YUNDA Corp.(002120) 信达证券·2024-11-21 09:23Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's express business volume in October reached 2.25 billion packages, a year-on-year increase of 31.81%, with a market share of approximately 13.80%, up 0.82 percentage points from 2023 [1] - The express business revenue for October was 4.535 billion yuan, a year-on-year increase of 16.58% [1] - The average revenue per package was 2.02 yuan, a year-on-year decrease of 11.40%, but a slight month-on-month increase of 0.5% [1] - The company is expected to benefit from the ongoing expansion of industry volume and the rise of live e-commerce, which will enhance online shopping penetration [1] - The company is focusing on improving operational efficiency while maintaining quality and profitability of packages [1] Summary by Sections Business Performance - In October, the company achieved express business revenue of 4.535 billion yuan, a year-on-year increase of 16.58% [1] - The express business volume was 2.25 billion packages, reflecting a year-on-year growth of 31.81% [1] - The average revenue per package was 2.02 yuan, down 11.40% year-on-year but up 0.01 yuan from September [1] Future Outlook - The company is expected to leverage its network improvements and operational efficiencies to continue its growth trajectory [1] - The management structure has been enhanced with a focus on strict performance evaluation and governance [1] - The company is implementing a "shared development" strategy with its franchise network to optimize pricing and package structure [1] Financial Projections - The projected net profits for 2024, 2025, and 2026 are 2.285 billion yuan, 2.854 billion yuan, and 3.397 billion yuan, respectively, with corresponding P/E ratios of 10.3, 8.2, and 6.9 [1]