YUNDA Corp.(002120) 国海证券·2024-11-01 13:19Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant growth in both volume and profit, driven by effective cost control and a strategy of "exchanging price for volume" [2][5] - The express delivery industry has shown resilience with a year-on-year business volume growth rate of 22.03%, with the company outperforming this at 27.71% [2][6] - The company is expected to continue optimizing costs and improving pricing power, leading to enhanced profitability in the future [6][7] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 35.509 billion yuan, a year-on-year increase of 8.14%, and a net profit attributable to shareholders of 1.408 billion yuan, up 20.93% [2][4] - In Q3 2024, the company achieved a revenue of 12.257 billion yuan, a year-on-year increase of 8.84%, and a net profit of 367 million yuan, up 24.25% [2][4] - The company's business volume reached 16.943 billion pieces in the first three quarters, a growth of 27.71%, with a single piece revenue of 2.10 yuan, down 15.32% year-on-year [2][3] Cost and Expense Management - The company has successfully reduced total expenses by 14.99% to 1.537 billion yuan in the first three quarters of 2024, with an expense ratio of 4.33%, down 1.18 percentage points [3][4] - The single piece cost decreased by 15.06% to 1.89 yuan, contributing to a gross margin of 9.87% [2][3] Market Position and Outlook - The company has increased its market share by 0.61 percentage points in the first three quarters of 2024, outperforming the industry growth rate [2][6] - Future revenue projections for 2024-2026 are 49.631 billion yuan, 54.210 billion yuan, and 58.936 billion yuan respectively, with net profits expected to be 2.035 billion yuan, 2.343 billion yuan, and 2.694 billion yuan [7][9]