Core Viewpoint - ZTO Express (02057) has seen a significant stock price increase of over 4%, attributed to favorable industry developments and policy changes aimed at reducing competition pressure, leading to a substantial valuation recovery [1] Industry Summary - The "anti-involution" policy has catalyzed positive signals within the industry, with multiple favorable events contributing to a recovery in valuations [1] - In early May, the express delivery rates in Yiwu began to show slight recovery, followed by price increases in the South China region in early August and in Yiwu by the end of August [1] - Monthly data from major e-commerce express companies since August indicates initial validation of price recovery on a month-on-month basis [1] - As the peak season approaches with Double Eleven, attention is drawn to seasonal price performance and data validation [1] Company Summary - ZTO Express is noted for its significant scale effects and superior single-package profitability compared to peers [1] - Continuous optimization of product and business structure, along with ongoing cost-reduction projects, is expected to further enhance single-package profitability, widening the gap with competitors [1] - The short-term strategy focuses on balancing volume and profit, leading to recovery in profits and growth, while the long-term outlook remains positive for leading e-commerce express companies due to strong management capabilities [1]
中通快递-W涨超4% 公司单票盈利性领先 机构建议关注快递旺季价格表现