研报掘金丨民生证券：维持申通快递“推荐”评级，看好公司中长期发展

Core Viewpoint - Shentong Express reported a year-on-year increase of 40.3% in net profit attributable to shareholders for Q3 2025, with a slight increase of 0.01 yuan in profit per parcel, indicating a positive outlook for the company's performance in Q4 under the "anti-involution" backdrop [1] Group 1: Financial Performance - The net profit attributable to shareholders for Q3 2025 increased by 40.3% year-on-year [1] - The profit per parcel saw a year-on-year and quarter-on-quarter increase of 0.01 yuan [1] Group 2: Market Dynamics - The National Postal Administration's series of "anti-involution" measures have shown significant effectiveness, leading to a gradual price increase in express delivery services nationwide starting in September [1] - The upcoming e-commerce promotions at the end of October may drive a second price increase in express delivery services, further optimizing the company's operational status [1] Group 3: Strategic Developments - The acquisition of Dan Niao allows the company to strategically enter the high-end market, seizing opportunities in regional distribution and instant retail [1] - The company is one of the leading enterprises in the express delivery industry, showing strong development momentum and steady growth in performance [1] - The combination of the acquisition and ongoing "anti-involution" initiatives is expected to enhance the company's operational performance and long-term development prospects [1]