YUNDA Corp.(SZ:002120) Changjiang Securities·2025-09-05 05:14Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - In Q2 2025, the company's revenue was 12.64 billion yuan, a year-on-year increase of 4.5%, while the net profit attributable to shareholders was 210 million yuan, a year-on-year decrease of 66.9% [2][4]. - The second quarter saw intensified industry competition, leading to a decline in the company's net profit per parcel, which fell by 0.07 yuan to 0.03 yuan year-on-year and decreased by 0.02 yuan quarter-on-quarter [2][10]. - The ongoing "anti-involution" trend in the express delivery industry is gradually restoring prices in regions such as Guangdong, Zhejiang, and Fujian, suggesting potential recovery in the company's performance in the second half of the year [10]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 24.83 billion yuan, up 6.8% year-on-year, and a net profit of 530 million yuan, down 49.2% year-on-year [4]. - In Q2 2025, the company handled 6.65 billion parcels, a year-on-year increase of 11.2%, but its market share decreased by 0.7 percentage points to 13.2% [10]. - The average revenue per parcel dropped by 0.11 yuan to 1.91 yuan, with the gross profit margin under pressure due to increased price competition [10]. Cost Management - The company has been optimizing its cost structure, with the per-parcel operating expenses decreasing by 0.01 yuan to 0.07 yuan [10]. - Despite the cost optimization, the net investment income fell by 260 million yuan year-on-year due to a high base from the previous year [10]. Future Outlook - The report anticipates that the company's net profit attributable to shareholders will be 1.51 billion yuan, 1.86 billion yuan, and 2.06 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15.3, 12.5, and 11.3 times [10].