总市值（百万） 14,129.30 2024 年 04 月 28 日 公司研究 评级：买入(维持) ——申通快递（002468）2023 年报及 2024 一季报点评报告 事件: 2023 年，公司实现营业收入 409.24 亿元，同比增长 21.54%；完成归母 净利润 3.41 亿元，同比增长 18.41%；完成扣非归母净利润 3.39 亿元， 同比增长 9.86%。其中，2023Q4 实现营业收入 115.87 亿元，同比增长 20.78%；完成归母净利润 1.20 亿元，同比增长 55.91%；完成扣非归母 净利润 1.30 亿元，同比下降 16.35%。 沪深 300 1.1% 7.5% -9.5% 业务方面，2023 年，申通快递完成快递业务量 175.07 亿票，同比增长 35.23%，市占率 13.26%，同比提升 1.55pct，单票收入 2.23 元，同比 降低 11.24%。公司 2024Q1 业务量完成快递业务量 45.87 亿票，同比增 长 36.68%，市占率 12.36%，同比提升 1.04pct，总单票收入 2.21 元， 同比降低 15.22%。 市场数据 2024/04/2 ...

2 单量快速增长，市占率明显提升 0% 10% 20% 30% 40% 50% 0 50 100 150 200 2016 2017 2018 2019 2020 2021 2022 2023 快递单量（左轴，亿件） 同比增速（右轴） 3 成本管控持续发力，业绩明显改善 -20% -15% -10% -5% 0% 5% 10% 15% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2016 2017 2018 2019 2020 2021 2022 2023 申通快递单票成本（左轴，元） 同比增速（右轴） 费用端，公司 2023 年费用率整体有所下降，其中销售、管理、研发、财务费用率分别为 0.41%、1.96%、0.41%、0.44%，同比分别下降 0.12pct、下降 0.08pct、上升 0.04pct、下降 0.13pct。其他科目方面，公司 2023 年其他收益有所下降，但营业外支出同样明显降低，业 绩同比有所增长。 2024 年一季度公司单票成本同比继续显著下降，叠加业务量大幅提升，公司业绩同比明 显改善。 2024 年 4 月 27 日 股票投资评级 个股表现 -38% -33% -2 ...

公 司 研 究 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃相关报告 relatedReport＃ 《【兴证交运】申通快递 2023 年 中报点评：份额快速提升，利润 具备改善空间》2023-08-30 《【兴证交运】申通快递深度报 告：禀赋机遇加执行，三大拐点 助力申通元老复兴》2023-06-06 《【兴证交运】申通快递 22 年报 及 23 年 1 季报点评：规模、资 产、管理三要素驱动，经营改善 明显，业绩改善可期》2023-05- 03 肖祎 投资要点 ＃summary＃ ⚫ 事件：公司发布 2023 年报及 2024 年一季报。1）23 年营收 409.24 亿元（同 比+21.54%）；归母净利润 3.41 亿元（同比+18.41%）、扣非归母净利润 3.39 亿元（同比+9.86%）；2）24Q1 营收 101.32 亿元（同比+15.87%）；归母净利 润 1.90 亿元（同比+43.20%）、扣非归母净利润 1.86 亿元（同比+48.70%）。 ⚫ 公司 24Q1 单票净利改善原因拆分：24Q1 单票快递收入 2.171 元，环比+0.004 元、同比- ...

