YTO(SH:600233) Xinda Securities·2025-04-29 08:26Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 69.03 billion yuan in 2024, representing a year-on-year increase of 19.67%, with a net profit attributable to the parent company of 4.01 billion yuan, up 7.78% year-on-year [2] - In Q1 2025, the company reported a net profit of 857 million yuan, a decrease of 9.16% year-on-year, while the operating revenue was 17.06 billion yuan, reflecting a year-on-year growth of 10.58% [2] - The company continues to see strong growth in its express delivery business, with a volume of 26.57 billion pieces in 2024, up 25.32% year-on-year, and a market share of approximately 15.2% [4] Financial Performance Summary - In 2024, the company’s operating revenue was 690.33 million yuan, with a net profit of 40.12 million yuan, and a cash flow from operating activities of 58.57 million yuan, which decreased by 3.0% year-on-year [2][7] - The company’s single ticket express revenue in Q1 2025 was 2.28 yuan, down 6.26% year-on-year, while the core cost per ticket was 0.72 yuan, a decrease of 6.49% [3] - The company’s net profit forecast for 2025-2027 is 4.10 billion yuan, 4.74 billion yuan, and 5.39 billion yuan, with respective year-on-year growth rates of 2.2%, 15.6%, and 13.6% [8] Business Growth and Strategy - The company is focusing on international business expansion, with a self-owned fleet of 13 aircraft and over 150 routes opened, leading to a significant revenue increase of 43.20% in the air cargo segment in 2024 [5] - The company’s digital transformation and cost management strategies are expected to enhance operational efficiency and profitability [8]