YUNDA Corp.(SZ:002120) ZHESHANG SECURITIES·2024-08-29 05:23Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company achieved a net profit attributable to shareholders of 1.041 billion yuan in H1 2024, representing a year-on-year increase of 19.8% [3] - The company's operating revenue for H1 2024 was 23.252 billion yuan, an increase of 7.78% year-on-year, with express service revenue rising by 10.08% to 22.687 billion yuan [3][4] - The company continues to optimize its customer structure and enhance network capabilities, achieving a 30.02% year-on-year growth in express business volume, reaching 10.924 billion parcels in H1 2024 [4] Summary by Sections Financial Performance - In H1 2024, the company reported a net profit of 1.041 billion yuan, up 19.8% year-on-year, and a net profit excluding non-recurring items of 832 million yuan, up 5.42% [3] - The net cash flow from operating activities was 2.02 billion yuan, a significant increase of 75.46% year-on-year [3] - For Q2 2024, the company achieved operating revenue of 12.096 billion yuan, a year-on-year increase of 8.98%, and a net profit of 628 million yuan, up 23.15% [3] Cost Management - The company has seen a decrease in core operating costs, with the cost per parcel for sorting down by 19.8% to 0.31 yuan and transportation costs down by 27.6% to 0.39 yuan [3][4] - The average loading rate increased by 7 percentage points year-on-year, contributing to reduced operational costs [3] Market Position and Growth - The company's market share reached 13.6% with a business volume growth of 30.02% year-on-year in H1 2024 [4] - The company has enhanced its service quality and product competitiveness, particularly in sectors such as pharmaceuticals and e-commerce, with a doubling of single order business volume [4] Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 2.121 billion, 2.597 billion, and 2.986 billion yuan, respectively, with corresponding P/E ratios of 8.7, 7.1, and 6.2 [4]