Core Insights - Full Truck Alliance Co. Ltd. reported quarterly earnings of $0.17 per share, exceeding the Zacks Consensus Estimate of $0.15 per share, and showing an increase from $0.11 per share a year ago, resulting in an earnings surprise of 13.33% [1] - The company achieved revenues of $431.97 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 11.19% and up from $310.3 million year-over-year [2] - Full Truck Alliance shares have increased approximately 22.3% year-to-date, compared to the S&P 500's gain of 24.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.12 on revenues of $384.21 million, and for the current fiscal year, it is $0.48 on revenues of $1.48 billion [7] - The estimate revisions trend for Full Truck Alliance is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Technology Services industry, to which Full Truck Alliance belongs, is currently ranked in the top 27% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

GUIYANG, China, Nov. 20, 2024 /PRNewswire/ -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the third quarter ended September 30, 2024.Third Quarter 2024 Financial and Operational Highlights Total net revenues in the third quarter of 2024 were RMB3,031.4 million (US$432.0 million), an increase of 33.9% from RMB2,263.9 million in the same period of 2023.  Net income in the third quarter of 2024 was RM ...

Earnings Call Scheduled for 7:00 A.M. U.S. ET on November 20, 2024 GUIYANG, China, Oct. 31, 2024 /PRNewswire/ -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading digital freight platform, today announced that it will release its third quarter 2024 unaudited financial results on Wednesday, November 20, 2024, before the open of the U.S. markets. The Company's management will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on November 20, 2024 or 8:00 P.M. Beijing Ti ...

Full Truck Alliance Co. Ltd. Sponsored ADR (YMM) shares rallied 10.2% in the last trading session to close at $8.42. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.9% gain over the past four weeks.The stock is rallying after the People’s Bank of China (PBOC) announced that it plans to lower banks’ reserve requirements by 50 basis points (bps) and may implement further cuts in the future. Also, the PBOC red ...

Shares of Full Truck Alliance Co. Ltd. Sponsored ADR (YMM) have gained 2.4% over the past four weeks to close the last trading session at $7.25, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $10.12 indicates a potential upside of 39.6%. The average comprises six short-term price targets ranging from a low of $7 to a high of $12, with a standard deviation of $1.84. While the lo ...

证券研究报告·海外公司点评·交通运输 满帮集团（YMM） 2024Q2 业绩点评：用户加速增长，规模与盈 利能力继续成长 2024 年 08 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |-------------------------------|-------|-------|-------|-------|-------| | [盈利预测与估值 Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | | | | | | | 同比（%） | 45% | 25% | 26% | 26% | 23% | | Non-GAAP 归母净利润（百万元） | | | | | | | 同比（%） | 209% | 100% | 31% | 35% | 29% | | Non-GAAP EPS（元/ADS） | | | | | | | PE（Non-GAAP） | | | | | | [关键词： Table_Tag#业绩超预期 ] [Table_Summary] 投资要点 ◼ 事件 ...

031 # II 1 用 Justin Paget Full Truck Alliance Co. Ltd.'s (NYSE:YMM) shares are still awarded a Buy rating based on my assessment of the company's performance and prospects. YMM achieved top line and bottom-line growth rates of over +30% YoY in the recent quarter. Looking forward, the company anticipates that its order volume will increase by at least +20% for the full-year FY 2024. My previous May 24, 2024, update evaluated YMM's shareholder yield and key Q1 2024 financial metrics. In the current write-up, ...

[Table_Title] 【 广 发 传 媒 & 海 外 】 满 帮 集 团 （YMM） 交易抽佣持续高增，履约订单数&货主 MAU 创新高 [Table_Summary] 核心观点： ⚫ 事件：满帮集团发布 24Q2 业绩。24Q2，公司实现营收 27.64 亿元， YoY+34.1%，高于业绩指引 26.5~27.2 亿元的上沿，主要由于交易交 易服务收入的显著增长。分业务看：（1）货运匹配服务收入 23.29 亿 元，同增 34.4%。其中：货运经纪收入 11.65 亿元，YoY+22.7%；信 息发布收入 2.12 亿元，YoY+5.6%；交易服务收入 9.52 亿元， YoY+63.4%，继续保持高增速，主要由订单量、抽佣覆盖率及单均抽 佣的增长驱动。（2）增值服务收入 4.36 亿元，同增 32%。 ⚫ 利润端，24Q2 毛利率 52.5%，同比下降 0.2pct，环比下降 2.0pct。费 用率优化带来净利率提升。24Q2，销售费用 3.7 亿元，销售费用率 13.5%，同比下降 0.2pct，环比下降 1.5pct；管理费用率及研发费用率 同比环比都明显优化。24Q2，归母净利 8.2 亿元 ...

