北京市金杜律师事务所上海分所 关于申通快递股份有限公司 2024 年第二次临时股东大会 之法律意见书 致：申通快递股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受申通快递股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上 市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中华人民 共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别 行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规 章和规范性文件和现行有效的《申通快递股份有限公司章程》（以下简称《公司 章程》）有关规定，指派律师出席了公司于 2024 年 11 月 15 日召开的 2024 年第 二次临时股东大会（以下简称本次股东大会），并就本次股东大会相关事项出具 本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第四次临时股东大会审议通过的《公司章程》； 2. 公司于 2024 年 10 月 31 日刊登于深 ...

证券代码：002468 证券简称：申通快递 公告编号：2024-063 申通快递股份有限公司 2024 年第二次临时股东大会决议公告 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。 特别提示 1、申通快递股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日在《中国证券报》《证 券时报》《证券日报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）上刊载了《关于召开 2024 年第二次临时股东大会的通知》。 2、本次股东大会无否决或者修改提案的情况。 3、本次股东大会采取现场投票与网络投票相结合的方式。 一、会议召开和出席情况 （一）会议召集人：公司董事会 （六）本次会议的召集、召开和表决程序符合《公司法》《上市公司股东大会规则》等法律、 法规及其他规范性文件的规定。 （七）会议出席情况 1、通过现场和网络投票的股东及股东代表共计 385 人，代表股份 983,149,897 股，占公司有 （二）会议时间 1、现场会议时间：2024 年 11 月 15 日（周五）15 时。 2、网络投票时间：2024 年 11 月 15 日。其中： ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a strong performance in Q3 2024, with revenue reaching 11.92 billion yuan, a year-on-year increase of 16.3%. The net profit attributable to shareholders was 215 million yuan, compared to 2.74 million yuan in the same period last year, indicating significant growth [4][6]. - For the first three quarters of 2024, the company achieved a total revenue of 33.49 billion yuan, up 14.2% year-on-year, and a net profit of 650 million yuan, which is a remarkable increase of 195.2% [4][6]. - The company experienced a 27.9% year-on-year increase in parcel volume in Q3 2024, with market share rising by 0.8 percentage points to 13.5% [4][6]. - The average price per parcel decreased by 5.2% year-on-year to 2.01 yuan, reflecting intensified price competition during the off-peak season [4][6]. - The company has optimized costs significantly, with the cost per parcel dropping to 1.92 yuan, a decrease of 0.24 yuan year-on-year [5][6]. - Cash flow from operating activities improved, reaching 870 million yuan in Q3 2024, a 17.3% increase year-on-year [5][6]. - Management reforms have begun to yield benefits, enhancing operational capabilities and network quality, leading to a positive cycle of volume, cost, and profit [6]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 11.92 billion yuan, a 16.3% increase year-on-year, and a net profit of 215 million yuan, compared to 2.74 million yuan in the previous year [4][6]. - For the first three quarters of 2024, total revenue was 33.49 billion yuan, up 14.2%, with net profit reaching 650 million yuan, a 195.2% increase [4][6]. Operational Metrics - The company achieved a 27.9% increase in parcel volume in Q3 2024, with market share rising to 13.5% [4][6]. - The average price per parcel decreased by 5.2% year-on-year to 2.01 yuan, indicating increased competition [4][6]. Cost Management - The cost per parcel was reduced to 1.92 yuan, a decrease of 0.24 yuan year-on-year, reflecting effective cost optimization [5][6]. - Operating cash flow improved to 870 million yuan, a 17.3% increase year-on-year [5][6]. Management and Strategy - Management reforms are showing positive results, improving operational efficiency and quality, which is expected to enhance profitability further [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a significant increase in performance for Q3 2024, with revenue reaching 33.49 billion yuan, a year-on-year growth of 14.16%. The net profit attributable to shareholders for the first three quarters was 652 million yuan, up 195.18%, with Q3 net profit soaring to 215 million yuan, reflecting a staggering growth of 7760.86% [2][6] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 33.49 billion yuan, a 14.16% increase year-on-year. Q3 revenue was 11.92 billion yuan, growing by 16.31% year-on-year. The net profit attributable to shareholders for the first three quarters was 652 million yuan, marking a 195.18% increase, while Q3 net profit reached 215 million yuan, a remarkable increase of 7760.86% [2][6] Market Position - The company completed a total express delivery volume of 16.11 billion pieces in the first three quarters of 2024, representing a year-on-year growth of 30.8%. The market share increased to 13.02%, up by 0.87 percentage points year-on-year. In Q3 alone, the company handled 5.88 billion pieces, a 27.9% increase year-on-year, with a market share of 13.49%, up 0.39 percentage points from Q2 2024 [6] Cost Management - The company has successfully reduced costs, with the cost per express delivery piece in Q3 2024 at 1.91 yuan, a decrease of approximately 7% year-on-year. The net profit per piece was 0.04 yuan, an increase of 0.04 yuan year-on-year. The cash flow situation improved significantly, with a net cash flow from operating activities of 2.698 billion yuan for the first nine months, a 40.26% increase [6] Earnings Forecast - The company is expected to continue its growth trajectory, with projected revenues of 48.31 billion yuan, 56.01 billion yuan, and 64.05 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 18.05%, 15.94%, and 14.34%. The net profit attributable to shareholders is forecasted to be 915 million yuan, 1.246 billion yuan, and 1.526 billion yuan for the same years, with growth rates of 168.55%, 36.16%, and 22.46% respectively [7][8]

