Core Viewpoint - The company reported a business volume of 8.54 billion pieces in Q1 2025, a year-on-year increase of 19.1%, but market share decreased by 0.4 percentage points to 18.9% [1] - Adjusted net profit for the company was 2.26 billion yuan, reflecting a year-on-year growth of 1.6% [1] - The company aims to enhance market share in 2025, despite Q1 growth being slightly below the industry average [1] Business Performance - The company maintained its business volume guidance for 2025 at 40.8 to 42.2 billion pieces, indicating a year-on-year growth of 20-24% [1] - Single ticket revenue decreased by 0.11 yuan, primarily due to increased incremental subsidies and a decline in single ticket weight [2] - The increase in direct customer business proportion partially offset the decline in single ticket revenue [2] Cost and Expenses - The company's single ticket core cost showed a notable year-on-year decrease, with transportation costs dropping from 0.47 yuan to 0.41 yuan and sorting costs from 0.30 yuan to 0.27 yuan [2] - Total operating expenses significantly decreased to 283 million yuan from 735 million yuan year-on-year, mainly due to reduced sales, general, and administrative expenses [2] Competitive Landscape - The industry is experiencing intensified price competition, which may lead to a short-term slowdown in profit growth for the company [3] - The company is shifting back to a market share priority strategy in 2025, which is expected to impact the competitive landscape significantly [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 9.52 billion, 11.20 billion, and 12.64 billion yuan for 2025-2027, with corresponding P/E ratios of 10.9X, 9.2X, and 8.2X [3] - The company is expected to maintain a relatively stable profit level amid price wars, indicating strong safety margins [3]
中通快递-W(02057.HK)：价格战导致收入端承压 份额增长依旧是经营重心