Financial Performance - Total net revenues for Q2 2024 were RMB2,764.3 million (US$380.4 million), a 34.1% increase from RMB2,062.0 million in Q2 2023[3] - Net income for Q2 2024 was RMB840.5 million (US$115.7 million), up 38.0% from RMB609.0 million in Q2 2023[14] - Non-GAAP adjusted net income in Q2 2024 was RMB970.9 million (US$133.6 million), a 34.3% increase from RMB722.7 million in Q2 2023[14] - The net income attributable to ordinary shareholders for the six months ended June 30, 2024, was RMB 1,404,306 thousand, compared to RMB 1,014,446 thousand for the same period in 2023, reflecting a 38.4% increase[38] - The income from operations for the three months ended June 30, 2024, was RMB 565,367 thousand, a significant increase from RMB 312,189 thousand in the previous year, marking an 81.1% growth[42] - The total operating income for the six months ended June 30, 2024, was RMB 1,184,417 thousand, up from RMB 723,109 thousand in the same period of 2023, representing a 63.8% increase[42] User Metrics - Fulfilled orders reached 49.1 million in Q2 2024, a 22.0% increase from 40.2 million in Q2 2023[3] - Average shipper MAUs in Q2 2024 were 2.65 million, a 32.8% increase from 2.00 million in Q2 2023[3] Revenue Growth - Revenues from transaction services grew 63.4% year-over-year to RMB951.9 million (US$131.0 million) in Q2 2024[6] - The company expects total net revenues for Q3 2024 to be between RMB2.76 billion and RMB2.82 billion, reflecting a year-over-year growth rate of approximately 21.9% to 24.6%[22] Cash and Assets - Cash and cash equivalents as of June 30, 2024, totaled RMB26.8 billion (US$3.7 billion), down from RMB27.6 billion as of December 31, 2023[16] - The total current assets as of June 30, 2024, amounted to RMB 23,190,352, a decrease from RMB 23,996,982 as of December 31, 2023[36] - Total assets increased slightly from RMB 39,347,647 to RMB 39,598,318, reflecting a growth of about 0.6%[36] - The company has long-term investments totaling RMB 11,075,739 as of June 30, 2024, which includes various financial instruments[36] - The company reported a total shareholders' equity of RMB 35,707,599 as of June 30, 2024, a slight increase from RMB 35,617,304[36] Expenses - Research and development expenses in Q2 2024 were RMB232.1 million (US$31.9 million), an increase from RMB223.7 million in Q2 2023[12] - For the three months ended June 30, 2024, the total operating expenses increased to RMB 2,206,714 thousand, up from RMB 1,964,534 thousand in the same period of 2023, representing a 12.3% increase[38] - Research and development expenses for the three months ended June 30, 2024, were RMB 232,140 thousand, slightly down from RMB 247,708 thousand in the same period of 2023, a decrease of 6.3%[38] - The company incurred share-based compensation expenses of RMB 116,301 thousand for the three months ended June 30, 2024, compared to RMB 99,626 thousand in the same period of 2023, an increase of 16.7%[42] Financial Ratios and Adjustments - The total non-performing loan ratio was 2.1% as of June 30, 2024, compared to 2.0% as of December 31, 2023[17] - Non-GAAP adjusted operating income and net income measures are provided, but they should not be considered in isolation from GAAP measures[31] - The company emphasizes the importance of reviewing non-GAAP financial measures alongside the most directly comparable GAAP measures[31] Forward-Looking Statements - Forward-looking statements indicate potential risks related to market conditions and regulatory environments affecting future performance[33] - The company anticipates continued growth in net income and user data as it expands its market presence and invests in new product development[44]

