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 2023 年度股东大会 之法律意见书 致：申通快递股份有限公司 本所同意将本法律意见书作为本次股东大会的公告材料，随同其他会议文件 一并报送有关机构并公告。除此以外，未经本所同意，本法律意见书不得为任何 其他人用于任何其他目的。 本所根据有关法律法规的要求，按照律师行业公认的业务标准、道德规范和 勤勉尽责精神，指派律师出席了本次股东大会，并对本次股东大会召集和召开的 有关事实以及公司提供的文件进行了核查验证，现出具法律意见如下： 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 ...

证券代码：002468 证券简称：申通快递 公告编号：2024-031 申通快递股份有限公司 2024 年 4 月经营简报 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。 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》的有关规定，公司现 披露2024年4月份相关数据信息如下： | 项 目 | 2024年4月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 35.38 | 13.13% | | 完成业务量（亿票） | 17.29 | 29.20% | | 快递服务单票收入（元） | 2.05 | -12.39% | 上述快递服务单票收入计算如有差异为四舍五入原因所致。上述数据未经审计，与定期报告 披露的数据之间可能存在差异，请以公司定期报告为准。 特此公告。 申通快递股份有限公司董事会 2024年5月18日 ...

Investment Rating - The report assigns a "Hold" rating to the company [3]. Core Insights - The company has shown a rapid recovery in business volume growth, with a significant improvement in its fundamentals [15][24]. - The company is positioned in the low-to-mid-end express delivery market, ranking fourth in the industry by business volume [10][34]. - The financial performance indicates a positive trend, with revenue and net profit growth expected to continue in the coming years [72]. Summary by Sections Operating and Financial Data - In 2023, the company achieved revenue of 40.924 billion yuan, a year-on-year increase of 21.54%, and a net profit attributable to shareholders of 341 million yuan, up 18.41% year-on-year [2][37]. - The company completed a business volume of 17.507 billion pieces in 2023, reflecting a growth of 35.23% year-on-year, while the average revenue per piece decreased by 11.24% to 2.23 yuan [2][40]. - In Q1 2024, the company reported revenue of 10.131 billion yuan, a 15.87% increase year-on-year, and a net profit of 190 million yuan, up 43.20% year-on-year [2][13]. Business Volume and Market Position - The company’s business volume growth exceeded the industry average by 16 percentage points in 2023, achieving a market share of 13.26%, an increase of 1.55 percentage points year-on-year [24][40]. - The company plans to enhance its infrastructure to support further growth, with an expected daily throughput capacity increase to over 75 million pieces by 2024 [24][40]. Profitability Forecast and Investment Recommendations - The report forecasts that the company will maintain a business volume growth rate of 22% in 2024, followed by 13% in 2025 and 10% in 2026 [72]. - Revenue is projected to reach 48.042 billion yuan in 2024, with a net profit of 812 million yuan, reflecting a significant increase compared to previous years [72][75]. - The estimated earnings per share (EPS) for 2024-2026 are expected to be 0.53, 0.62, and 0.70 yuan, respectively, with a target price of 9.54 yuan based on an 18x PE ratio for 2024 [72][75].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][21]. Core Views - The company achieved significant revenue growth in 2023, with operating income reaching 40.924 billion yuan, a year-on-year increase of 21.54%, and net profit attributable to shareholders of 341 million yuan, up 18.41% [1][21]. - In Q1 2024, the company continued to show strong performance with operating income of 10.132 billion yuan, a 15.87% increase year-on-year, and net profit attributable to shareholders of 190 million yuan, up 43.20% [15][21]. - The company has successfully implemented a strategy of "thin profit and high sales," leading to a robust increase in business volume and profitability [2][7]. Summary by Relevant Sections Financial Performance - In 2023, the company completed a total express delivery volume of 17.507 billion parcels, a year-on-year increase of 35.23%, with a market share of 13.26%, up 1.55 percentage points [2][3]. - The average revenue per parcel decreased to 2.23 yuan, down 11.24% year-on-year, while the average cost per parcel also decreased to 2.15 yuan, down 10.94% [15][21]. - The company forecasts revenue growth for 2024-2026, with expected revenues of 48.242 billion yuan, 55.908 billion yuan, and 63.510 billion yuan, respectively [21]. Market Position - The company's market share has been steadily increasing, from 10.23% in 2021 to 13.26% in 2023, indicating a strong competitive position in the industry [19][21]. - In Q1 2024, the company achieved a delivery volume of 4.587 billion parcels, a 36.68% increase year-on-year, significantly outpacing the industry growth rate [18][21]. Operational Efficiency - The company has made substantial improvements in operational capacity, with daily throughput capacity expected to exceed 75 million parcels by the end of 2024 [6][20]. - Enhanced service quality and efficiency have been achieved through digital operations and management optimization, leading to improved delivery times and customer satisfaction [20][21].

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 ...

Investment Rating - The report maintains an "Increase" investment rating for the company [1] Core Views - The company reported a revenue of 40.924 billion yuan in 2023, representing a year-on-year increase of 21.54%. The net profit attributable to shareholders was 341 million yuan, up 18.41% year-on-year [2] - For Q1 2024, the company achieved a revenue of 10.132 billion yuan, a year-on-year increase of 15.87%, with a net profit of 190 million yuan, reflecting a significant year-on-year growth of 43.20% [2] - The report highlights that the company is expected to benefit from an improved industry landscape and the decline of tail-end express services, which will further enhance its operational flexibility [4] Financial Performance Summary - The company's revenue is projected to grow from 40.924 billion yuan in 2023 to 62.948 billion yuan by 2026, with respective year-on-year growth rates of 21.5%, 20.2%, 14.9%, and 11.3% [6] - The net profit attributable to shareholders is forecasted to increase from 341 million yuan in 2023 to 1.146 billion yuan in 2026, with year-on-year growth rates of 18.4%, 95.0%, 31.0%, and 31.7% [6] - The gross profit margin is expected to improve from 4.2% in 2023 to 5.5% in 2026, indicating enhanced profitability [6] Market Position and Industry Outlook - The report anticipates that the company's market share will slightly decline from 13.3% in 2023 to 12.6% in 2024, before recovering to 13.1% in 2025 and 13.4% in 2026 [18] - The overall industry volume is projected to grow from 1,320.7 million pieces in 2023 to 2,025.9 million pieces by 2026, with a compound annual growth rate of approximately 19.4% [18] - The company is expected to maintain a competitive edge through improvements in capacity, cost management, and service quality [14]

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 | --- | --- | ...