YUNDA Corp.(SZ:002120) Huachuang Securities·2024-08-31 17:07Investment Rating - The report maintains a "Strong Buy" rating for Yunda Holdings, expecting it to outperform the benchmark index by over 20% in the next six months [1][17]. Core Views - Yunda Holdings continues to show robust growth in business volume, exceeding industry growth rates, with a significant reduction in core costs and expenses [1]. - The company reported a revenue of 23.252 billion yuan for the first half of 2024, a year-on-year increase of 7.78%, with express service revenue growing by 10.08% [1]. - The net profit attributable to shareholders reached 1.041 billion yuan, reflecting a 19.80% increase year-on-year [1]. Financial Performance Summary - Revenue Growth: The company achieved a total revenue of 23.252 billion yuan in H1 2024, with express revenue contributing 22.687 billion yuan [1]. - Quarterly Breakdown: In Q1 2024, revenue was 11.16 billion yuan, and in Q2, it increased to 12.1 billion yuan, showing a growth of 6.5% and 9% respectively [1]. - Net Profit: The net profit for H1 2024 was 1.041 billion yuan, with a quarterly breakdown of 0.41 billion yuan in Q1 and 0.63 billion yuan in Q2, marking increases of 14.9% and 23.3% year-on-year [1]. - Business Volume: The total express business volume reached 10.924 billion parcels, a 30.02% increase year-on-year, significantly outpacing the industry growth rate of 23.1% [1]. Cost and Efficiency Analysis - Single Parcel Revenue: The average revenue per parcel decreased to 2.08 yuan, down 15.3% year-on-year [1]. - Single Parcel Cost: The average operating cost per parcel was 1.86 yuan, a decrease of 15.75% year-on-year, with transportation costs dropping by 27.61% [1]. - Expense Management: Total expenses decreased by 14% year-on-year, with Q2 expenses down by 19.26% [1]. Investment Forecast - Profit Projections: The report adjusts profit forecasts for 2024-2026, estimating net profits of 2.13 billion, 2.56 billion, and 2.97 billion yuan respectively, with corresponding EPS of 0.73, 0.88, and 1.02 yuan [1][2]. - Target Price: The target price is set at 9.55 yuan, indicating a potential upside of approximately 36% from the current price of 7.02 yuan [1][4].