Core Viewpoint - Zhongtong Express's core express business revenue in Q3 accelerated growth by 12% year-on-year, exceeding market expectations by 2%, benefiting from industry anti-involution [1] - Adjusted net profit margin remains above market expectations, excluding one-time tax refunds [1] - The expectation of sustained industry anti-involution will benefit Zhongtong Express, reflected in increased market share and high-quality profit growth visibility [1] Financial Performance - Q3 core express business revenue growth of 12% year-on-year [1] - Adjusted net profit margin exceeds market expectations [1] Market Outlook - Industry anti-involution is expected to continue for a certain period, with Zhongtong Express as a major beneficiary [1] - Increased market share and visibility of high-quality profit growth anticipated [1] Stock Recommendations - Target price for US stocks raised from $21 to $25 [1] - Hong Kong stock target price maintained at HKD 193 [1] - "Buy" rating maintained [1]
大行评级丨中银国际：上调中通快递目标价至25美元 维持“买入”评级