YTO(SH:600233)2024-08-29 01:12Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 32.565 billion yuan in the first half of 2024, representing a year-on-year growth of 20.6%, with a net profit attributable to shareholders of 1.988 billion yuan, up 6.8% [5] - The express delivery business showed steady profit growth, with a total business volume of 12.203 billion pieces in the first half of 2024, a year-on-year increase of 24.8% [5] - The company is enhancing its network competitiveness through ongoing projects and digitalization, leading to improved service quality and reduced customer complaints [5] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 32.565 billion yuan and a net profit of 1.988 billion yuan, with respective year-on-year growth rates of 20.6% and 6.8% [5] - The second quarter of 2024 saw revenues of 17.137 billion yuan, a 21.7% increase year-on-year, and a net profit of 1.044 billion yuan, up 9.4% [5] Business Operations - The express delivery business achieved a volume of 6.635 billion pieces in Q2 2024, reflecting a year-on-year growth of 24.75% [5] - The average transportation cost per piece decreased to 0.43 yuan, down 0.04 yuan year-on-year, while the average transfer cost was 0.28 yuan, down 0.02 yuan [5] Future Outlook - The company expects net profits for 2024-2026 to be 4.353 billion, 5.359 billion, and 6.116 billion yuan, with growth rates of 16.9%, 23.1%, and 14.1% respectively [5] - The current market valuation corresponds to a PE ratio of 12x for 2024, which is below the historical average, indicating potential for growth [5]