China Logistics_ Cut express industry profit on competition; Cautious on freight forwarders; YTO & Sinotrans-H down to Sell
2025-02-19 16:51
更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 China Logistics Cut express industry profit on competition; Cautious on freight forwarders; YTO & Sinotrans-H down to Sell We see intensifying express delivery competition this year as industry leader ZTO pivots back to a market share gain strategy and downgrade YTO to Sell on competition/downside risk to profit per parcel (converging with Tier 2 players). Meanwhile, we downgrade Sinotrans-H to Sell given export-driven businesses contribute 75+% of EBIT where we expect lower fre ...