STO(SZ:002468) Guohai Securities·2025-09-01 08:06Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Insights - The company has shown continuous improvement in its transit capacity, which is expected to enhance performance amid competitive pressures [2][10]. - The company reported a revenue of 25.025 billion yuan for H1 2025, reflecting a year-on-year growth of 16.02%, while the net profit attributable to shareholders was 453 million yuan, up 3.73% year-on-year [5][10]. - The report highlights the company's strategic initiatives in cost reduction and efficiency improvements to counteract price competition in the express delivery market [7][10]. Financial Performance Summary - In H1 2025, the company achieved a total express delivery volume of 12.35 billion parcels, a 20.7% increase year-on-year, with a market share of 12.9% [6][10]. - The average revenue per parcel decreased to 2.00 yuan, down 4.2% year-on-year, while the total cost per parcel was reduced to 1.92 yuan, a decrease of 0.06 yuan [7][10]. - The company expects revenues for 2025 to reach 54.252 billion yuan, with a net profit of 1.31 billion yuan, representing growth rates of 15% and 26% respectively [9][10]. Operational Developments - The company has made significant investments in automation and digitalization, with a 21% increase in automated equipment compared to the end of 2024, aiming to enhance operational efficiency [8][10]. - The establishment of a direct-operated transfer center in Yiwu is expected to strengthen the regional logistics network [8][10]. - The company is integrating AI technologies into its operations, which is anticipated to lower costs and improve service quality across the logistics chain [8][10].