韵达股份：降本显著盈利稳健，经营质量逐步改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In 2023, the company achieved revenue of 44.98 billion yuan, a year-on-year decrease of 5.2%, while net profit attributable to shareholders was 1.63 billion yuan, an increase of 9.6% [6][7]. - In Q1 2024, the company reported revenue of 11.16 billion yuan, a year-on-year increase of 6.5%, and net profit attributable to shareholders of 410 million yuan, a year-on-year increase of 15.0% [6][7]. - The company’s parcel volume returned to growth in Q4 2023, with a year-on-year increase of 24.3%, indicating a recovery trend [6][7]. - The company is expected to leverage digitalization to enhance service quality across the entire supply chain, gradually improving its comprehensive service index ranking [6][7]. Summary by Sections Financial Performance - In 2023, the company’s total revenue was 44.98 billion yuan, with a net profit of 1.63 billion yuan. The Q4 2023 revenue was 12.15 billion yuan, down 0.6% year-on-year, and net profit was 460 million yuan, down 35.8% year-on-year [6][7]. - For Q1 2024, the company’s revenue was 11.16 billion yuan, up 6.5% year-on-year, and net profit was 410 million yuan, up 15.0% year-on-year [6][7]. Operational Insights - The company’s parcel volume grew by 7.1% year-on-year in 2023, although its market share decreased by 1.6 percentage points to 14.3% [6][7]. - In Q4 2023, the company’s parcel volume increased by 24.3% year-on-year, while in Q1 2024, it grew by 29.1% year-on-year, indicating a positive trend in internal growth [6][7]. - The company has successfully optimized costs, with single parcel costs decreasing by 10.2% year-on-year [6][7]. Future Projections - The company is expected to achieve net profits of 2.11 billion yuan, 2.55 billion yuan, and 3.00 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 12.7, 10.4, and 8.9 [6][7].