STO(SZ:002468) Mei Ri Jing Ji Xin Wen·2025-05-30 03:04Core Viewpoint - The express delivery industry is transitioning from "scale competition" to "quality competition," with Shentong Express achieving significant growth and reversing its previous decline, as evidenced by its record revenue in Q1 2025 [1][2]. Group 1: Financial Performance - In Q1 2025, Shentong Express reported a revenue of 11.999 billion yuan, marking a historical high [1]. - The company achieved a net profit growth of over 200% year-on-year in 2024, with business volume growth leading the "Tongda system" for two consecutive years [1][2]. - Shentong's business volume reached 5.807 billion pieces in Q1 2025, a year-on-year increase of 26.6%, surpassing the industry growth rate of 21.6% [2]. Group 2: Operational Efficiency - The company completed its "three-year 10 billion capacity enhancement plan" in 2024, increasing its daily processing capacity from 42 million pieces in 2021 to over 75 million pieces in 2024 [2]. - The average cost per delivery decreased to 1.94 yuan in 2024, a reduction of 10% year-on-year, due to infrastructure improvements and automation investments [3]. - Shentong Express plans to enhance its operational efficiency by optimizing routing, increasing direct delivery routes, and implementing AI technology in delivery processes [3][9]. Group 3: Strategic Focus - The company is focusing on improving single-ticket revenue and customer structure while expanding its market presence in low-occupancy areas [4]. - Shentong Express emphasizes a balanced growth strategy, rejecting blind pursuit of volume in favor of quality and profitability [5]. - The company is positioning itself as an "economical express" service, targeting high-quality customer segments and offering customized solutions for various industries [6]. Group 4: Future Outlook - Shentong Express aims to continue its digital transformation and enhance its operational efficiency through AI and automation [9][10]. - The company is prepared for potential challenges in the competitive landscape, focusing on cost control and service quality improvements [8]. - Future capital expenditures will prioritize automation and maintenance, with flexibility to increase spending if significant volume growth occurs [9][10].