52 周价格区间（元） 6.15-12.66 流通市值（百万） 16,337.90 2024 年 11 月 05 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 史亚州 S0350124060026 shiyz@ghzq.com.cn 联系人 ： 张晋铭 S0350124040003 zhangjm02@ghzq.com.cn [Table_Title] 单票盈利持续修复，看好业绩弹性 ——申通快递（002468）2024 年三季报点评 事件: 最近一年走势 2024 年 10 月 31 日，申通快递公告 2024 年三季报 经营方面，2024Q1-Q3，申通快递实现营业收入 334.91 亿元，同比增长 14.16%；完成归母净利润 6.52 亿元，同比增长 195.18%；完成扣非归 母净利润 6.39 亿元，同比增长 204.77%。其中 2024Q3，申通快递实现 营业收入 119.22 亿元，同比增长 16.31%；完成归母净利润 2.15 亿元， 上年同期为 0.03 亿元；完成扣非归母净利润 2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][6] Core Views - The company has shown impressive performance in Q3 2024, with revenue reaching 33.49 billion yuan, a year-on-year increase of 14.2%, and a net profit attributable to the parent company of 639 million yuan, up 204.8% [4][6] - The company's market share has rapidly increased to 13.5%, with a year-on-year business volume growth of 27.9% [4][6] - The company is benefiting from an active pricing strategy, with the average express delivery price decreasing by 5.2% year-on-year to approximately 2.01 yuan per package [4][6] - The company is in the third year of its "Three-Year 10 Billion Capacity Enhancement Plan," which is expected to continue optimizing its network and increasing throughput capacity [4][6] Financial Forecasts and Metrics - Revenue projections for 2024-2026 are 48.95 billion yuan, 55.85 billion yuan, and 62.27 billion yuan, respectively, with year-on-year growth rates of 19.6%, 14.1%, and 11.5% [2][7] - Net profit forecasts for the same period are 950 million yuan, 1.28 billion yuan, and 1.55 billion yuan, reflecting year-on-year growth rates of 178.7%, 35%, and 21% [2][7] - The company's earnings per share (EPS) for 2024-2026 are projected to be 0.62 yuan, 0.84 yuan, and 1.01 yuan, respectively [2][7] - The price-to-earnings (P/E) ratio for 2024 and 2025 is estimated to be 17.5x and 13.0x, respectively [2][7]

