YTO(600233) 东兴证券·2024-09-03 03:30Investment Rating - The report maintains a "Strong Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 3.26 billion yuan for the first half of 2024, representing a year-on-year growth of 20.6%, with a net profit attributable to shareholders of 1.99 billion yuan, up 6.8% year-on-year [2]. - The company's business volume grew steadily, achieving 12.2 billion parcels in the first half, a year-on-year increase of 24.8%, slightly exceeding the industry average [2]. - Despite a decline in single-ticket revenue due to intense price competition, the company managed to maintain a relatively high level of delivery costs for its franchisees [2]. - The company continues to optimize its single-ticket costs, which decreased from 2.19 yuan to 2.11 yuan year-on-year, helping to offset revenue declines from price wars [2]. - The regulatory environment is shifting towards reducing "involution" in the industry, suggesting a potential easing of price competition in the fourth quarter [2]. Financial Performance Summary - Revenue projections for 2024-2026 are 65.79 billion, 73.97 billion, and 81.85 billion yuan, with corresponding net profits of 4.21 billion, 5.16 billion, and 6.22 billion yuan [3][4]. - The company’s earnings per share (EPS) are expected to be 1.22, 1.50, and 1.81 yuan for the years 2024-2026 [3][4]. - The price-to-earnings (PE) ratios for 2024-2026 are projected at 12.5, 10.2, and 8.4 times, indicating a favorable valuation [3][4]. Company Overview - The company is a comprehensive international supply chain integrator, involved in express logistics, technology, aviation, finance, and trade [5]. - As of the end of 2023, the company operates over 5,100 branches and more than 80,000 service points across all provincial-level cities in China [5].