2024年11月快递月报：快递旺季量价表现平稳，季节特征逐步淡化

Investment Rating - The report maintains a "Buy" rating for the express delivery industry, indicating a positive outlook for investment opportunities [19]. Core Insights - The express delivery industry showed stable performance in November, with a total business volume of 172.1 billion pieces, reflecting a year-on-year growth of 14.9% [22][25]. - The average revenue per piece was 8.31 yuan, which represents a year-on-year increase of 12.8% [22][25]. - The industry concentration, as indicated by the CR8 index, stands at 85.2%, showing a slight increase of 1.2 percentage points year-on-year [2][22]. Summary by Sections Industry Performance - In November, the express delivery business volume reached 172.1 billion pieces, with a year-on-year growth of 14.9% and a cumulative growth of 21.4% for the year [22][25]. - The revenue for the month was 1429.9 billion yuan, marking a year-on-year increase of 12.8% [22][25]. - The average price per piece decreased slightly by 1.8% compared to the previous month [22][25]. Company Performance - SF Express reported a business volume of 12.77 billion pieces, with a year-on-year growth of 8.7% [10]. - YTO Express achieved a business volume of 25.41 billion pieces, reflecting a year-on-year growth of 17.4% [10]. - Yunda Express and Shentong Express reported business volumes of 22.70 billion and 21.82 billion pieces, with year-on-year growth rates of 17.6% and 21.1%, respectively [10]. Market Trends - The report highlights that the demand for express delivery services is expected to remain strong, driven by e-commerce growth and seasonal demand [8][22]. - The competitive landscape is characterized by a focus on maintaining market share among leading companies, with a notable emphasis on digital marketing capabilities [8][22].