Group 1: Business Performance - In the first three quarters of 2024, the company achieved a business volume of 161.09 billion pieces, a year-on-year increase of 30.8%, with a market share of 13.02%, up by 0.87 percentage points [2] - The company's revenue for the first three quarters reached 334.9 billion yuan, a year-on-year growth of 14.2%, with third-quarter revenue of 119.2 billion yuan, up 16.3% [2] - The net profit attributable to shareholders for the first three quarters was 6.52 billion yuan, a significant increase of 195.2% year-on-year [2] Group 2: Cost Management - The operating cost for the first three quarters was 315.4 billion yuan, reflecting a year-on-year increase of 12.0%, with a third-quarter cost of 112.7 billion yuan, up 13.5% [2] - The average cost per piece for express delivery in the third quarter was 1.91 yuan, showing a nearly 7% decrease year-on-year [3] Group 3: Market Trends and Strategies - The online retail sales of physical goods in China increased by 7.9% year-on-year in the first three quarters, contributing to the strong growth of the express delivery sector [1] - The company is focusing on enhancing service quality and optimizing logistics through technology and operational improvements, which is expected to sustain future growth [3] Group 4: Seasonal Performance - During the Double Eleven promotional period, express delivery volume surged, with approximately 19.2 billion packages collected from October 21 to 23, a year-on-year increase of 48.7% [4] - The average price adjustments during peak seasons are expected to stabilize and potentially increase due to rising demand and cost factors [4]

Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [17]. Core Insights - The company reported a significant year-on-year revenue growth of 195% in net profit for the first three quarters, with a total revenue of 334.9 billion and a net profit of 6.52 billion, reflecting a 14.2% increase in revenue compared to the previous year [1][2]. - The report highlights a positive cycle of volume, cost, and profit, suggesting that the company is experiencing a recovery phase with improved operational efficiency and profitability [1][6]. - The company achieved a free cash flow of 500 million in 2023, marking the first positive cash flow since 2018, indicating a restoration of its financial health [1]. Financial Performance Summary - **Revenue and Profit**: In Q3 2024, the company achieved a revenue of 119.2 billion, a 16.3% increase year-on-year, and a net profit of 2.15 billion, up 7760.9% from the previous year [1][7]. - **Volume Growth**: The company’s business volume growth rate for the first three quarters was 30.8%, outperforming competitors and the industry average [1][7]. - **Earnings Forecast**: The earnings forecast for 2024-2026 has been revised upwards to 9 billion, 14 billion, and 17 billion respectively, with corresponding EPS of 0.59, 0.92, and 1.13 [1][2]. Valuation and Target Price - The target price for the company is set at 13.74, representing a 24% upside from the current price of 11.06 [3][1]. - The report anticipates that the company will maintain a price-to-earnings (PE) ratio of at least 15 times by 2025, aligning with industry recovery trends [1][2].

Investment Rating - The report assigns a "Buy" rating for the company [2][5]. Core Views - The company achieved a revenue of 33.49 billion RMB for the first three quarters of 2024, representing a year-over-year increase of 14.2%. The net profit attributable to shareholders was 650 million RMB, up 195.2% year-over-year, which met expectations [3]. - In Q3 2024, the company reported a revenue of 11.92 billion RMB, a 16.3% increase year-over-year, with a net profit of 210 million RMB, reflecting a significant increase due to a low base from the previous year [3][4]. - The company continues to implement a price-for-volume strategy, resulting in a 28.0% increase in express delivery volume, totaling 5.88 billion packages [3][4]. Summary by Sections Financial Performance - The company's gross margin in Q3 was 5.4%, an increase of 2.3 percentage points year-over-year, attributed to improved capacity utilization and cost management [4]. - The net profit margin after deducting non-recurring items increased by approximately 1.2 percentage points to 1.69% in Q3, with a net profit of 200 million RMB, an increase of 210 million RMB year-over-year [4]. Future Outlook - The company has significant profit growth potential, with expectations to increase daily throughput capacity to over 75 million packages by 2024, up from the current average of 64 million [4]. - The report forecasts net profits of 910 million RMB, 1.26 billion RMB, and 1.51 billion RMB for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 168%, 38%, and 20% [5][6]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 19, 13, and 11 times respectively [5][6].

一、召开会议的基本情况 证券代码：002468 证券简称：申通快递 公告编号：2024-060 申通快递股份有限公司 关于召开 2024 年第二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"）第六届董事会第五次会议审议通过了《关于召 开 2024 年第二次临时股东大会的议案》，决定公司于 2024 年 11 月 15 日（周五）15 时召开公司 2024 年第二次临时股东大会，现将本次会议的有关事项通知如下： （一）股东大会届次：2024 年第二次临时股东大会 （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 （四）现场会议召开时间：2024 年 11 月 15 日（周五）15 时 网络投票时间：2024 年 11 月 15 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11月15日9:15—9:25， 9:30—11:30 和 13:00—15:00； 2、通过深圳证券交 ...