Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [34]. Core Insights - The express delivery industry is experiencing a divergence in growth rates among brands, with leading companies like Shentong and Yunda showing significant growth in January. Shentong's single ticket revenue increased by 14.1% year-on-year, while Yunda's grew by 6.4% [3][11]. - The report highlights the strong performance of YTO Express, which continues to lead in growth despite a general slowdown in the industry. The company is expected to maintain its competitive edge [4]. - The report emphasizes the potential of Jitu Express in Southeast Asia, projecting a 74% year-on-year increase in daily parcel volume by Q4 2025, indicating high growth potential in new markets [4]. Summary by Sections January Data Overview - In January, the parcel volume growth rates were as follows: YTO (29.8%), Shentong (25.6%), Yunda (10.8%), and SF Express (4.2%). Shentong's revenue growth was the highest at 43.3% year-on-year [8][11]. - Single ticket revenues for January were reported as follows: Shentong at 2.35 CNY, Yunda at 2.15 CNY, YTO at 2.25 CNY, and SF Express at 14.72 CNY [3][11]. Investment Recommendations - The report continues to recommend investment in Zhongtong and YTO due to their improved market positions and low valuations. It also sees potential in Shentong due to its significant earnings elasticity [4]. - SF Express is viewed positively, with a focus on its "Gain Plan" to optimize structure and enhance collaboration with Jitu Express, which is expected to yield future benefits [4].

Investment Rating - The report maintains a "Recommended" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [30]. Core Insights - The express delivery industry experienced a business volume growth rate of 20.3% in March, with SF Express showing the highest growth rate at 25.4% [5][8]. - The total business volume for the first three months reached 451.4 billion pieces, reflecting a year-on-year increase of 21.6% [5]. - The industry revenue for March was 124.6 billion yuan, up 10.4% year-on-year, while the cumulative revenue for the first three months was 345.64 billion yuan, an increase of 10.9% [5][8]. - The average revenue per piece in March was 7.48 yuan, down 8.2% year-on-year, with a cumulative average of 7.66 yuan, down 8.8% [5][8]. Summary by Sections Industry Basic Data - The total market capitalization of the express delivery industry is 311.276 billion yuan, with a circulating market capitalization of 301.749 billion yuan [4]. - The industry has a concentration ratio (CR8) of 86.9%, indicating a high level of market concentration [8]. Company Performance - In March, the business volume growth rates for major companies were as follows: SF Express (25.4%), YTO Express (22.5%), Shentong Express (20.1%), and Yunda Express (17.3%) [5][8]. - For the first three months, Shentong Express led with a cumulative growth rate of 26.6%, followed by Yunda Express (22.9%) and YTO Express (21.7%) [5]. - Revenue growth rates in March were led by Shentong Express (14.7%), YTO Express (13.4%), and SF Express (10.6%) [5][8]. Future Outlook - The report anticipates a full-year business volume growth rate of 21% for 2024, supported by strong demand resilience [5]. - The report highlights the importance of monitoring the competitive pricing strategies of leading companies, as the industry trends towards "anti-involution," which is expected to benefit the performance elasticity of express delivery companies in the medium to long term [5].