STO(SZ:002468) ZHESHANG SECURITIES·2025-07-27 12:08Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company plans to acquire 100% of Daniao Logistics for a cash consideration of 362 million yuan, enhancing its logistics competitiveness [1] - The acquisition will create a dual business matrix of "economical express + quality express," allowing the company to tap into high-end markets and improve its service offerings [1] - The company is responding to industry trends by accelerating its focus on value rather than price competition, aligning with recent regulatory changes [1] Summary by Sections Acquisition Details - The company announced its intention to acquire Daniao Logistics, a key player in quality express and reverse logistics services, which operates a network covering nearly 300 cities [1] - Daniao Logistics has established a strong market presence with over 400 million daily transactions and a significant penetration rate in e-commerce platforms [1] Strategic Implications - The acquisition is expected to fill the company's gap in the quality express segment and leverage Daniao's superior delivery capabilities [1] - The integration will allow the company to optimize its product structure and create differentiated advantages in emerging delivery scenarios [1] Financial Projections - The company forecasts a significant increase in net profit, projecting 1.29 billion yuan for 2025, with a corresponding PE ratio of 17.9 times [1] - Revenue is expected to grow from 47.17 billion yuan in 2024 to 55.88 billion yuan in 2025, reflecting a growth rate of 18.46% [7]