YTO(SH:600233) Tianfeng Securities·2025-04-14 02:13Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The report highlights the potential for increased express delivery volume and pricing due to the shift of export products to domestic sales, supported by government initiatives and major e-commerce platforms [1][3]. - The express delivery industry is expected to see a rebound in volume and pricing by 2025, with significant growth in domestic online retail sales [3][4]. - The forecast for the company's net profit has been adjusted slightly downward for 2024 and 2025, but the overall outlook remains positive with a projected net profit of 54 billion yuan by 2026 [4][6]. Financial Data and Valuation - The company's revenue is projected to grow from 53.54 billion yuan in 2022 to 84.82 billion yuan in 2026, with a compound annual growth rate of approximately 10.37% [5][22]. - The net profit attributable to the parent company is expected to increase from 3.92 billion yuan in 2022 to 5.38 billion yuan in 2026, reflecting a growth rate of 12.11% [5][23]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 11.33 in 2022 to 8.26 in 2026, indicating potential for valuation improvement [5][22].