YUNDA Corp.(SZ:002120) INDUSTRIAL SECURITIES·2024-05-03 09:02Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company reported a revenue of 44.983 billion yuan in 2023, a year-on-year decrease of 5.17%, while the net profit attributable to shareholders was 1.625 billion yuan, an increase of 9.58%. The market share of express delivery volume was 14.3%, down by 1.6 percentage points year-on-year [5][6]. - In Q1 2024, the company achieved a revenue of 11.156 billion yuan, a year-on-year increase of 6.5%, and a net profit of 412 million yuan, up 15.02% year-on-year [5]. - The company has shown significant improvement in cost control, with a reduction in single-ticket transfer and transportation costs, indicating a stable decline in core operating costs [5][6]. Financial Summary - The company’s financial indicators for 2023 and projections for 2024-2026 are as follows: - Revenue (million yuan): 44,983 in 2023, projected to be 53,516 in 2024, 60,030 in 2025, and 65,938 in 2026 [7]. - Net profit (million yuan): 1,625 in 2023, projected to be 2,170 in 2024, 2,598 in 2025, and 3,154 in 2026 [7]. - Gross margin: 9.6% in 2023, expected to increase to 10.7% by 2026 [7]. - Return on equity (ROE): 8.5% in 2023, projected to reach 12.5% by 2026 [7]. - The company’s earnings per share (EPS) is projected to grow from 0.56 yuan in 2023 to 1.09 yuan in 2026 [7][8]. Market Position and Outlook - The express delivery industry is expected to grow, with the total industry volume projected to increase from 1,320.7 billion pieces in 2023 to 2,025.9 billion pieces by 2026, reflecting a compound annual growth rate [8]. - The company’s market share is projected to stabilize and slightly improve, with expectations of benefiting from the overall industry recovery and demand for cost-effective delivery services [5][6][8].