化服务、拓展客户群体等策略奏效。但行业竞争仍存变数，申 ...

Core Viewpoint - Shentong Express reported a record high revenue and net profit for 2024, driven by significant growth in business volume and market share [2] Financial Performance - The company achieved an operating revenue of 47.169 billion yuan, a year-on-year increase of 15.26%, marking a historical high [2] - Net profit reached 1.04 billion yuan, a substantial year-on-year increase of 205.24%, the highest in the last five years [2] - Business volume totaled 22.729 billion pieces, reflecting a year-on-year growth of 29.83%, with a market share of 12.98%, up 0.83 percentage points [2] Capacity and Infrastructure Development - Shentong Express completed its "Three-Year 10 Billion" capacity enhancement plan, implementing 179 capacity improvement projects over three years [2] - The company successfully completed 42 projects in various cities, enhancing its processing capacity to exceed an average of 75 million packages per day [2] - The company aims to increase its average daily processing capacity to over 90 million packages by 2025 [2] Network and Service Efficiency - By the end of 2024, the company had 3,496 direct routes, a year-on-year increase of 12.2%, with a route direct connection rate of 86.9%, up 3.7 percentage points [3] - The fleet of trunk vehicles reached 7,412, a year-on-year growth of 23.7%, significantly enhancing overall capacity [3] - The company achieved 100% coverage at the city level and 99.7% at the county level, with over 79,000 service stations and stores [3] Technological Advancements - Shentong Express increased its core hub automatic sorting equipment to 424 sets, improving sorting efficiency by 30% and reducing energy consumption by 50% [3] - The company invested in new sorting machines to enhance efficiency for small and irregular packages, reducing damage rates [3] Business Growth Strategies - The company provided customized solutions for over 20 industries, with large customer business growing by 260% [4] - The "Remote Area Collection and Distribution" service significantly reduced shipping costs by 80% and improved delivery times by 20%, driving rapid growth in western provinces [4] - Shentong Express is focusing on refined management and digital transformation to lower operational costs while enhancing service efficiency [4]