Investment Rating - The report assigns a "Buy" rating for the company [2][3]. Core Insights - The company reported a significant increase in profitability, with a net profit of 4.4 billion RMB for H1 2024, representing a year-over-year growth of 100.2% [3]. - The company achieved a revenue of 215.7 billion RMB in H1 2024, up 13.0% year-over-year, driven by a 32.5% increase in express delivery volume [3]. - The gross margin improved to 6.0% in H1 2024, an increase of 1.1 percentage points year-over-year, due to cost reduction strategies and operational efficiency [3]. - The company is expected to maintain strong growth in delivery volume in the second half of 2024, with daily capacity projected to exceed 75 million parcels [4]. Financial Summary - For 2024, the company is projected to achieve a net profit of 8.21 billion RMB, with year-over-year growth rates of 141% [5]. - The earnings per share (EPS) for 2024 is estimated at 0.54 RMB, with a corresponding price-to-earnings (P/E) ratio of 17 times [5]. - The company’s revenue is forecasted to grow from 336.71 billion RMB in 2022 to 622.47 billion RMB in 2026 [7].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 12.72 [5]. Core Views - The company has exceeded earnings expectations with a significant increase in net profit and market share, driven by a strategy of increasing volume at the expense of price [1][2]. - The company is expected to continue improving its profitability through ongoing investments in infrastructure and efficiency enhancements [3]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of RMB 21.57 billion, a year-on-year increase of 13% - The net profit attributable to the parent company reached RMB 440 million, a year-on-year growth of 100% - The total express delivery volume was 10.23 billion pieces, up 32.5% year-on-year [1][2]. Market Position - The express delivery industry completed a total volume of 80.16 billion pieces in the first half of 2024, reflecting a year-on-year growth of 23.1% - The company's market share increased to 12.8%, up 0.9 percentage points year-on-year, outperforming competitors [2]. Cost and Margin Analysis - The average revenue per package for the company was RMB 2.09, down 11.4% year-on-year, primarily due to an increase in lightweight packages and strategic pricing adjustments - The cost per package decreased to RMB 1.97, a reduction of 12.4% year-on-year, leading to a gross margin of 5.76%, which is an increase of 1.17 percentage points year-on-year [2]. Infrastructure Investment - The company invested RMB 980 million in machinery and equipment, a year-on-year increase of 115.6%, and RMB 190 million in transportation equipment, up 87.9% - The company is in the final year of a three-year capacity enhancement project, with expectations to exceed a daily throughput capacity of 75 million packages in 2024 [3].

