YTO(SH:600233) ZHESHANG SECURITIES·2024-08-28 00:03Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company achieved a revenue of 32.565 billion yuan in H1 2024, representing a year-on-year increase of 20.6%, with a net profit attributable to shareholders of 1.988 billion yuan, up 6.84% year-on-year [2] - The company focuses on refined management and explores core cost reduction opportunities, with a single ticket express revenue of 2.34 yuan in H1 2024, down 3.95% year-on-year, and a single ticket cost of 2.11 yuan, down 3.47% year-on-year [2][3] - The company continues to enhance service experience and business scale, completing 12.203 billion express deliveries in H1 2024, a year-on-year increase of 24.81%, exceeding the industry average growth rate [3] - The company is deepening its international layout and strengthening comprehensive logistics service capabilities, with a self-owned fleet of 13 aircraft as of H1 2024 [4] - Profit forecasts indicate that the company's net profit attributable to shareholders is expected to reach 4.26 billion yuan in 2024, with corresponding P/E ratios of 11.9, 10.2, and 8.6 for 2024-2026 [5] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 32.565 billion yuan, a 20.6% increase year-on-year, and a net profit of 1.988 billion yuan, up 6.84% year-on-year [2] - For Q2 2024, the company achieved a revenue of 17.137 billion yuan, a 21.66% increase year-on-year, and a net profit of 1.044 billion yuan, up 9.40% year-on-year [2] Cost Management - The company reported a single ticket express revenue of 2.34 yuan in H1 2024, down 3.95% year-on-year, while the single ticket cost was 2.11 yuan, down 3.47% year-on-year [2] - The core costs (transportation + center operation) decreased to 0.71 yuan, down 0.06 yuan year-on-year [2] Market Position - The company completed 12.203 billion express deliveries in H1 2024, achieving a market share of 15.2% [3] - The company has a total of 5,045 franchisees and nearly 75,000 terminal stores nationwide [3] International Expansion - The company has a self-owned fleet of 13 aircraft and collaborates with cross-border e-commerce platforms to enhance international logistics capabilities [4] Profit Forecast - The company is expected to achieve net profits of 4.26 billion yuan in 2024, 4.95 billion yuan in 2025, and 5.87 billion yuan in 2026, with corresponding P/E ratios of 11.9, 10.2, and 8.6 [5]