快递行业2024年10月数据点评：10月行业件量增速24%，通达系单票收入环比提升，持续看好行业投资机会

Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [31]. Core Insights - The express delivery industry experienced a 24% year-on-year growth in business volume in October, with a total of 16.31 billion packages delivered [5][10]. - Cumulative business volume from January to October reached 140.08 billion packages, reflecting a 22.3% increase compared to the previous year [10]. - Industry revenue for October was 125.79 billion yuan, marking a 12.3% year-on-year increase, while cumulative revenue for the first ten months was 1,122.47 billion yuan, up 13.9% [10]. - The average revenue per package in October was 7.71 yuan, down 15.3% year-on-year, with a cumulative average of 8.01 yuan, down 12.6% [10]. Summary by Sections Industry Performance - In October, the leading companies in terms of business volume growth were Yunda (31.8%), YTO (31.2%), Shentong (30.4%), and SF Express (26.9%) [10]. - For the cumulative period from January to October, Shentong led with a 30.7% growth, followed by Yunda (28.2%), YTO (26.6%), and SF Express (10.9%) [10]. Company Revenue - In terms of revenue growth for October, YTO led with a 26.9%, followed by Shentong (24.9%), Yunda (16.6%), and SF Express (14.3%) [10]. - Cumulatively, YTO achieved a 20.6% revenue growth, while Shentong reached 19.6%, and Yunda and SF Express reported 10.7% and 8.3% respectively [10]. Average Revenue per Package - The average revenue per package for YTO was 2.31 yuan in October, down 3.2% year-on-year but up 6.0% month-on-month [10]. - Yunda's average revenue per package was 2.02 yuan, down 11.4% year-on-year but up 0.5% month-on-month [10]. - Shentong reported an average of 2.03 yuan, down 3.8% year-on-year but up 0.5% month-on-month, while SF Express had 14.64 yuan, down 10.0% year-on-year and down 8.5% month-on-month [10]. Investment Recommendations - The report emphasizes the resilience of demand in the express delivery industry and suggests focusing on changes in industry dynamics, particularly the shift towards prioritizing service quality among major companies [5][10]. - It highlights the strategic shift of major players like Zhongtong towards profit-first strategies, which may alleviate competitive pressures in the industry [5][10]. - The report expresses optimism about the leading companies, particularly Zhongtong, and recommends paying attention to YTO and Yunda for potential investment opportunities [5][10].