YUNDA Corp.(SZ:002120) China Post Securities·2025-04-29 06:27Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% compared to the benchmark index within six months [6][13]. Core Views - The company has shown strong growth in parcel volume, with a 26.1% year-on-year increase in express delivery volume in 2024, maintaining the third-largest market share in the industry [4]. - Despite the high growth in parcel volume, the average revenue per parcel has decreased, with a 12.3% decline in 2024 and a 10.0% decline in the first quarter of 2025 [4]. - The company has effectively controlled costs, achieving a 13% reduction in per-parcel costs in 2024, with significant decreases in various expense ratios [5]. - The company is expected to benefit from the integration of artificial intelligence in its operations, enhancing service quality and cost control, leading to a potential balance between volume and profit in the future [6]. Financial Summary - In 2024, the company reported a revenue of 48.54 billion yuan, a 7.9% increase year-on-year, and a net profit of 1.91 billion yuan, up 17.8% [3][9]. - For 2025, the company is projected to achieve revenues of 54.67 billion yuan and a net profit of 2.03 billion yuan, reflecting growth rates of 12.6% and 6.1% respectively [9][12]. - The company's earnings per share (EPS) is expected to increase from 0.66 yuan in 2024 to 0.70 yuan in 2025 [9][12].