Investment Rating - The report maintains a "Buy" rating for ZTO Express (02057) as of August 23, 2024 [1] Core Views - ZTO Express achieved a business volume of 15.623 billion parcels in H1 2024, representing a year-on-year growth of 11.80%, with a market share of 19.49% [1][3] - The company is focusing on enhancing service quality and optimizing its business structure, which is expected to lead to a significant increase in high-value parcel volume by the end of the year [4][6] - The report anticipates a revenue growth of 12% to 13% for the years 2024 to 2026, with net profit growth projected at 15% to 23% during the same period [8][9] Summary by Sections Business Performance - In Q2 2024, ZTO Express reported a business volume of 8.452 billion parcels, a 10.10% increase year-on-year, with a market share of 19.63% [1][3] - The company achieved a revenue of 20.686 billion yuan in H1 2024, a 10.48% increase year-on-year, with core express service revenue of 19.116 billion yuan, up 9.94% [3] Cost Management - ZTO Express reported a record low core cost per parcel of 0.65 yuan in Q2 2024, down 0.02 yuan year-on-year, attributed to improved operational efficiency and resource utilization [6][8] - The company is implementing cost reduction projects such as "Direct Delivery" and "Three-Network Integration," which are expected to further decrease overall costs [7][8] Future Outlook - The company has set a business volume growth target of 15% to 18% for 2024, with expectations for accelerated growth in H2 2024 [6][8] - ZTO Express is projected to achieve revenues of 429.76 billion yuan, 484.31 billion yuan, and 545.56 billion yuan for the years 2024, 2025, and 2026, respectively [9]
中通快递-W：散单件量年底有望翻倍，核心成本再创新低度业绩点评