汇丰：中通快递-买入，摆脱价格战困境

ZTO Express (ZTO US) Buy: Rising above the price fray Intense competition eroded profitability: ZTO's 1Q25 revenues missed consensus estimates by 7% while reported adjusted net profit missed by 5%. HSBC adjusted EBIT grew just 2% y-o-y, the weakest since 2Q21 and EBIT/parcel fell 14% y-o-y to RMB0.31, the lowest level barring the COVID-19 period, albeit still higher vs RMB0.06-0.16 for peers. ZTO's volume growth accelerated to 19% y-o-y (from 11% in 4Q24) but still slightly lagging the industry growth of 22 ...