近期，中泰证券（600918）发布研报首次覆盖韵达股份（002120），研报指出，韵达股份是国内加盟制 快递头部公司，近几年持续聚焦主业优化经营、控本降费，随着"反内卷"等政策红利持续释放，价格竞 争改善背景下公司盈利修复可期。 "韵达速递"品牌创立于1999年8月，是较早实现网络扁平化、平台化、信息化的公司之一，2018-2022年 快递业务量市场份额位居行业第二；近几年，公司深入贯彻"全网一体、共建共享"的发展理念，以科技 创新、精细管理为驱动，实施"聚焦主航道"的发展战略，逐步实现经营与管理优化。 研报认为，公司降本增效成果显著，规模效应叠加精细管控单票核心运营成本呈下降趋势，"反内卷"背 景下价格改善有望持续。 7月8日，国家邮政局党组召开会议，旗帜鲜明反对"内卷式"竞争。7月以来，浙江、广东、福建等多地 已落实涨价措施。8月，公司快递服务单票收入为1.92元，环比增长0.01元；随着政策红利持续释放，竞 争环境改善背景下公司单票收入有望实现环比继续提升。 研报指出，韵达股份近些年在核心枢纽转运中心投建、设备自动化智能化布局、运力运能提升以及数字 化信息化建设等方面持续投入，根据公司公告2022年起扩 ...

Core Viewpoint - The company, Yunda Express, has faced challenges in recent years but is now focusing on operational optimization and cost reduction to regain market share and improve profitability [1][5]. Group 1: Company Overview - Yunda Express was established in August 1999 and was one of the first companies to implement a flat, platform-based, and information-driven network [1]. - From 2018 to 2022, the company held the second-largest market share in express delivery volume, but due to various factors, its market share dropped to third place in 2023 [1]. Group 2: Operational Efficiency - The company has been investing in core hub transfer centers, automation, capacity enhancement, and digitalization, leading to a decrease in core operating costs per package by 15.62% year-on-year in the first half of 2025 [2]. - The company achieved a total express delivery volume of 12.726 billion packages in the first half of 2025, reflecting a year-on-year growth of 16.50% [2]. Group 3: Cost Management - The company has successfully reduced operational expenses, with a decrease of 3.18 billion yuan in four major expense categories, representing a 13.85% year-on-year decline [4]. - The company’s sorting cost per package is estimated at 0.32 yuan, which is higher than its competitor Zhongtong Express's cost of 0.27 yuan, indicating room for improvement in service efficiency [4]. Group 4: Shareholder Confidence - The controlling shareholder, Shanghai Luojisi Investment Management Co., Ltd., is actively increasing its stake in the company, reflecting confidence in the company's long-term development [3][4]. - As of August 7, 2025, the controlling shareholder has acquired a total of 1.4744 million shares, amounting to approximately 9.9998 million yuan [4]. Group 5: Financial Projections - The company is projected to achieve revenues of 52.41 billion yuan, 57.33 billion yuan, and 62.72 billion yuan for the years 2025 to 2027, with net profits of 1.58 billion yuan, 1.93 billion yuan, and 2.25 billion yuan respectively [5]. - The earnings per share are expected to be 0.55 yuan, 0.67 yuan, and 0.78 yuan for the same period, with corresponding price-to-earnings ratios of 13.6X, 11.1X, and 9.6X [5].