YTO(600233) 光大证券·2024-04-26 06:02Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has shown significant cost control efforts, which are expected to help profitability return to a growth trajectory [2] - Despite a competitive market, the company is focused on maintaining market share while implementing cost reduction and efficiency improvements [2] Summary by Relevant Sections Financial Performance - In 2023, the company achieved operating revenue of 57.7 billion yuan, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 3.72 billion yuan, a decrease of 5.0% [2] - For Q1 2024, the company reported operating revenue of approximately 15.4 billion yuan, a year-on-year increase of 19.5%, and a net profit of about 940 million yuan, a year-on-year increase of 4.1% [2] - The company plans to distribute a cash dividend of 0.35 yuan per share (tax included) [2] Business Operations - The company maintained a high growth rate in express delivery volume, with 2023 express delivery volume reaching approximately 21.2 billion pieces, a year-on-year increase of 21.3% [2] - In Q1 2024, the express delivery volume was about 5.57 billion pieces, a year-on-year increase of 24.9% [2] - The average revenue per delivery decreased, with the 2023 express business revenue at approximately 51.1 billion yuan, a year-on-year increase of 13.0% [2] Cost Management - The company has successfully reduced per delivery costs, with the 2023 express service cost increasing by 14.4% due to higher delivery volumes, while the per delivery cost decreased by approximately 6.0% to about 2.18 yuan [2] - The gross margin for the express business in 2023 was approximately 10.3%, a decrease of 0.86 percentage points year-on-year [2] Infrastructure and Investment - The company invested nearly 4.9 billion yuan in capital expenditures in 2023 to enhance its network infrastructure, including the construction of transfer centers and upgrades to automation equipment [2] - The company is focused on strengthening its core asset control to solidify its main business development foundation [2] Profit Forecast - The company has adjusted its net profit forecasts for 2024 and 2025 down by 2% and 3% to 4.4 billion yuan and 4.99 billion yuan, respectively, while introducing a new forecast for 2026 at 5.64 billion yuan [2]