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥21,568,807,142.30, representing a 13.01% increase compared to ¥19,086,330,989.57 in the same period last year[11]. - Net profit attributable to shareholders was ¥436,970,634.89, a significant increase of 100.17% from ¥218,297,614.14 in the previous year[11]. - The net cash flow from operating activities increased by 54.55% to ¥1,832,449,988.79, compared to ¥1,185,670,026.48 in the same period last year[11]. - Basic earnings per share rose to ¥0.29, reflecting a 107.14% increase from ¥0.14 in the previous year[11]. - The weighted average return on net assets improved to 4.85%, up by 2.21 percentage points from 2.64% in the same period last year[11]. - The net profit after deducting non-recurring gains and losses was ¥437,069,849.82, up 100.87% from ¥217,587,306.39 in the same period last year[11]. - The total operating revenue for the first half of 2024 reached ¥21.57 billion, representing a year-on-year increase of 13.01%[67]. - Express service revenue accounted for ¥21.34 billion, with a growth of 17.42% compared to the same period last year[68]. - The company reported a total comprehensive income of CNY 442.32 million for the first half of 2024, compared to CNY 220.96 million in the first half of 2023, representing an increase of 100.0%[136]. Operational Efficiency - The company aims to enhance its operational efficiency through "digital intelligence operations" and "refined management" to improve service quality[15]. - The company has increased investment in its core transfer centers to optimize the logistics network and improve service delivery[17]. - The company has implemented a comprehensive express information service system to provide real-time tracking for users[28]. - The company has increased investment in new automated sorting equipment, achieving a 30% improvement in sorting efficiency and a 50% reduction in energy consumption[42]. - The company has established a comprehensive digital system for operational management, enabling real-time monitoring and intervention for over a billion packages[59]. - The company has established a mature operation and cost monitoring mechanism to mitigate the impact of fuel price volatility by making advance purchases based on price trends[86]. Market and Growth Strategy - The company continues to focus on enhancing service experience and expanding its market presence[3]. - The company aims to enhance its daily throughput capacity to over 75 million pieces by the end of 2024[41]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[162]. - The company is exploring potential acquisitions to enhance its service offerings, with a budget of 500 million RMB allocated for this purpose[162]. - Strategic partnerships are being formed to leverage synergies, expected to generate an additional 200 million RMB in revenue[162]. Risk Management - The company has outlined potential risks and corresponding measures in its management discussion section, emphasizing the importance of risk awareness for investors[3]. - The company faced risks related to macroeconomic fluctuations, which could impact the overall performance of the express delivery industry[81]. - The company is exposed to intense market competition, particularly from large e-commerce firms building their own logistics systems, which could affect its market share[82]. - The company has implemented measures to manage risks associated with franchise operations, ensuring compliance with franchise agreements to protect its brand and revenue[85]. Investment and Financial Position - Research and development investment increased by 47.34% to ¥147,627,851.99, up from ¥100,195,076.01, primarily aimed at enhancing digital capabilities[66]. - The total investment during the reporting period was ¥1,527,510,574.44, representing a 41.62% increase compared to ¥1,078,589,852.30 in the same period last year[74]. - The company reported a significant increase in income tax expenses, which rose by 101.12% to ¥111,710,904.30, reflecting the growth in profits[66]. - The company has made significant investments in capital reserves, indicating a focus on strengthening its financial position[144]. Corporate Governance and Compliance - The company has emphasized compliance with legal and regulatory requirements in all its operations and transactions[101]. - The commitments regarding the avoidance of related party transactions are aimed at ensuring fair pricing and preventing any illegal transfer of funds or profits from Shentong Express[101]. - The company has pledged to minimize and regulate related party transactions, ensuring fair pricing and compliance with legal requirements[103]. - The company has confirmed that all commitments made during the asset restructuring process are being fulfilled normally[102]. Environmental and Social Responsibility - The company reduced monthly diesel consumption by 650,000 liters and decreased fuel consumption per 100 kilometers by 1.42 liters through its oil consumption bidding project[97]. - The company has established a distributed photovoltaic power generation capacity of 14,413 kWp, with an annual power generation of approximately 14.7 million kWh[97]. - The company initiated the "Single Donation" public welfare plan, focusing on disaster prevention and relief efforts, with the first implementation in July 2024[99]. Future Outlook - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 25%[162]. - New product launches are expected to contribute an additional 300 million RMB in revenue by the end of 2024[162].

申通快递股份有限公司 第六届董事会第二次独立董事专门会议审核意见 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》及《公司章程》等 法律法规和规章制度的有关规定，申通快递股份有限公司（以下简称"公司"）全体独立董事 于 2024 年 8 月 20 日召开第六届董事会第二次独立董事专门会议，本次会议应参加独立董事 3 名，实际参加独立董事 3 名。 一、本次会议对《关于调整 2024 年度日常关联交易预计的议案》发表审核意见如下： 经审核，公司与关联方之间的日常关联交易为公司正常业务经营所需，属正当的商业行为， 关联交易遵循公平、公正、公开的原则，定价依据公允合理，不存在损害公司及非关联股东利 益的情况，符合相关法律法规和《公司章程》的规定，不会给公司的持续经营带来重大的不确 定性风险。 2024年8月20日 全体独立董事一致同意本议案，并同意提交公司第六届董事会第四次会议审议。 独立董事：杨芳、郝振江、李路 ...

（二）会议召集人：公司董事会 （三）会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政法规、部门规 章、规范性文件和公司章程的相关规定 证券代码：002468 证券简称：申通快递 公告编号：2024-048 申通快递股份有限公司 关于召开 2024 年第一次临时股东大会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 申通快递股份有限公司（以下简称"公司"）第六届董事会第四次会议审议通过了《关于召 开 2024 年第一次临时股东大会的议案》，决定公司于 2024 年 9 月 19 日（周四）15 时召开公司 2024 年第一次临时股东大会，现将本次会议的有关事项通知如下： 一、召开会议的基本情况 （一）股东大会届次：2024 年第一次临时股东大会 （六）股权登记日：2024 年 9 月 12 日（周四） （四）现场会议召开时间：2024 年 9 月 19 日（周四）15 时 网络投票时间：2024 年 9 月 19 日。其中： 1、通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 9 月 19 日 9:15—9:25， 9:3 ...

