Shenwan Hongyuan Securities·2026-02-24 05:44Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the logistics and express delivery sector [7]. Core Insights - The report highlights that the express delivery companies have shown varied performance in January, with significant year-on-year revenue growth for companies like YTO Express and Shentong Express, while SF Express experienced a slight decline in revenue [1]. - The report emphasizes the recovery of the logistics sector post-Chinese New Year, with expectations for sustained high growth in business volume for SF Express in February due to the delayed peak season [1]. - Recommendations include focusing on companies like ZTO Express and YTO Express, which are expected to continue expanding their market share and profitability, while also monitoring Shentong Express for its performance elasticity [1]. Summary by Sections January Performance Data - SF Express reported a total revenue of 26.86 billion yuan in January, a year-on-year increase of 2.22%, with express logistics revenue at 20.40 billion yuan, down 1.77% [1]. - YTO Express achieved a revenue of 6.61 billion yuan, up 23.82%, with a business volume of 2.943 billion parcels, increasing by 29.75% [1]. - Shentong Express's revenue reached 5.973 billion yuan, a growth of 43.26%, with a business volume of 2.540 billion parcels, up 25.57% [1]. - Yunda's revenue was 4.802 billion yuan, reflecting an 18.01% increase, with a business volume of 2.231 billion parcels, up 10.83% [1]. Market Dynamics - The report notes a divergence in growth rates among major express delivery companies, with YTO leading in business volume growth [1]. - The report suggests that the industry is entering a seasonal slowdown post-Chinese New Year, but the focus on high-quality development remains unchanged [1]. Investment Recommendations - The report recommends ZTO Express and YTO Express for their continued advantages in the market, while also suggesting to keep an eye on Shentong Express for potential performance rebounds [1]. - SF Express is highlighted for its management adjustments and potential bottom-fishing opportunities [1].