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].

证券代码：002468 证券简称：申通快递 公告编号：2024-028 申通快递股份有限公司 关于境外子公司转让其参股公司股权、放弃优先购买权 暨关联交易的公告 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、关联交易概述 1、鉴于 Ali CN Investment Holding Limited（以下简称"Ali CN"）拟以每股 0.62 美元 的价格购买 Cainiao Smart Logistics Network Limited（以下简称"菜鸟"）所有少数股东持 有的股份，总对价最高可达 37.5 亿美元。申通快递股份有限公司（以下简称"公司"）间接持有 100%股权的境外子公司 STO Express Investment Holding Pte. Ltd.（以下简称"新加坡申通"） 拟将其持有的菜鸟 114,094,165 股普通股股份（持股比例 0.74%）以每股 0.62 美元的价格转让给 Ali CN，转让价格为 70,738,382.30 美元（以下简称"本次股权转让"），并拟与 Ali CN 签署 SHARE PURCHASE A ...

证券代码：002468 证券简称：申通快递 公告编号：2024-021 申通快递股份有限公司 关于使用闲置资金进行投资理财的公告 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。 重要内容提示： （一）投资种类：银行及其他金融机构发行的低风险理财产品。 （二）投资金额：公司拟使用最高不超过人民币 300,000 万元的闲置资金额度进行投资理财， 该额度可由公司及全资子公司、控股子公司共同滚动使用。 （三）特别风险提示：公司拟投资的产品属于低风险理财产品，但可能受宏观经济波动、市 场波动等因素的影响，投资收益具有不确定性，敬请广大投资者注意投资风险。 2024 年 4 月 24 日，申通快递股份有限公司（以下简称"公司"）第六届董事会第三次会议 审议通过《关于使用闲置资金进行投资理财的议案》，现将详细情况公告如下： 一、投资理财概况 （一）投资目的：在保证公司日常经营资金需求和资金安全的前提下，利用闲置资金进行理 财性投资，最大限度地提高公司闲置资金的使用效率，为公司和广大股东谋取较好的财务性收益。 （二）资金来源：公司及子公司的闲置资金。 （六）实施情况：经股东 ...

证券代码：002468 证券简称：申通快递 公告编号：2024-019 申通快递股份有限公司 关于 2023 年度利润分配预案的公告 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。 申通快递股份有限公司（以下简称"公司"）于2024年4月24日召开了第六届董事会第三次 会议及第六届监事会第二次会议，会议审议通过了《公司2023年度利润分配预案》，该议案尚需 提交公司股东大会审议。现将有关情况公告如下： 一、公司2023年度利润分配预案 经容诚会计师事务所（特殊普通合伙）审计，2023 年度母公司实现净利润 9,581,802.38 元， 按 2023 年度母公司实现净利润的 10%提取法定盈余公积金 958,180.24 元，加期初未分配利润 172,733,304.89 元，扣除分配上年的利润 0.00 元，再减去因其他权益工具投资终止确认调整至 其他综合收益的 0.00 元，截至 2023 年 12 月 31 日，母公司可供股东分配的利润为 181,356,927.03 元。 公司2023年度利润分配预案为：以未来实施2023年度利润分配方案的股权登记日的 ...

申通快递股份有限公司（以下简称"公司"）为支持加盟商的经营发展，拟通过引入银行等 金融机构为加盟商拓宽融资渠道，助力其提高经营效率和服务质量，加速公司全国快递网络的协 同发展。公司（含控股子公司）结合行业特点，在不影响自身生产经营的情况下对加盟商的上述 融资行为向相关金融机构提供不超过 20,000 万元的担保额度。公司（含控股子公司）遵循审慎经 营原则，在开展授信及对外担保时，有相应明确的授权体系及制度流程支撑。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 4 月 24 日召开第六届董事会第三次会议和第六届监事会第二次会议审议通过 了《关于对外提供担保的议案》。根据《深圳证券交易所股票上市规则》《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》等相关规定，上述对外提供担保事项尚需 提交公司股东大会审议。 证券代码：002468 证券简称：申通快递 公告编号：2024-027 申通快递股份有限公司 关于对外提供担保的公告 本公司及董事会全体成员保证公告 ...

证券代码：002468 证券简称：申通快递 公告编号：2024-022 申通快递股份有限公司 关于召开 2023 年度股东大会的通知 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"）第六届董事会第三次会议审议通过了《关于召 开 2023 年度股东大会的议案》，决定公司于 2024 年 5 月 20 日（周一）15 时召开公司 2023 年度 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：2023 年度股东大会 （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 5 月 20 日（周一）15 时 网络投票时间：2024 年 5 月 20 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 5 月 20 日 9:15—9:25， 9:30—11:30 和 13:00—15:00； 2、通过深圳证券交易所互联网投票的具体时间 ...