中通快递：1Q24 core earnings beat estimates; Shifted to profitable growth strategy

M N 16 May 2024 CMB International Global Markets | Equity Research | Company Update ZTO Express (ZTO US) 1Q24 core earnings beat estimates; Shifted to profitable growth strategy Target Price US$38.50 ZTO Express (ZTO) shifted the strategic focus to profitable growth in 1Q24, Up/Downside 80.0% enabling it to deliver core net profit of RMB1.9bn (+23% YoY), representing 19% Current Price US$21.39 of our full-year forecast (run rate in 1Q23: 17.6%), which is better than our expectation. Looking forward, ZTO mai ...