Core Viewpoint - The report from Credit Lyonnais indicates that ZTO Express (02057, ZTO.US) experienced a year-on-year revenue growth of 11% and an adjusted net profit growth of 7% in the third quarter, with an adjusted net profit per order of approximately 0.27 RMB, improving from 0.21 RMB in the second quarter [1] Group 1: Financial Performance - ZTO Express's revenue and adjusted net profit for Q3 increased by 11% and 7% year-on-year, respectively [1] - The adjusted net profit per order improved to about 0.27 RMB from 0.21 RMB in the previous quarter [1] - The core per order cost increased by only 0.02 RMB due to the launch of a new transit center [1] Group 2: Market Outlook - Credit Lyonnais maintains a "Outperform" rating for ZTO Express, with a target price of 152 HKD for the Hong Kong stock and 20 USD for the US stock [1] - The expectation of continued implementation of anti-competitive policies in the industry suggests that regulatory bodies will enforce price floors to curb vicious price competition [1] - Given ZTO's favorable customer structure compared to peers, the company is expected to regain market share next year, leading to a slight upward revision of net profit forecasts for 2025 and 2026 by 2% [1]

Group 1 - The core viewpoint of the article is that ZTO Express (02057, ZTO. US) reported a year-on-year revenue growth of 11% and an adjusted net profit growth of 7% for the third quarter, with an adjusted net profit per order of approximately 0.27 RMB, improving from 0.21 RMB in the second quarter [1] - The report maintains an "Outperform" rating for ZTO Express, with a target price of 152 HKD for the Hong Kong stock and 20 USD for the US stock [1] - The expectation of continued implementation of anti-competition policies in the industry is highlighted, with regulatory bodies likely to enforce price floors to curb vicious price competition [1] Group 2 - ZTO Express is expected to regain market share next year due to its better customer structure compared to peers, leading to a slight upward revision of net profit forecasts for 2025 and 2026 by 2% [1]