2024年5月快递月报：重视通达龙头配置价值，攻守兼备优势突出

Investment Rating - The report maintains a "Recommended" investment rating for the express delivery industry, emphasizing the value of leading companies in the sector [1]. Core Insights - The express delivery industry experienced a significant increase in business volume, reaching 14.78 billion packages in May 2024, representing a year-on-year growth of 23.8% [1][3]. - Revenue for the industry totaled 115.99 billion yuan in May 2024, reflecting a year-on-year increase of 15.6% [1][3]. - The average revenue per package decreased to 7.85 yuan, down 6.6% year-on-year [1][3]. - The industry concentration, measured by the CR8 index, stands at 85.2%, indicating a slight increase in market share among the top players [1][3]. Summary by Sections Express Delivery Industry - Business volume reached 14.78 billion packages, with a year-on-year growth of 23.8% and a month-on-month increase of 7.9% [1][3]. - Revenue for the month was 115.99 billion yuan, up 15.6% year-on-year [1][3]. - The average revenue per package was 7.85 yuan, down 6.6% year-on-year [1][3]. - The CR8 index indicates a concentration level of 85.2%, with a slight increase compared to previous months [1][3]. E-commerce Express Delivery - Major companies such as YTO, Yunda, and Shentong reported revenues of 5.093 billion, 4.136 billion, and 3.902 billion yuan respectively, with growth rates of 22.6%, 10.1%, and 17.6% [1][3]. - Business volumes for these companies were 2.284 billion, 2.042 billion, and 1.946 billion packages, with respective growth rates of 27.6%, 32.7%, and 29.5% [1][3]. SF Express - SF Express reported total revenue of 22.555 billion yuan, a year-on-year increase of 11.88% [1][3]. - The logistics segment generated 17.097 billion yuan, up 12.72% year-on-year, with a package volume of 1.121 billion [1][3]. - The average revenue per package was 15.25 yuan, down 1.17% year-on-year [1][3]. Investment Recommendations - Long-term outlook suggests that the industry's ultimate value is underestimated, with a clearer path towards consolidation and pricing power as competition stabilizes [1][3]. - Short-term focus should be on the performance of leading companies like Zhongtong and YTO, which are expected to maintain strong positioning despite potential price adjustments [1][3].