聚焦主业，提质增量

Investment Rating - The report assigns a rating of "Outperform" for Yunda Holdings, indicating an expected total return performance exceeding 10% relative to the benchmark index over the next 12 months [1][8]. Core Insights - The company reported a total revenue decline of 5.2% to RMB 44.983 billion in 2023, while the net profit attributable to shareholders increased by 9.6% to RMB 1.625 billion. In Q1 2024, total revenue grew by 6.5% to RMB 11.16 billion, and net profit rose by 15.0% to RMB 0.41 billion [3][5]. - The company has focused on improving service quality and increasing business volume, achieving a 7.1% year-on-year growth in express delivery volume in 2023, with a market share of 14.3%. In Q1 2024, express delivery volume surged by 29.1% [3][5]. - Cost management strategies have led to a significant reduction in core operating costs, with a 24.0% decrease in Q1 2024 compared to the previous year. The company has also optimized its resource allocation by reducing expenses in various areas [3][5]. Financial Summary - Revenue projections for 2024 and 2025 are estimated at RMB 50.419 billion and RMB 54.814 billion, respectively, with a forecast for 2026 at RMB 59.712 billion. Net profit estimates for 2024 and 2025 are RMB 1.970 billion and RMB 2.307 billion, respectively, with a 2026 forecast of RMB 2.674 billion [4][5]. - The report highlights a projected net profit growth rate of 21.2% for 2024 and 17.1% for 2025, with corresponding earnings per share growth rates of 21.2% and 17.1% [4][5]. - The company’s price-to-earnings ratio for 2024 is projected at 12 times, maintaining the "Outperform" rating [4][5].