Financial Performance - The estimated net profit attributable to shareholders for the first three quarters of 2024 is projected to be between CNY 616 million and CNY 664 million, representing a year-on-year increase of 178.68% to 200.40% compared to CNY 221.04 million in the same period last year [2]. - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between CNY 601 million and CNY 649 million, reflecting a year-on-year growth of 186.76% to 209.66% from CNY 209.59 million last year [2]. - For the third quarter of 2024, the estimated net profit attributable to shareholders is projected to be between CNY 179 million and CNY 227 million, showing a significant increase of 6,429.63% to 8,180.59% compared to CNY 2.74 million in the same quarter last year [3]. - The estimated basic earnings per share for the first three quarters of 2024 is expected to be between CNY 0.4096 and CNY 0.4415, compared to CNY 0.1466 per share in the same period last year [2]. - The performance forecast data is preliminary and has not been audited by the accounting firm [5]. - Investors are advised to be cautious as the performance forecast data is subject to change and will be detailed in the third-quarter report [7]. Business Growth - The company has experienced over 20% growth in express delivery volume due to increased online consumption demand and e-commerce promotional activities [6]. - The online retail sales of physical goods reached CNY 801.43 billion from January to August 2024, marking an 8.1% year-on-year increase and accounting for 25.6% of total retail sales [6]. - The company aims to balance business scale, service experience, and profit growth, leading to an increase in market share [6]. - The company emphasizes cost control and scale effects, contributing to significant profit growth in the first three quarters of 2024 [6].

Cost Management - The average cost per package decreased to 1.97 CNY, down by 0.28 CNY year-on-year, attributed to effective cost control and economies of scale from increased package volume [1] - The company added nearly 300 high-capacity vehicles in the first half of the year, improving the loading rate by approximately 5 percentage points compared to the end of the previous year [1] - The company has implemented various measures to enhance sorting efficiency, including the introduction of small-item sliding sorting machines and narrow-belt sorters [2] Capacity Expansion - The company has executed a three-year investment plan of 10 billion CNY to enhance capacity, addressing previous shortfalls [2] - Daily processing capacity is expected to increase to over 75 million packages by the end of 2024, with a projected capacity increase of around 25% this year [2] - The company plans to maintain capital expenditure levels similar to the previous year while adjusting capacity planning based on industry growth and package volume [2] Business Growth - In the first half of the year, the company handled 10.23 billion packages, representing a year-on-year growth of 32.5% [3] - The company aims to enhance service quality and brand loyalty through various initiatives, including optimizing delivery processes and improving operational efficiency [3] - The company has significantly increased its small package business through improved processes and partnerships with third-party platforms [3] Digital Transformation - The company has invested in digital transformation, establishing a comprehensive digital system to enhance operational efficiency [4] - New systems and tools have been developed, including a mobile management system and an intelligent visual platform for real-time monitoring and management [4] - The integration of automated systems and digital platforms has improved operational efficiency and reduced costs, strengthening the company's competitive edge [4]

证券代码：002468 证券简称：申通快递 公告编号：2024-051 申通快递股份有限公司 关于参加物流行业上市公司2024年度集中路演活动的公告 1、活动主题：物流加速新赛道 2、活动时间：2024年9月26日（星期四）15:00-17:00 3、召开方式：深交所上市大厅集中路演、图文互动 4、参会人员：董事会秘书郭林先生 二、投资者参与方式 1、本次路演活动将通过深圳证券交易所提供的"互动易"平台举行，投资者可于2024年9月 26日15:00-17:00登录互动易网站（http://irm.cninfo.com.cn）进入"云访谈"栏目，在线参与 本次路演活动，也可扫描下方二维码参与互动交流。 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。 为进一步展现公司经营发展情况，加强与广大投资者的互动交流，促进提升公司质量和投资 价值，申通快递股份有限公司（以下简称"公司"）将参加在深圳证券交易所上市大厅举办的物 流行业上市公司2024年度集中路演活动，现将相关事项公告如下： 2、为广泛听取投资者的意见建议、提升交流的针对性，公司现就本次集中路演活动提前向投 ...

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 8 月 31 日刊登于深圳证券交易所（以下简称深交所）网 站的《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》《申通 快递股份有限公司第六届监事会第三次会议决议公告》； 3. 公司于 2024 年 8 月 31 日刊登于深交所网站的《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》（以下简称《股东大会通 知》）； 4. 公司本次股东大会股权登记日的股东名册； 5. 出席现场会议（包括通过通讯/视频方式接入股东大会会议现场，下同） 的股东的到会登记记录及凭证资料； 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 年第一次临时股东大会 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 ...

