YUNDA Corp.(SZ:002120) Shenwan Hongyuan Securities·2025-05-13 13:11Investment Rating - The report maintains an "Outperform" rating for Yunda Holdings [1] Core Views - Yunda Holdings demonstrated excellent cost control, with a significant reduction in core operating costs and expenses, leading to a stable business performance in 2024 [5] - The company reported a total revenue of 48.54 billion yuan in 2024, a year-on-year increase of 7.92%, and a net profit attributable to shareholders of 1.91 billion yuan, up 17.77% [5] - In Q1 2025, Yunda achieved a revenue of 12.19 billion yuan, reflecting a 9.26% year-on-year growth, although net profit decreased by 22.15% to 321 million yuan [5] - The company’s business volume in 2024 reached 23.78 billion parcels, growing 26.14% year-on-year, outperforming the industry average growth rate [5] - The report highlights the confidence of shareholders as the controlling shareholder plans to increase their stake in the company by 100-200 million yuan within six months [5] Financial Data and Profit Forecast - The projected total revenue for Yunda Holdings is expected to reach 53.79 billion yuan in 2025, with a year-on-year growth rate of 10.8% [4] - The net profit forecast for 2025 is 2.01 billion yuan, representing a 4.8% increase compared to 2024 [4] - The report adjusts the profit forecast for 2025-2026, estimating net profits of 2.00 billion yuan and 2.24 billion yuan respectively, with corresponding PE ratios of 10x and 9x [5] - The report anticipates a decline in single parcel revenue due to increased industry competition, adjusting the expected revenue per parcel to 1.94 yuan for 2025 [5]