新华财经北京9月12日电新华财经和面包财经研究员梳理公开资料显示，A股申万行业分类为快递的5家上市公司，2025年上半年合计实现营收2531.53亿元、 归母净利润86.03亿元，同比分别变动9.95%、-0.03%。 图 1：2020H1-2025H1 A股快递上市公司营收及归母净利润 从营收规模来看，2025上半年，顺丰控股实现营收1468.58亿元，排名第一。其次是圆通速递和申通快递，分别实现营业总收入358.83亿元和250.25亿元，分 列第二和第三名。 从增速来看，申通快递的营收增长较快，较2024年同期增长16.02%，其次是德邦股份和圆通速递，较2024年同期分别增长11.43%和10.19%。 上半年，顺丰控股和圆通速递的营收及归母净利润规模居前二。增速方面，5家快递公司的营收均实现快速增长，但净利润表现差异较大，德邦股份、韵达 股份归母净利润下降较为明显。 月度经营数据显示，2025年上半年快递公司的快递业务总量及总收入呈快速增长趋势，但单票收入持续下降，呈现"量增价减"态势。其中，顺丰控股、圆通 速递的6月的单票收入较1月相比均下降超10%。 营收整体增长德邦、韵达净利润下降明显 202 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - In Q1 2025, the company achieved operating revenue of 10.45 billion yuan, a year-on-year increase of 2.9%, and a net profit attributable to shareholders of 1.71 billion yuan, up 7.1% year-on-year [1][2]. - The sales volume increased by 3.5% year-on-year, with a notable rise in the proportion of mid-to-high-end products, which saw a sales increase of 5.3% [2]. - The company improved its gross margin to 41.64%, up 1.20 percentage points year-on-year, driven by lower prices for barley and packaging materials, as well as an increase in the sales proportion of higher-margin products [3]. Summary by Sections Financial Performance - Q1 2025 operating revenue was 10.446 billion yuan, with a year-on-year growth of 2.9% driven by sales volume [2]. - The company reported a net profit of 1.71 billion yuan, reflecting a 7.1% increase year-on-year [1]. - The average selling price (ASP) decreased by 0.6% to 4,620 yuan per thousand liters [2]. Cost Control and Profitability - The gross margin improved to 41.64%, up 1.20 percentage points year-on-year, due to lower raw material costs and a higher sales proportion of mid-to-high-end products [3]. - The sales expense ratio decreased to 12.53%, down 0.29 percentage points year-on-year, indicating improved efficiency in expense allocation [3]. - The net profit margin reached 16.64%, an increase of 0.65 percentage points year-on-year [3]. Future Outlook - The company is expected to see improved profitability in 2025 due to low year-on-year comparisons and a favorable cost environment, with raw material costs projected to decline [4]. - The new management team, which completed its transition at the end of 2024, is anticipated to enhance operational efficiency [4]. - Profit forecasts for 2025-2027 are set at 4.846 billion, 5.171 billion, and 5.442 billion yuan respectively, with corresponding EPS of 3.55, 3.79, and 3.99 yuan [4].

在整体 半导体 行业仍处于复苏阶段的大背景下， 中芯国际 展现出了稳健的韧性，四度营收实现两位数 增长，全年晶圆销售数量创历史新高。但由于行业竞争日益加剧，中芯国际盈利能力遭受挑战，四季度 和全年净利润出现显著的同比下滑。 27日周四中芯国际公布2024年业绩报告，核心要点如下： 收入表现：四季度营收159.17亿元，环比增长2%，创单季度历史新高，全年实现主营业务收入571.08亿 元，同比增加28.1%。 盈利能力：四季度归母净利润为9.92亿元，同比下降13.5%，毛利率为18.6%，同比出现下降。全年净利 润36.99亿元，同比下降23.3%，主要受投资收益和资金收益下降影响。 研发投入：全年研发费用7.65亿美元，占营收9.5%，研发人员占比达12.1%。 资本开支：全年购建固定资产、无形资产和其他长期资产支付的现金为545.59亿元，较上年同期增加 1.3%。 现金储备：年末现金及现金等价物达63.6亿美元，确保未来资本开支需求。 2025年指引：销售收入增幅高于可比同业的平均值，资本开支与上一年持平。 股东回报：公司拟不进行利润分配。 量增价减的博弈 具体来说，价格相对较低的消费电子芯片需求增长 ...