申通快递20240425_智能速览 2024年04月26日00:57 关键词 经济型快递 业务量 服务体验 市场份额 自动化设备 产能提升 经营业绩 单票成本 服务质量 自动化 市占 率 快递服务 快递单量 价格竞争 数字化能力 扭亏为盈 国九条 上市公司分红 资本开支 股票回购 全文摘要 出强大的市场竞争力和发展前景。 章节速览 ● 00:00 申通快递2023年度业绩报告 申通快递在过去的一年里，继续坚持长期主义发展策略，致力于成为中国领先的经济型快递服务提供 商。公司全年完成业务量达到175.1亿件，同比增长35%，高于行业平均水平约15.8个百分点。第四季度 业务量增长更是达到了43%，显示出强劲的增长势头。与此同时，申通快递通过加大投入在产能提升和 自动化设备引进上，实现了业务量和市场份额的双增长，服务质量得到明显提升。此外，申通快递重视 数字化建设和客户服务体验的优化，持续推进品牌战略，成功将月度最快揽收时长缩短至14小时左 右，与行业头部企业的差距进一步缩小，并在多个平台上保持了良好的物流指数排名。这些成绩不仅凸 显了申通快递强大的运营实力，也表明其在提升服务质量和效率上的不懈努力。 ● 03: ...

好 邀请郭总好的 感谢星叶交韵 感谢萧老师各位投资人 大家下午好回顾过去的2023年公司是继续秉承了我们正在经营长期主义的发展理念 坚定打造中国体验领先的经济型快递战略目标实现了公司在业务规模服务体验和利润这三架马车并驾齐驱均衡发展的经营结果那23年的具体的一些指标我们具体来看首先第一个是业务量2023年公司完成业务量175.1亿件同比增长35% 那这个增数其实表现还是不错的高出行业增数大概15.8个百分点市场份额是13.3同比2022年我们提升了1.6个百分点其中第四季度业务量是52亿点同比增长了43%这个增数也是高出行业增数大概16个百分点 实战率13.3同比提升1.6个百分点除了业务量以外我们在服务体验方面其实也是取得了诸多的成果首先第一个是我们继续围绕发声通和快省的品牌战略我们做了一系列的一些事情首先是持续加强我们在自身能力方面的建设 大家也知道我们去年其实在产能提升方面其实还是投入比较多的我们总共大概完成了37个产能提升项目和18个优化改造项目同时我们引进了50套高速交叉带分解机目前合计全网是拥有240套高速交叉带的自动化分解设备 同时在车辆方面我们是新增购置了1200辆高运力的干线卡车目前我们全网 ...

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 11.34 CNY, based on a 21x PE for 2024 [18][17]. Core Insights - The company achieved a business volume growth of 35.2% year-on-year in 2023, with a market share increase of 1.55 percentage points [3][13]. - Cost control measures have been effective, leading to a 10.9% decrease in per-package costs [3]. - For Q1 2024, the company reported a business volume of 4.587 billion packages, a 36.68% increase year-on-year, with a market share of 12.36% [4]. - The single-package revenue for Q1 2024 was 2.17 CNY, down 12.39% year-on-year but up 0.20% quarter-on-quarter [4]. - The net profit attributable to the parent company for Q1 2024 was 0.041 CNY per package, relatively stable compared to Q1 2023 [4]. Financial Data and Valuation - Revenue for 2023 was 40.924 billion CNY, a 21.54% increase year-on-year, with a net profit of 341 million CNY, up 18.41% [16]. - The projected revenues for 2024, 2025, and 2026 are 48.192 billion CNY, 55.940 billion CNY, and 63.923 billion CNY, respectively, with year-on-year growth rates of 17.76%, 16.08%, and 14.27% [17]. - The net profit for the same years is expected to be 821 million CNY, 1.189 billion CNY, and 1.428 billion CNY, with growth rates of 140.84%, 44.92%, and 20.10% [17]. - The EPS for 2024, 2025, and 2026 is projected to be 0.54 CNY, 0.78 CNY, and 0.93 CNY, respectively [17]. - The company’s P/E ratio is expected to decrease from 41.5 in 2023 to 17.2 in 2024, indicating improved valuation [5][18]. Market Position - The company’s market share in the express delivery sector reached 13.26% in 2023, significantly above the industry growth rate [13]. - The average single-package price in the industry decreased by 4.33% in 2023, reflecting competitive pricing pressures [13]. - The company’s gross margin for 2023 was 4.18%, slightly down from the previous year due to competitive pricing [13].

