2024年8月快递月报：需求较好、价格触底，预计旺季量增价涨业绩弹性可观

Investment Rating - The report maintains a "Recommended" investment rating for the express delivery industry, indicating a positive outlook for the sector [1]. Core Insights - The express delivery industry experienced a significant increase in business volume, with a total of 14.38 billion packages delivered in August 2024, representing a year-on-year growth of 19.5% [1][3]. - The average revenue per package decreased to 7.93 yuan, a decline of 5.5% year-on-year, while total revenue for the industry reached 114.12 billion yuan, reflecting a year-on-year increase of 12.9% [1][3]. - The report highlights the strong performance of major players in the industry, with YTO Express, Yunda, and Shentong reporting revenue growth rates of 20.7%, 11.4%, and 21.5% respectively [1][8]. Summary by Sections Industry Overview - The express delivery sector is showing robust demand, with a business volume growth of 19.5% year-on-year and a total of 143.8 billion packages delivered in August 2024 [1][3]. - The industry’s CR8 index stands at 85.2%, indicating a stable competitive landscape [1][2]. E-commerce Delivery - Major companies such as YTO Express, Yunda, and Shentong reported significant increases in business volume, with YTO Express achieving a 29.9% growth [1][8]. - The average price per package for these companies has seen a decline, with YTO Express at 2.17 yuan, down 7.1% year-on-year [1][9]. Financial Performance - SF Express reported a total revenue of 229.81 billion yuan, up 13.4% year-on-year, with a business volume of 10.43 billion packages, reflecting a 14.6% increase [1][8]. - The report emphasizes the potential for revenue and valuation growth in the express delivery sector, driven by strong demand and favorable market conditions [1][3].