韵达股份：业绩持续改善，Q3归母净利同增24%

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported continuous improvement in performance, with a 24% year-on-year increase in net profit attributable to shareholders in Q3 2024 [2][6] - For the first three quarters of 2024, the company achieved revenue of 35.509 billion yuan, a year-on-year growth of 8.14%, and a net profit of 1.408 billion yuan, up 20.93% year-on-year [2][6] Summary by Sections Financial Performance - In Q3 2024, the company generated revenue of 12.257 billion yuan, reflecting an 8.84% year-on-year increase, and a net profit of 3.67 billion yuan, which is a 24.25% increase year-on-year [2][6] - The total express delivery volume for the first three quarters reached 16.943 billion pieces, a growth of 27.71% year-on-year, with a market share of 13.69% [6] - In Q3 2024, the express delivery volume was 6.019 billion pieces, growing 23.72% year-on-year, with a market share of 13.80%, up 0.41 percentage points year-on-year [6] Cost Management - The company has effectively utilized digital management to reduce period expenses, which decreased by 16% year-on-year in Q3 2024 [6] - The total expenses for the first three quarters were 1.537 billion yuan, down 14.99% year-on-year, with Q3 expenses at 493 million yuan, a 16.33% decrease year-on-year [6] Asset Impairment - The company made provisions for asset impairment totaling 169 million yuan in the first three quarters of 2024, which will reduce the net profit attributable to shareholders by 127 million yuan [6] Earnings Forecast - The company is expected to achieve revenues of 52.236 billion yuan, 58.611 billion yuan, and 63.484 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16.12%, 12.20%, and 8.31% [6] - The net profit attributable to shareholders is projected to be 2.036 billion yuan, 2.465 billion yuan, and 2.846 billion yuan for the same years, with growth rates of 25.26%, 21.10%, and 15.45% respectively [6]