太平洋：给予圆通速递增持评级

Core Viewpoint - YTO Express (圆通速递) reported strong growth in its 2024 annual results, with revenue and net profit exceeding industry averages, leading to an "Accumulate" rating from Pacific Securities [1][2]. Financial Performance - Total revenue for the reporting period reached 623 billion RMB, a year-on-year increase of 19.67% [2]. - Net profit attributable to shareholders was 40.12 billion RMB, reflecting a year-on-year growth of 7.78% [2]. - The company plans to distribute approximately 12.3 billion RMB in cash dividends for 2024, which is about 30.7% of the annual net profit [2]. Business Segments - The express delivery segment generated 623 billion RMB, accounting for 90.2% of total revenue, with a year-on-year growth of 19.2% [2]. - The freight forwarding segment reported revenue of 37.6 billion RMB, up 22.5% year-on-year, contributing 5.5% to total revenue [2]. - The air freight segment achieved revenue of 17.2 billion RMB, marking a significant year-on-year increase of 43.2%, although it incurred a gross loss of 1.7 billion RMB [2]. - Other businesses generated 11.6 billion RMB in revenue, with a year-on-year growth of 5.8% and a gross profit of 6.1 billion RMB [2]. Future Outlook - The company is leveraging technology to enhance its comprehensive capabilities, with business data for 2024 expected to grow by 25%, surpassing the industry average [2]. - The average target price from 13 institutions over the last 90 days is 16.66 RMB, with 11 institutions recommending a buy and 2 recommending an accumulate rating [2].