证券代码：002468 证券简称：申通快递 公告编号：2024-046 申通快递股份有限公司 第六届董事会第四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 一、董事会会议召开情况 申通快递股份有限公司（以下简称"公司"）于2024年8月20日以邮件、电话等方式发出召开 第六届董事会第四次会议的通知，会议于2024年8月30日在上海市青浦区重达路58号会议室以现场 结合通讯表决的方式召开，应出席会议的董事7名，实际出席会议的董事7名。会议由董事长陈德 军先生主持，公司监事及高级管理人员列席了本次会议。本次会议的召开符合《公司法》和《公 司章程》的有关规定。 1、审议通过了《2024年半年度报告全文及摘要》 表决结果：同意票7票，反对票0票，弃权票0票，回避票0票。 公司董事会审计委员会审议通过了本议案。公司《2024年半年度报告》全文的具体内容详见 公司于同日在巨潮资讯网（www.cninfo.com.cn）上披露的公告，公司《2024年半年度报告摘要》 具体内容详见公司同日在《中国证券报》《证券日报》《证券时报》《上海证券报》及巨潮资讯网 （ ...

证券代码：002468 证券简称：申通快递 公告编号：2024-045 申通快递股份有限公司（以下简称"公司"）董事会于近日收到公司内部审计负责人张艺帆 女士提交的书面辞职报告，张艺帆女士因工作调整原因，申请辞去公司内部审计负责人职务，辞 职申请送达公司董事会之日起生效，其辞职后仍在公司担任其他职务。董事会对张艺帆女士在担 任内部审计负责人期间做出的贡献表示感谢。 为保证公司内部审计工作的顺利进行，根据《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《公司章程》等有关规定，经董事会审计委员会提名，公司于 2024 年 8 月 30 日召开第六届董事会第四次会议审议通过了《关于变更内部审计负责人的议案》，同意 聘任何瑞娟女士为公司内部审计负责人，任期自本次董事会审议通过之日起至第六届董事会届满 之日止。何瑞娟女士简历详见附件。 特此公告。 申通快递股份有限公司 关于变更内部审计负责人的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 2024年8月31日 附件： 何瑞娟女士个人简历 何瑞娟女士：1989 年出生，中国国籍，无境外永 ...

申通快递股份有限公司 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 | 编制单位： 申通快递股份有限公司 | | | | | | | | | | 单位：万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算 的会计科目 | 2024年1-6月 2023年12月 31日占用资 | 占用累计发 | 2024年1-6 月占用资 | 2024年1-6月 2024年6月 偿还累计发 | 30日占用 | 占用形成原因 | 占用性质 | | | | | | 金余额 | 生金额 | 金的利息 | 生金额 | 资金余额 | | | | | | | | | (不含利息) | (如有) | | | | | | 控股股东、实际控制人及其 | | | | | | | | | | | | 附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人及 | | | | ...

证券代码：002468 证券简称：申通快递 公告编号：2024-044 申通快递股份有限公司 关于为下属子公司提供担保的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 特别提示： 被担保方辽宁瑞银申通快递有限公司（以下简称"辽宁瑞银"）、淮安子淳物流有限公司（以 下简称"淮安物流"）、陕西瑞银申通快递有限公司（以下简称"陕西瑞银"）为申通快递股份 有限公司（以下简称"公司"）下属子公司，其资产负债率超过 70%，提醒广大投资者关注担保风 险。 一、担保情况概述 为了满足下属子公司业务发展需要，公司全资子公司申通快递有限公司（以下简称"申通有 限"）拟为下属子公司辽宁瑞银、淮安物流、陕西瑞银提供担保，由申通有限向银行申请开具保 函，用于支付上述子公司的工程款保证金，本次开具保函的金额合计不超过人民币 3,800 万元， 本次对外担保额度有效期为自股东大会审议通过之日起，至下年度审议对外担保额度预计的股东 大会召开之日止，任一时点的担保余额不得超过股东大会审议通过的担保额度。 公司于 2024 年 8 月 30 日召开第六届董事会第四次会议和第六届监事会第三 ...

证券代码：002468 证券简称：申通快递 公告编号：2024-043 申通快递股份有限公司 关于调整2024年度日常关联交易预计的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 一、日常关联交易基本情况 （一）日常关联交易概述 申通快递股份有限公司（以下简称"公司"）分别于2023年12月13日、2023年12月29日召开 第五届董事会第二十四次会议和2023年第四次临时股东大会，审议通过了《关于2024年度日常关 联交易预计的议案》，预计2024年度公司与关联方发生日常关联交易总额为529,000万元。具体内 容详见公司在《中国证券报》《证券日报》《证券时报》《上海证券报》及巨潮资讯网 （www.cninfo.com.cn）上披露的《关于增加2023年度关联交易预计以及公司2024年度日常关联交 易预计的公告》（公告编号：2023-066）。 公司分别于2024年4月24日、2024年5月20日召开第六届董事会第三次会议和2023年度股东大 会，审议通过了《关于增加日常关联交易预计额度的议案》，公司因业务发展需要，拟增加与淘 天物流科技有限公司（以下 ...