2024 年 04 月 25 日 申通快递 (002468) 信息披露 《申通快递（002468）点评：业绩符合预 期，产能、业务量与网络质量持续提升》 2023/08/29 《申通快递（002468）深度： 三十年快递 网 络 焕 新 ， 看 好 公 司 长 期 改 善 》 2023/06/28 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共3页 简单金融 成就梦想 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 25 日 | | 收盘价（元） | 9.23 | | 一年内最高/最低（元） | 11.96/6.15 | | 市净率 | 1.6 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 13772 | | 上证指数/深证成指 | 3052.90/9264.48 | | 注："息率"以最近一年已公布分红计算 | | 一年内股价与大盘对比走势： 相关研究 证券分析师 上 市 公 司 | --- | --- | ...

光大证券股份有限公司（以下简称"本公司"）成立于 1996 年，是中国证监会批准的首批三家创新试点证券公司之一，也是世界 500 强企业—— 中国光大集团股份公司的核心金融服务平台之一。根据中国证监会核发的经营证券期货业务许可，本公司的经营范围包括证券投资咨询业务。 本公司经营范围：证券经纪；证券投资咨询；与证券交易、证券投资活动有关的财务顾问；证券承销与保荐；证券自营；为期货公司提供中间介 绍业务；证券投资基金代销；融资融券业务；中国证监会批准的其他业务。此外，本公司还通过全资或控股子公司开展资产管理、直接投资、期货、 基金管理以及香港证券业务。 本报告由光大证券股份有限公司研究所（以下简称"光大证券研究所"）编写，以合法获得的我们相信为可靠、准确、完整的信息为基础，但不 保证我们所获得的原始信息以及报告所载信息之准确性和完整性。光大证券研究所可能将不时补充、修订或更新有关信息，但不保证及时发布该等更 新。 本报告中的资料、意见、预测均反映报告初次发布时光大证券研究所的判断，可能需随时进行调整且不予通知。在任何情况下，本报告中的信息 或所表述的意见并不构成对任何人的投资建议。客户应自主作出投资决策并自行承担 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 11 CNY [1]. Core Insights - The company has experienced rapid growth in parcel volume and a quarterly recovery in gross margin, achieving a revenue of 40.92 billion CNY in 2023, representing a year-over-year increase of 18.4% [1]. - The company implemented a price reduction strategy to capture market share, resulting in a significant increase in parcel volume, projected to reach 175.1 billion parcels in 2023, a year-over-year growth of 35.2% [1]. - The gross margin for 2023 was reported at 4.2%, showing a slight decrease from the previous year, but with a recovery trend observed in the latter quarters [1]. Financial Performance Summary - The company achieved a net profit of 3.4 billion CNY in 2023, reflecting a year-over-year increase of 20.8% [1]. - Revenue for Q4 2023 was 12.1 billion CNY, with a year-over-year growth of 55.9%, while Q1 2024 revenue reached 10.13 billion CNY, up 21.5% year-over-year [1]. - The projected net profit for 2024 is expected to be 7.86 billion CNY, with an EPS of 0.51 CNY, indicating a strong recovery and growth trajectory [9]. Market Position and Strategy - The company has increased its market share by 1.55 percentage points to 13.3%, outperforming competitors such as YTO Express and Yunda Express [1]. - The company is focusing on enhancing digital management and optimizing transportation routes, which is expected to further reduce costs and improve profitability [1]. - The report highlights the company's commitment to investing in automated sorting facilities, which has led to a 26% year-over-year increase in daily capacity [1].

