YUNDA Corp.(SZ:002120) Guohai Securities·2024-08-31 03:08Investment Rating - The report maintains a "Buy" rating for Yunda Holdings [1] Core Views - Yunda Holdings is benefiting from the trend of small parcel delivery, leading the industry in growth rates with a business volume increase of 30.02% year-on-year in H1 2024, significantly outperforming the industry average of 23.11% [5][8] - The company is expected to see a recovery in single-ticket profitability as cost optimization measures continue to take effect, alongside an anticipated improvement in pricing power [8] Financial Summary - In H1 2024, Yunda Holdings achieved operating revenue of 23.252 billion yuan, a year-on-year increase of 7.78%, and a net profit attributable to shareholders of 1.041 billion yuan, up 19.80% [4] - The company reported a single-ticket operating cost of 1.90 yuan, down 16.76% year-on-year, which alleviated some pressure from price competition [6][8] - The gross profit margin for Q2 2024 was 10.79%, showing a slight decline of 0.49 percentage points year-on-year, while the net profit margin improved by 0.60 percentage points to 5.19% [6][8] Business Performance - Yunda Holdings completed a business volume of 10.924 billion parcels in H1 2024, with a single-ticket revenue of 2.13 yuan, reflecting a year-on-year decline of 17.11% [4][5] - The company has been optimizing its transportation resource structure and increasing the proportion of self-operated vehicles, which has contributed to a reduction in transportation costs [5][8] Future Outlook - The report forecasts Yunda Holdings' operating revenue to reach 53.158 billion yuan in 2024, with net profits expected to be 1.803 billion yuan, reflecting a growth rate of 11% [9][10] - The company is anticipated to maintain a strong growth trajectory, with a projected PE ratio decreasing from 11.29 in 2024 to 7.75 by 2026, indicating potential for increased profitability [9][10]