YTO(SH:600233) China Post Securities·2025-05-07 08:23Investment Rating - The investment rating for the company is "Buy" [9][12] Core Viewpoints - The company has a solid industry position with an increasing market share, achieving a revenue of 69.03 billion yuan in 2024, a year-on-year growth of 19.7%, and a net profit of 4.01 billion yuan, up 7.8% year-on-year [3][4] - The company is focusing on the e-commerce express delivery market, with a significant increase in delivery volume, reaching 26.57 billion packages in 2024, a growth of 25.3%, which is 3.8 percentage points above the industry average [4] - The company is implementing advanced technologies for cost control, resulting in a decrease in core costs, with the average transportation cost per package dropping by 9.4% year-on-year to 0.42 yuan [5] - The company aims to enhance its service network and digital transformation, projecting revenues of 77.94 billion yuan, 86.48 billion yuan, and 94.44 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 12.9%, 11.0%, and 9.2% [7][9] Financial Summary - In 2024, the company reported a total revenue of 69.03 billion yuan and a net profit of 4.01 billion yuan, with a projected revenue of 77.94 billion yuan for 2025 [10][11] - The company's earnings per share (EPS) is expected to increase from 1.16 yuan in 2024 to 1.25 yuan in 2025, reflecting a growth trend [10] - The company's asset-liability ratio stands at 33.3%, indicating a stable financial structure [2][11]