STO(SZ:002468) Changjiang Securities·2025-04-29 08:45Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has shown significant revenue growth, with a 2024 revenue of 471.7 billion yuan, representing a 15.3% year-on-year increase, and a net profit of 10.4 billion yuan, up 205.2% year-on-year [5][11]. - In Q4 2024, the company achieved a revenue of 136.8 billion yuan, a year-on-year increase of 18.0%, and a net profit of 3.9 billion yuan, which is a remarkable growth of 223.8% [5][11]. - For Q1 2025, the company reported a revenue of 120.0 billion yuan, up 18.4% year-on-year, and a net profit of 2.4 billion yuan, reflecting a 24.0% increase [5][11]. - The company is experiencing a strong growth in parcel volume, with a 2024 parcel volume increase of 29.8% to 22.73 billion parcels, and a market share increase of 0.8 percentage points to 13.0% [11]. - The company is focusing on lean management and cost reduction strategies to counteract price competition, maintaining a stable net profit per parcel of 0.041 yuan in Q1 2025 [11]. Summary by Sections Revenue and Profit Growth - In 2024, the company achieved total revenue of 471.7 billion yuan and a net profit of 10.4 billion yuan, marking significant year-on-year growth [5][11]. - Q4 2024 revenue was 136.8 billion yuan, with a net profit of 3.9 billion yuan, showcasing strong performance [5][11]. - Q1 2025 revenue reached 120.0 billion yuan, with a net profit of 2.4 billion yuan, continuing the upward trend [5][11]. Parcel Volume and Market Position - The company reported a 29.8% increase in parcel volume in 2024, reaching 22.73 billion parcels, with a market share of 13.0% [11]. - In Q4 2024, parcel volume grew by 27.6% to 6.62 billion parcels, maintaining a competitive market position [11]. Cost Management and Profitability - The company has implemented effective cost management strategies, resulting in a decrease in per parcel costs and maintaining profitability despite competitive pressures [11]. - The net profit per parcel increased significantly in 2024, reflecting improved operational efficiency [11].