YUNDA Corp.(002120) 长江证券·2024-11-12 03:32Investment Rating - The report maintains a "Buy" rating for Yunda Holdings [4][6]. Core Insights - In Q3 2024, the company achieved a year-on-year volume growth of 23.7%, while the average revenue per ticket decreased by 10.4% to 1.99 yuan. Despite the competitive pressure, the company managed to balance market share and profitability, resulting in a 10.9% increase in express delivery revenue [4][5]. - The company demonstrated excellent cost control, with transportation and transfer costs per ticket decreasing by 25.4% and 18.0% respectively. The single ticket's non-recurring profit was 0.056 yuan, slightly down from the previous quarter but in line with market expectations [5][6]. - The company is focusing on digital tools and refined management to enhance operational efficiency, which has led to improved capacity utilization and cost optimization. The capital expenditure is expected to remain stable at around 2 billion yuan for the year, with a positive trend in cash flow [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 35.51 billion yuan, an increase of 8.1% year-on-year, and a net profit attributable to shareholders of 1.41 billion yuan, up 20.9% [4][6]. - In Q3 2024, the revenue reached 12.26 billion yuan, reflecting an 8.8% year-on-year growth, with a net profit of 370 million yuan, a 24.2% increase [4][6]. Cost Management - The company achieved significant reductions in costs, with single ticket transportation and transfer costs decreasing by 25.4% and 18.0% respectively. The period expense per ticket also saw a substantial decline of 32.4% [5][6]. - The optimization of costs is attributed to increased volume, enhanced operational efficiency through digital management, and a focus on core express delivery business [5][6]. Future Outlook - The company is expected to see net profits of 2.11 billion yuan, 2.56 billion yuan, and 3.28 billion yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 12.0, 9.9, and 7.7 [6].