Investment Rating - Maintain "Overweight" rating [2][7][9] Core Views - Balanced growth in revenue and profit driven by rapid growth in scattered and reverse parcels [2][8] - Optimized unit costs through efficient route planning and improved loading rates [3][8] - Market share increased to 20.0% in 2024Q3, up 0.4 percentage points sequentially [3][9] Financial Performance - 2024Q3 revenue reached RMB 10.7 billion, up 17.6% YoY [2][8] - Express service revenue grew 18.1% YoY, accounting for 91.9% of total revenue [2][8] - Freight forwarding and material sales grew 0.8% and 27.6% YoY respectively [2][8] - 2024Q3 net profit reached RMB 2.38 billion, up 1.3% YoY [3][8] - 2024Q3 gross margin improved to 31.2%, up 1.4 percentage points YoY [3][8] - Operating margin slightly decreased to 26.6%, down 0.1 percentage points YoY [3][8] Operational Highlights - Parcel volume in 2024Q3 reached 8.72 billion, up 15.9% YoY [2][8] - Unit transportation cost decreased by 9.7% YoY [3][8] - Unit sorting center operating cost decreased by 6.4% YoY [3][8] - Direct customer business revenue (including delivery fees) surged 122.1% YoY [2][8] - Scattered parcels grew over 40% YoY [2][8] Market Data - Closing price (HKD): 151.9 [4] - Total shares outstanding: 810 million [4] - Market capitalization: HKD 123.1 billion [4] - Net assets attributable to parent company: RMB 60.6 billion [4] - Total assets: RMB 93.3 billion [4] - Net asset per share: RMB 74.8 [4] Financial Projections - 2024E revenue: RMB 43.24 billion, up 12.5% YoY [6] - 2024E net profit attributable to parent: RMB 9.503 billion, up 8.6% YoY [6][7] - 2025E net profit attributable to parent: RMB 11.124 billion, up 17.1% YoY [6][7] - 2026E net profit attributable to parent: RMB 12.519 billion, up 12.5% YoY [6][7] - 2024E-2026E EPS: RMB 11.88/13.91/15.66 [6]
中通快递-W：收入利润均衡增长