YTO(SH:600233) China Post Securities·2025-10-29 12:49Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The report indicates that the company has shown a positive performance in the third quarter of 2025, with a year-on-year revenue growth of 9.7% and a net profit of 28.8 billion yuan, despite a slight decline of 1.8% compared to the previous year [4] - The report highlights the effectiveness of the national "anti-involution" policy, which has led to a stabilization of prices in the express delivery industry, contributing to a 15.0% increase in the company's express delivery volume [5] - The company's gross profit margin improved to 9.4%, with a year-on-year increase of 1.0 percentage points, indicating a positive trend in cost management and profitability [6] - The report projects continued growth in net profit for the company, estimating 41.1 billion yuan, 48.2 billion yuan, and 53.4 billion yuan for the years 2025 to 2027, respectively [7] Company Overview - The latest closing price of the company's stock is 17.12 yuan, with a total market capitalization of 586 billion yuan [3] - The company has a total share capital of 34.23 billion shares and a debt-to-asset ratio of 33.3% [3] - The largest shareholder is Shanghai YTO Jiao Long Investment Development (Group) Co., Ltd. [3] Financial Performance - In the third quarter of 2025, the company achieved a revenue of 182.7 billion yuan, reflecting an 8.7% year-on-year increase, and a net profit of 10.5 billion yuan, which is an 11.0% increase compared to the same period last year [4] - The report provides a financial forecast for the company, projecting revenues of 69.03 billion yuan, 77.92 billion yuan, 85.20 billion yuan, and 92.39 billion yuan for the years 2024 to 2027, with corresponding growth rates of 19.67%, 12.87%, 9.35%, and 8.43% [9]