快递5月数据点评：业务量维持高增长，单票价格继续下探

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The express delivery industry is experiencing high growth in business volume, with a year-on-year increase of 23.8% in May, surpassing the previous month's growth rate of 22.7% [2][8] - Intense price competition continues, with the average price per ticket dropping from 7.99 yuan in April to 7.85 yuan in May, reflecting a year-on-year decline of 12.2% [17][19] - The competitive landscape is shifting, with leading companies like Zhongtong and Yuantong showing resilience in pricing strategies, while Shentong and Yunda are engaging in aggressive price competition [28][29] Summary by Sections Industry Overview - The express delivery industry comprises 128 companies, with a total market value of 30,250.61 billion yuan, representing 3.66% of the overall market [1] - The average price-to-earnings ratio for the industry stands at 16.54 [1] Business Volume Analysis - In May, the total business volume reached 14.78 billion pieces, with same-city deliveries growing by 21.1% and intercity deliveries by 24.4% [2][8] - The demand in the industry remains strong, with major players exceeding peak levels from the previous year [7][13] Pricing Trends - The price competition is particularly fierce in the low-price segment, with significant declines in ticket prices for major companies [17][19] - Shentong and Yunda's ticket revenues are nearing 2 yuan, indicating a highly competitive environment [22][24] Market Share Dynamics - The market share of Yunda and Shentong has increased by approximately 0.9 percentage points and 0.6 percentage points year-on-year, respectively [13][28] - The industry concentration ratio (CR8) has improved, indicating a shift towards larger players gaining market share [25][26] Investment Recommendations - The report suggests focusing on leading companies Zhongtong and Yuantong, as they are better positioned to navigate the ongoing price competition and potential market recovery [29][28]