YTO(SH:600233) Guohai Securities·2024-08-29 05:20Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a significant increase in revenue and profit, with H1 2024 revenue reaching 32.565 billion yuan, a year-on-year increase of 20.61%, and net profit attributable to shareholders of 1.988 billion yuan, up 6.84% year-on-year [3] - The company has maintained a strong market position with a business volume of 12.203 billion parcels in H1 2024, reflecting a year-on-year growth of 24.81% and a market share increase of 0.21 percentage points to 15.22% [3] - The company has successfully reduced its single parcel cost, achieving a new low, while maintaining stable profitability despite industry price competition [4][6] Financial Performance - In H1 2024, the company reported a revenue of 32.565 billion yuan, with a net profit of 1.988 billion yuan, and a net profit from express delivery of 2.097 billion yuan, showing respective year-on-year increases of 20.61%, 6.84%, and 13.48% [3] - The company’s single parcel revenue in H1 2024 was 2.34 yuan, down 0.10 yuan year-on-year, while the core cost per parcel was 2.11 yuan, down 0.08 yuan year-on-year, indicating effective cost management [4][6] - The company’s projected revenue for 2024-2026 is expected to be 66.344 billion yuan, 74.002 billion yuan, and 82.373 billion yuan, with respective year-on-year growth rates of 15%, 12%, and 11% [7][8] Operational Highlights - The company has significantly improved service quality, with a year-on-year reduction in delivery delays by 23%, loss rates by over 40%, and complaint rates by 4% in H1 2024 [6] - The company is focusing on enhancing its infrastructure and expanding its international market presence, with capital expenditures of 3.778 billion yuan in H1 2024, a year-on-year increase of 29.37% [7] - The company is actively pursuing a "going global" strategy, expanding its service network internationally, particularly in key countries and regions [7] Profitability Forecast - The company’s earnings per share (EPS) for 2024-2026 are projected to be 1.22 yuan, 1.46 yuan, and 1.69 yuan, with corresponding price-to-earnings (P/E) ratios of 12.29, 10.26, and 8.88 [8][9]