YTO(600233) INDUSTRIAL SECURITIES·2024-08-31 06:10Investment Rating - The investment rating for the company is "Add" [1][5] Core Views - The company reported a revenue of 32.565 billion yuan for H1 2024, representing a year-on-year increase of 20.61%, and a net profit attributable to shareholders of 1.988 billion yuan, up 6.84% year-on-year. The express delivery segment contributed a net profit of 2.097 billion yuan, reflecting a 13.48% increase year-on-year [4][5] - The company has shown improvements in operational efficiency, with a significant reduction in service delays and customer complaints, indicating enhanced customer satisfaction and operational effectiveness [4][5] - The ongoing digital transformation efforts are beginning to yield results, with a notable increase in market share and profitability, suggesting a strong competitive position in the industry [4][5] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 32.565 billion yuan, with a net profit of 1.988 billion yuan. The express delivery segment's net profit was 2.097 billion yuan, with a market share of 15.2% [4][5] - Quarterly net profits for the express delivery segment were 0.96 billion yuan in Q2 2023, 0.86 billion yuan in Q3 2023, 1.13 billion yuan in Q4 2023, 0.99 billion yuan in Q1 2024, and 1.10 billion yuan in Q2 2024, showing a consistent upward trend [4][10] Operational Metrics - The company has improved service metrics, with a 23% reduction in delivery delays and over 30% decrease in false delivery rates. Customer complaint rates have also decreased by 4% [4][5] - The company operates a robust logistics network with nearly 7,000 trunk vehicles and 73 self-operated transfer centers, indicating strong infrastructure support for its operations [4][8] Profitability Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 4.37 billion yuan, 5.25 billion yuan, and 6.10 billion yuan, respectively, with corresponding PE ratios of 11.8, 9.8, and 8.5 [5][9] - The express delivery business is expected to maintain a net profit margin of approximately 0.170 yuan per package in 2024, with projected growth in profitability over the next few years [9][10]