证券代码：002468 证券简称：申通快递 公告编号：2024-050 申通快递股份有限公司 2024 年第一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 8 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 年第一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 （2）通过深圳证券交易所互联网投票的具体时间为 2024 年 9 月 19 日 9:15-15:00 期间的任 意时间。 （三）会议主持人：王文彬先生。 （四）现场会议召开地点：上海市青浦区重达路 58 号 6 楼会议室。 （五）会议召开方式：现场投票与网络投票相结合的方式。 （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 ...

证券代码：002468 证券简称：申通快递 公告编号：2024-049 申通快递股份有限公司 2024 年 8 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8月份相关数据信息如下： | 项 目 | 2024年8月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 38.73 | 21.50% | | 完成业务量（亿票） | 19.36 | 27.26% | | 快递服务单票收入（元） | 2.00 | -4.76% | 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9月20日 ...

Investment Rating - The report upgrades the investment rating to "Buy" for the company [5][7]. Core Views - The express delivery industry is showing signs of price stabilization and continued high demand growth, indicating a rebound in the sector [5][28]. - The company is expected to experience a profit release period in 2024, driven by capacity enhancements and improved service efficiency [5][28]. - The report anticipates significant growth in the company's business volume and net profit over the next three years, with a projected compound annual growth rate (CAGR) of 30% for business volume in 2024 [5][7]. Summary by Sections Industry Overview - The express delivery industry saw a year-on-year volume growth of 19.4% in 2023, despite a decline in average prices by 4.33% [13][24]. - The supply side is tightening, with capital expenditures decreasing, leading to improved supply-demand dynamics and potential price stabilization [5][20]. Company Growth Potential - The company is focusing on enhancing its capacity and service quality, with significant investments in upgrading transfer centers [5][29]. - The market share is gradually increasing, and the company is expected to achieve a business volume of 228 billion, 273 billion, and 311 billion pieces from 2024 to 2026, respectively [5][7]. - The net profit forecast for 2024 is set at 1.006 billion, reflecting a year-on-year growth of 195.3% [6][7]. Financial Projections - The report projects total revenue for 2024 to be 49.62 billion, with a year-on-year growth rate of 21.3% [6][7]. - The expected earnings per share (EPS) for 2024 is 0.66 yuan, with a price-to-earnings (PE) ratio of 16x [6][7]. - The company is anticipated to maintain a high growth trajectory, with net profit expected to reach 1.685 billion by 2026 [6][7].

证券研究报告：交通运输 | 公司点评报告 2024 年 9 月 3 日 公司基本情况 最新收盘价（元） 10.32 总股本/流通股本（亿股）15.31 / 14.92 总市值/流通市值（亿元）158 / 154 52 周内最高/最低价 10.52 / 6.45 资产负债率(%) 61.2% 市盈率 44.87 第一大股东浙江菜鸟供应链管理有 限公司 研究所 股票投资评级 申通快递(002468) 买入|维持 个股表现 -37% -33% -29% -25% -21% -17% -13% -9% -5% -1% 2023-09 2023-11 2024-01 2024-04 2024-06 2024-09 申通快递 交通运输 资料来源：聚源，中邮证券研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 件量快速增长，成本节降助力单票利润显著提升 ⚫ 申通快递披露 2024 年中报 申通快递披露 2024 年中报，上半年公司营业收入 215.7 亿元， 同比增长 13.0%，实现归母净利润 4.37 亿元，同比增长 100.2%；二 季度公 ...

证券研究报告 非金融公司|公司点评|申通快递（002468） 2024H1 业绩表现亮眼，盈利同增 100% 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月03日 证券研究报告 |报告要点 公司发布 2024 年半年报。2024H1，公司实现营收 215.69 亿元，同比增长 13.01%，实现归母 净利润 4.37 亿元，同比增长 100.17%。其中 2024Q2 公司实现营收 114.37 亿元，同比增长 10.58%，实现归母净利润 2.47 亿元，同比增长 188.81%。 |分析师及联系人 李蔚 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月03日 申通快递(002468) 2024H1 业绩表现亮眼，盈利同增 100% | --- | --- | |----------------------------|----------------------------| | | | | 行 业： 投资评级： | 交通运输/物流 买入（维持） | | 当前价格： | 9.92 ...

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].