YUNDA Corp.(SZ:002120) Xin Lang Cai Jing·2025-10-06 04:26Core Viewpoint - The company, Yunda Express, has faced challenges in recent years but is now focusing on operational optimization and cost reduction to regain market share and improve profitability [1][5]. Group 1: Company Overview - Yunda Express was established in August 1999 and was one of the first companies to implement a flat, platform-based, and information-driven network [1]. - From 2018 to 2022, the company held the second-largest market share in express delivery volume, but due to various factors, its market share dropped to third place in 2023 [1]. Group 2: Operational Efficiency - The company has been investing in core hub transfer centers, automation, capacity enhancement, and digitalization, leading to a decrease in core operating costs per package by 15.62% year-on-year in the first half of 2025 [2]. - The company achieved a total express delivery volume of 12.726 billion packages in the first half of 2025, reflecting a year-on-year growth of 16.50% [2]. Group 3: Cost Management - The company has successfully reduced operational expenses, with a decrease of 3.18 billion yuan in four major expense categories, representing a 13.85% year-on-year decline [4]. - The company’s sorting cost per package is estimated at 0.32 yuan, which is higher than its competitor Zhongtong Express's cost of 0.27 yuan, indicating room for improvement in service efficiency [4]. Group 4: Shareholder Confidence - The controlling shareholder, Shanghai Luojisi Investment Management Co., Ltd., is actively increasing its stake in the company, reflecting confidence in the company's long-term development [3][4]. - As of August 7, 2025, the controlling shareholder has acquired a total of 1.4744 million shares, amounting to approximately 9.9998 million yuan [4]. Group 5: Financial Projections - The company is projected to achieve revenues of 52.41 billion yuan, 57.33 billion yuan, and 62.72 billion yuan for the years 2025 to 2027, with net profits of 1.58 billion yuan, 1.93 billion yuan, and 2.25 billion yuan respectively [5]. - The earnings per share are expected to be 0.55 yuan, 0.67 yuan, and 0.78 yuan for the same period, with corresponding price-to-earnings ratios of 13.6X, 11.1X, and 9.6X [5].