YTO Express (.SS)_ 3Q24 Inline; Bottom-line Saved by Tax Reduction under More Aggressive Market Share Acquisition
2024-11-03 17:15
A c t i o n | 30 Oct 2024 12:10:11 ET │ 14 pages YTO Express (600233.SS) 3Q24 Inline; Bottom-line Saved by Tax Reduction under More Aggressive Market Share Acquisition CITI'S TAKE YTO reported 3Q24 results largely in-line at RMB943mn, 18.1%YoY, accounting for 22% of CitiE/consensus's full-year estimates. YTO was more aggressive than expected in competition in slow season. The ASP dipped 6%YoY in exchange of 28%YoY parcel volume growth, outpacing industry to gain 1.2pp market share. Though core cost and unit ...