YTO(600233) Guolian Securities·2024-11-06 10:25Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported steady growth in Q3 2024, with a 21.13% year-on-year increase in revenue for the first three quarters, totaling 49.369 billion yuan. Q3 revenue reached 16.805 billion yuan, up 22.13% year-on-year. The net profit attributable to the parent company for the first three quarters was 2.930 billion yuan, a 10.21% increase, with Q3 net profit at 943 million yuan, reflecting an 18.06% year-on-year growth [2][6] Summary by Relevant Sections Financial Performance - In Q3 2024, the company achieved a total express delivery volume of 6.711 billion pieces, a 28.16% increase year-on-year, surpassing the industry average growth rate by 8 percentage points. The market share in Q3 was 15.39%, an increase of 0.97 percentage points after adjusting for the National Postal Administration's data [7] - The average revenue per piece in Q3 was 2.20 yuan, down 5.83% year-on-year, with a gross margin of 8.41%, a decrease of 0.94 percentage points year-on-year. The net profit per piece was 0.14 yuan, down 7.78% year-on-year [8] - The company forecasts revenues of 66.371 billion yuan, 74.410 billion yuan, and 83.254 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.06%, 12.11%, and 11.88%. The net profit attributable to the parent company is expected to be 4.350 billion yuan, 4.975 billion yuan, and 5.714 billion yuan for the same years, with growth rates of 16.85%, 14.37%, and 14.86% [9][10]