Guohai Securities·2025-05-28 11:33Core Insights - The express delivery industry shows resilience in business volume growth, with a year-on-year increase of 19.1% in April 2025, outpacing the growth of physical online retail sales at 6.1% and social consumer retail sales at 5.1% [6][12] - The industry continues to experience mild price competition, with the average revenue per package declining to 7.43 yuan, a decrease of 6.98% year-on-year and 0.64% month-on-month [6][16] - The report maintains a "recommended" rating for the express delivery industry, highlighting opportunities for investment in leading companies [6][45] Industry Volume and Price - In April 2025, the express delivery business volume growth rates for first, second, and third-tier regions were +18.4%, +21.1%, and +28.4%, respectively, indicating higher growth in non-grain-producing areas compared to grain-producing areas [28] - The average revenue per package in first, second, and third-tier regions saw year-on-year declines of -6.5%, -8.6%, and -11.3%, respectively, with price competition shifting towards non-grain-producing areas [28] Company-Specific Volume and Price - In April 2025, the business volume growth rates for YTO Express, Yunda, Shentong, and SF Express were +25.27%, +13.41%, +20.98%, and +29.99%, respectively, with YTO, Shentong, and SF Express outperforming the industry average [39] - The average revenue per package for YTO, Yunda, Shentong, and SF Express was 2.14, 1.91, 1.97, and 13.49 yuan, respectively, with SF Express experiencing the largest price decline [44]