Operational Capacity and Efficiency - In 2023, the company implemented 37 capacity enhancement projects and 18 optimization projects, significantly increasing its daily throughput capacity to over 60 million packages[7]. - The company invested approximately 286 million RMB in 236 new automated sorting devices, greatly improving operational efficiency at the outlets[10]. - The company’s automated equipment investment strategy includes collaboration with leading suppliers to ensure stability and efficiency in outlet operations[10]. - The company has invested in 240 sets of automated sorting equipment, improving sorting efficiency by over 13% and reducing damage rates by 78%[141]. - The average daily throughput capacity is expected to exceed 75 million parcels by 2024, indicating significant growth in operational capacity[166]. - The company has implemented a real-time monitoring system for loading data, improving operational efficiency and safety[171]. - The company has launched multiple automated driving trial routes, enhancing transportation efficiency and safety through smart driving technology[145]. Financial Performance - The net profit attributable to shareholders for the year was CNY 132,883,937.10, with a significant increase compared to CNY 85,413,677.04 in the previous year[67]. - The net cash flow from operating activities reached CNY 1,434,439,394.30, showing a strong performance compared to CNY 738,103,312.27 in the previous year[67]. - The company's operating revenue for 2023 reached ¥40,923,638,519.97, representing a 21.54% increase compared to ¥33,670,693,346.03 in 2022[80]. - The net profit attributable to shareholders for 2023 was ¥340,696,536.70, an increase of 18.41% from ¥287,718,532.36 in 2022[80]. - The net profit after deducting non-recurring gains and losses was ¥339,450,669.10, up 9.86% from ¥308,990,366.22 in 2022[80]. - The basic earnings per share for 2023 was ¥0.23, a 21.05% increase from ¥0.19 in 2022[80]. - The company reported a total revenue of 1.5 billion yuan for the fiscal year 2023, reflecting a year-over-year growth of 10%[197]. Market Expansion and Strategy - The company aims to enhance its hub transfer capacity through infrastructure investments, focusing on key nodes to support rapid growth in package volume[7]. - The company is focusing on expanding its market presence and enhancing service quality to adapt to the recovering economy[76]. - The company aims to balance business scale, service experience, and profit through a strategy of infrastructure investment and refined management[164]. - The company plans to expand its market presence by entering three new provinces, aiming for a 25% increase in market share[197]. - The company is exploring potential acquisitions to enhance its service offerings, with a budget of 500 million yuan earmarked for this strategy[197]. Service Quality and Customer Experience - The company continues to optimize its outlet network, implementing a star rating system to monitor service quality and operational capabilities[9]. - The company is committed to enhancing customer experience through improved service quality and operational support[174]. - The "Super Merchant Platform" offers a one-stop express service solution, providing full-link services from order placement to after-sales, with features like one-click order merging and selection[175]. - The company has developed a comprehensive training and empowerment system for its network points to promote mutual growth[182]. Government Support and Policy - The company has been actively supported by policies in areas such as "express delivery into villages" and the integration of passenger and cargo mail services[78]. - The company reported a significant increase in government subsidies, with amounts of CNY 36,348,183.86, CNY 27,694,308.69, and CNY 25,206,587.88 recorded in different quarters[68]. Logistics and Infrastructure - The company has established 1,267 county-level delivery centers and 28,900 village-level logistics service stations, enhancing its delivery network[148]. - The company is focusing on enhancing its logistics infrastructure and expanding its capacity to improve service efficiency[139]. - The company’s self-owned fleet has grown to 5,992 vehicles, an increase of 1,166 vehicles year-on-year, enhancing overall transport capacity[168]. - The company has achieved a packaging reuse rate of over 95% for e-commerce parcels, with over 1 billion items using recyclable packaging[150]. User Engagement and Future Outlook - User data indicates an increase in active users by 15%, reaching a total of 5 million users by the end of the reporting period[197]. - The company has set a future revenue guidance of 1.8 billion yuan for the next fiscal year, representing a projected growth of 20%[197]. - New product launches are expected to contribute an additional 300 million yuan in revenue, with a focus on enhancing logistics technology[197]. - Ongoing research and development efforts have allocated 100 million yuan towards innovative logistics solutions, targeting a 30% improvement in delivery efficiency[197]. Governance and Transparency - The board of directors has actively participated in all meetings, ensuring alignment on strategic decisions and company performance[198]. - There were no objections raised by the board regarding company matters during the reporting period, indicating strong governance[198]. - The company has confirmed that no related party transactions occurred during the reporting period, ensuring transparency in financial dealings[194].