Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a 5% growth in adjusted net profit for Q3 2025, with total revenue reaching 11.86 billion yuan, a year-on-year increase of 11.1% [5][8] - The express delivery industry is experiencing stable growth, with the company maintaining its market share and achieving a volume of 9.6 billion parcels in Q3, a 9.8% increase year-on-year [6] - The company aims to balance service quality, business scale, and profitability, with projected net profits of 9.28 billion yuan, 10.09 billion yuan, and 10.91 billion yuan for 2025-2027, representing year-on-year growth rates of 5.3%, 8.7%, and 8.1% respectively [8] Financial Performance Summary - For Q3 2025, the company's operating costs were 8.91 billion yuan, a year-on-year increase of 21.4%, while gross profit was 2.96 billion yuan, down 11.4% year-on-year [7] - The company's earnings per share (EPS) for 2025 is projected to be 11.54 yuan, with a price-to-earnings (P/E) ratio of 11.75 [10][11] - The company’s total revenue for 2025 is estimated at 48.94 billion yuan, reflecting a growth rate of 10.53% [10]
中通快递-W（02057）：量价平衡，三季度调整后业绩增长5%