中通快递加码航空货运：Q1收入增速放缓，市场份额持续流失，散件市场“内卷”加剧

Core Viewpoint - Zhongtong Express is accelerating its air freight layout to address declining market share and slowing revenue growth, transitioning from an agency model to a self-operated system, which poses higher operational and cost control demands [1][2][3] Group 1: Air Freight Business Transition - Zhongtong Airlines has completed its registration with a capital of 600 million yuan, focusing on public air transport and logistics services [2] - The establishment of a domestic cargo airline is a key part of Zhongtong's full industry chain layout, with plans to invest 11 billion yuan in the cargo airline project [2][3] - The shift to a self-operated air freight model aims to enhance route planning and transportation efficiency but comes with significant operational challenges, including high costs for aircraft procurement and maintenance [3] Group 2: Market Share and Revenue Trends - In 2024, Zhongtong's single ticket revenue increased by 2.7% to 1.28 yuan, making it the only company in its sector to see an increase, despite a decline in market share [4][5] - The company's market share fell to 19.4% in 2024, a decrease of 3.5 percentage points, marking the first time it dropped below 20% since 2020 [5] - In Q1 2025, Zhongtong's single ticket revenue decreased by 8.46% to 1.19 yuan, while its business volume grew by 19.1% to 85.39 billion pieces, still lagging behind competitors [5][8] Group 3: Expansion into Parcel Market - Zhongtong is actively expanding its parcel business, reporting a 46% year-on-year increase in parcel volume, with a goal of reaching 8.4 million parcels per day by 2025 [9][10] - The parcel market offers higher profit margins compared to traditional e-commerce deliveries, but it is becoming increasingly competitive, leading to price wars [10] - Challenges in the parcel market include the presence of "scalpers" who negotiate lower prices, further squeezing profit margins for legitimate operators [10]