Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - In Q1 2025, the company achieved an operating revenue of 10.89 billion yuan, a year-on-year increase of 9.4%, and an adjusted net profit of 2.26 billion yuan, up 1.6% year-on-year. The core express service revenue was 10.12 billion yuan, reflecting a 9.8% increase, driven by a 19.1% growth in package volume and a 7.8% decrease in package price [2] - The company reiterated its package volume guidance for 2025 to be between 40.8 billion and 42.2 billion pieces, representing a year-on-year growth of 20% to 24% [5] - The company is focusing on enhancing cost efficiency amid intense industry price competition, with a single ticket revenue of 1.25 yuan, down 0.11 yuan year-on-year, and a single ticket transportation cost of 0.41 yuan, down 0.06 yuan year-on-year [6] Financial Summary - For 2025, the company is projected to have an operating revenue of 50.17 billion yuan, with an adjusted net profit of 9.64 billion yuan, reflecting a decrease of 5% compared to 2024. The earnings per share (EPS) is expected to be 11.39 yuan, with a price-to-earnings (P/E) ratio of 11.04 [9] - The company reported a net cash flow from operating activities of 2.36 billion yuan in Q1 2025, with capital expenditures of 1.97 billion yuan [3]
中通快递-W：25Q1实现调整后净利润同比+1.6%，成本效率再进化——中通快递2025一季报点评-20250523