YTO(SH:600233) Xin Lang Cai Jing·2025-09-01 02:28Group 1 - The core viewpoint of the news is that YTO Express has shown resilience in profitability despite a competitive environment, with significant growth in business volume and capital expenditure [1][3] - In H1 2025, the company achieved operating revenue of 35.883 billion yuan, a year-on-year increase of 10.19%, while net profit attributable to shareholders was 1.831 billion yuan, a decrease of 7.90% [1] - In Q2 2025, the company completed a volume of 8.084 billion parcels, a year-on-year increase of 21.84%, and maintained a market share of 16.0%, up 0.6 percentage points year-on-year [1] Group 2 - The company has maintained strong cost control, with the core cost per parcel in Q2 2025 at 0.59 yuan, a decrease of 0.07 yuan (or -9.2%) year-on-year [2] - The company is leveraging AI and smart technologies to enhance operational efficiency, with applications like AI assistants and smart routing contributing to improved management effectiveness [2] - In Q2 2025, the net profit per parcel was 0.12 yuan, a year-on-year decrease of 0.04 yuan (or -23.5%), indicating strong operational resilience despite pricing pressures [3] Group 3 - The company is expected to benefit significantly from the industry's gradual shift away from intense competition, with projected net profits for 2025-2027 at 4.571 billion, 5.835 billion, and 6.695 billion yuan, representing year-on-year growth rates of 13.93%, 27.64%, and 14.73% respectively [3] - The current price-to-earnings ratios for the projected years are 12.68, 9.94, and 8.66 times, indicating a favorable valuation outlook [3]