YTO(SH:600233) China Post Securities·2024-08-28 09:31Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [8]. Core Insights - The company reported a revenue of 32.56 billion yuan for the first half of 2024, reflecting a year-on-year growth of 20.6%, with a net profit attributable to shareholders of 1.99 billion yuan, up 6.8% year-on-year [5]. - The company's express delivery volume increased by 24.8% year-on-year, outperforming the industry average growth rate by 1.7 percentage points, while the average revenue per package slightly decreased by 4.0% [5][6]. - The company has successfully reduced its core costs, with transportation costs per package down by 8.6% to 0.43 yuan, and operational costs at transfer centers also decreased by 8.33% [6]. - The overall performance of the company is strong, with stable expenses and a notable increase in express delivery profits, which grew by 13.5% year-on-year [7]. Financial Summary - The company expects net profits for 2024-2026 to be 4.32 billion yuan, 5.26 billion yuan, and 6.09 billion yuan, representing year-on-year growth rates of 16.0%, 21.9%, and 15.8% respectively [8]. - The projected earnings per share (EPS) for 2024 is 1.25 yuan, with a price-to-earnings (P/E) ratio of 11.73, indicating a relatively low valuation [10]. - The company’s total revenue is forecasted to reach 65.21 billion yuan in 2024, with a growth rate of 13.04% [11].