Financial Data and Key Metrics - Total net revenues in Q2 2024 reached RMB2,764 million, up 34.1% YoY [10] - Non-GAAP adjusted operating income increased by 55.1% YoY to RMB699 million, while adjusted net income rose 34.3% YoY to RMB971 million [10] - Basic and diluted net income per ADS were RMB0.79, compared to RMB0.57 in the same period last year [25] - Cash and cash equivalents, restricted cash, short-term investments, long-term time deposits, and wealth management products totaled RMB26.8 billion as of June 30, 2024 [26] Business Line Performance - Transaction service revenues grew by 63% YoY, accounting for over 34% of total revenues [10] - Freight brokerage service revenues increased by 22.7% YoY to RMB1,164.8 million, driven by higher transaction volume [22] - Freight listing service revenues rose 5.6% YoY to RMB212.1 million, primarily due to growth in paying members [22] - Value-added services revenues grew 32% YoY to RMB435.6 million, supported by demand for credit solutions and other services [22] Market Performance - Fulfilled orders in H1 2024 grew by 25% YoY, significantly outpacing the single-digit growth in the overall freight market [6] - The number of freight orders fulfilled by electric vehicles increased by 100% YoY, contributing nearly 20% of total order volume [11] - The fulfillment rate reached a record high of 33.7% in Q2, up 3.4 percentage points YoY [9] Strategic Direction and Industry Competition - The company aims to become a one-stop shipping platform for 30 million small and medium-sized shippers, focusing on high-quality user acquisition [8] - Investments in digitalization and intelligent infrastructure are ongoing, with a focus on promoting new energy transportation capacity [11] - The LTL (less-than-truckload) business grew 47% YoY in Q2, driven by industry trends and enhanced product features [51] Management Commentary on Operating Environment and Future Outlook - Despite macroeconomic challenges and extreme weather conditions, the company maintained robust order growth, with fulfilled orders increasing by 22% YoY to 49.1 million in Q2 [13] - The company expects total revenues for Q3 2024 to be between RMB2.78 billion and RMB2.82 billion, representing a YoY growth rate of 21.9% to 24.6% [26] - Management remains confident in achieving over 20% order volume growth for the full year, driven by user growth and product enhancements [32] Other Important Information - The company repurchased approximately 3.5 million ADS shares, totaling $30.7 million, under its $300 million share repurchase program [20] - The shipper member 12-month rolling retention rate remained above 80% in Q2, indicating strong user stickiness [17] Q&A Session Summary Question: Factors behind the slowdown in order growth and outlook for Q3 and full-year order volume [29] - Order growth in Q2 was driven by an expanding shipper user base, product optimization, and new business volume, partially offset by weak road freight demand and extreme weather conditions [30] - The company expects over 20% order volume growth for the full year, supported by increasing online penetration and product enhancements [32] Question: Drivers behind the strong growth in monthly active shippers and user structure trends [33] - User growth was driven by effective acquisition strategies, including online channels and branding campaigns, with direct shippers contributing 48% of total fulfilled orders [34] - The company is enhancing the trucker credit rating system and expanding service coverage to increase order frequency among direct shippers [35] Question: Update on freight listing services and reasons for modest revenue growth [38] - Shipper members reached 860,000 in Q2, with growth driven by new users and enhanced membership operations [39] - The company introduced free trial memberships and a RMB288 mini membership package to attract new paying members [39] Question: Trucker activity levels and strategies for trucker operations [41] - Monthly active truckers responding to orders remained above 3 million in Q2, with growth driven by the premium cargo bidding feature [42] - The company is focusing on optimizing service scenarios, including a dedicated LTL carpool zone, to improve trucker efficiency [44] Question: Progress in the entrusted shipment business and operational strategies [46] - Entrusted shipment orders accounted for over 6% of total order volume in Q2, driven by pricing strategy optimization and new user influx [47] - The company is focusing on tiered trucker rating systems to ensure transportation quality for entrusted shipments [48] Question: Growth in the LTL business and industry trends [50] - The LTL business grew 47% YoY in Q2, driven by industry shifts toward LTL and enhanced product features [51] - The company launched a carpooling zone for LTL to improve shippers' cargo consolidation efficiency and truckers' income levels [53]