“量、质、本、利”形成良性循环，公司进入上升通道

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][21]. Core Views - The company achieved significant revenue growth in 2023, with operating income reaching 40.924 billion yuan, a year-on-year increase of 21.54%, and net profit attributable to shareholders of 341 million yuan, up 18.41% [1][21]. - In Q1 2024, the company continued to show strong performance with operating income of 10.132 billion yuan, a 15.87% increase year-on-year, and net profit attributable to shareholders of 190 million yuan, up 43.20% [15][21]. - The company has successfully implemented a strategy of "thin profit and high sales," leading to a robust increase in business volume and profitability [2][7]. Summary by Relevant Sections Financial Performance - In 2023, the company completed a total express delivery volume of 17.507 billion parcels, a year-on-year increase of 35.23%, with a market share of 13.26%, up 1.55 percentage points [2][3]. - The average revenue per parcel decreased to 2.23 yuan, down 11.24% year-on-year, while the average cost per parcel also decreased to 2.15 yuan, down 10.94% [15][21]. - The company forecasts revenue growth for 2024-2026, with expected revenues of 48.242 billion yuan, 55.908 billion yuan, and 63.510 billion yuan, respectively [21]. Market Position - The company's market share has been steadily increasing, from 10.23% in 2021 to 13.26% in 2023, indicating a strong competitive position in the industry [19][21]. - In Q1 2024, the company achieved a delivery volume of 4.587 billion parcels, a 36.68% increase year-on-year, significantly outpacing the industry growth rate [18][21]. Operational Efficiency - The company has made substantial improvements in operational capacity, with daily throughput capacity expected to exceed 75 million parcels by the end of 2024 [6][20]. - Enhanced service quality and efficiency have been achieved through digital operations and management optimization, leading to improved delivery times and customer satisfaction [20][21].