Investment Rating - The investment rating for the company is "Buy" (maintained) [4][23]. Core Insights - The company reported a revenue of 38.42 billion yuan, an adjusted net profit of 9.01 billion yuan, and an adjusted net profit attributable to the parent of 9.00 billion yuan for 2023, representing year-on-year growth of 8.6%, 32.3%, and 29.4% respectively [5]. - The company achieved a package volume of 30.2 billion pieces in 2023, a year-on-year increase of 23.8%, and expanded its market share by 0.8 percentage points to 22.9% [6]. - The company plans to distribute a cash dividend of $0.62 per share for 2023, a year-on-year increase of 67.6%, and has announced a dividend payout ratio of no less than 40% for 2024 [6][8]. Revenue Analysis - The core express business revenue increased from 34.16 billion yuan to 37.51 billion yuan, a year-on-year growth of 9.8%, with express service revenue accounting for 92.4% of total revenue [6]. - The average revenue per package decreased by 11.3% to 0.16 yuan, with 0.05 yuan attributed to incremental subsidies [6]. Cost Analysis - Total operating costs for 2023 were recorded at 26.76 billion yuan, with a year-on-year increase of only 1.6% [6]. - The company benefited from economies of scale, optimized transportation routes, and a decrease in fuel prices, leading to a 12.1% year-on-year decline in unit transportation costs [6]. Profitability - The gross profit for 2023 was 11.66 billion yuan, a year-on-year increase of 29.0%, with the gross margin improving by 4.8 percentage points to 30.4% [6]. - The operating profit margin increased by 4.1 percentage points to 26.0% for the year [6]. Future Projections - The company expects a package volume of 34.73 to 35.64 billion pieces in 2024, representing a year-on-year growth of 15% to 18% [8]. - Revenue projections for 2024 to 2026 are 44.25 billion yuan, 49.28 billion yuan, and 52.84 billion yuan, with corresponding year-on-year growth rates of 15.2%, 11.4%, and 7.2% [8].
2023年业绩点评：业绩符合预期，规模优势持续保持，单票成本持续改善