Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [5][13]. Core Views - The company, Yunda Express, reported a continuous improvement in profitability, with a Q3 2024 net profit of 370 million yuan, representing a year-on-year increase of 24.3% [2][3]. - The overall revenue for the first three quarters of 2024 reached 35.51 billion yuan, up 8.1% year-on-year, with a net profit of 1.41 billion yuan, also up 20.9% year-on-year [2][3]. - The report highlights that the growth in delivery volume has consistently exceeded expectations, with Q3 2023 delivery volume at 6.02 billion pieces, a year-on-year increase of 23.7% [2][3]. Financial Performance Summary - For Q3 2024, the company achieved an operating revenue of 12.26 billion yuan, an increase of 8.8% year-on-year, and a net profit of 370 million yuan, up 24.3% year-on-year [2][3]. - The average selling price (ASP) for Q3 2024 was 1.99 yuan per piece, down 10.4% year-on-year, while the ASP for the first three quarters of 2024 was 2.07 yuan per piece [2][3]. - The report projects the company's net profit for 2024, 2025, and 2026 to be 2 billion, 2.3 billion, and 2.8 billion yuan respectively, reflecting a positive growth outlook [3][5]. Financial Data and Valuation - The financial data for the company shows a projected revenue of 51.16 billion yuan for 2024, with a growth rate of 14% [4]. - The net profit for 2024 is estimated at 2.02 billion yuan, with a growth rate of 24% [4]. - The report indicates an EPS of 0.70 yuan for 2024, with a P/E ratio of 11.9 [4][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant growth in both volume and profit, driven by effective cost control and a strategy of "exchanging price for volume" [2][5] - The express delivery industry has shown resilience with a year-on-year business volume growth rate of 22.03%, with the company outperforming this at 27.71% [2][6] - The company is expected to continue optimizing costs and improving pricing power, leading to enhanced profitability in the future [6][7] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 35.509 billion yuan, a year-on-year increase of 8.14%, and a net profit attributable to shareholders of 1.408 billion yuan, up 20.93% [2][4] - In Q3 2024, the company achieved a revenue of 12.257 billion yuan, a year-on-year increase of 8.84%, and a net profit of 367 million yuan, up 24.25% [2][4] - The company's business volume reached 16.943 billion pieces in the first three quarters, a growth of 27.71%, with a single piece revenue of 2.10 yuan, down 15.32% year-on-year [2][3] Cost and Expense Management - The company has successfully reduced total expenses by 14.99% to 1.537 billion yuan in the first three quarters of 2024, with an expense ratio of 4.33%, down 1.18 percentage points [3][4] - The single piece cost decreased by 15.06% to 1.89 yuan, contributing to a gross margin of 9.87% [2][3] Market Position and Outlook - The company has increased its market share by 0.61 percentage points in the first three quarters of 2024, outperforming the industry growth rate [2][6] - Future revenue projections for 2024-2026 are 49.631 billion yuan, 54.210 billion yuan, and 58.936 billion yuan respectively, with net profits expected to be 2.035 billion yuan, 2.343 billion yuan, and 2.694 billion yuan [7][9]

Group 1 - A new company, Jiaxing Yunhe Technology Co., Ltd., has been established with a registered capital of 2 million yuan [1] - The legal representative of the company is Yan Jun [1] - The business scope includes logistics, machinery equipment leasing, IoT technology research and development, AI public service platform consulting, software development and sales, internet sales, sports event planning, and sales agency [1] Group 2 - The company is wholly owned by Yunda Co., Ltd. through indirect shareholding [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][2][5]. Core Views - The company reported a significant increase in net profit excluding non-recurring items, driven by continuous improvement in express delivery business costs. However, the net profit was below expectations due to asset impairment losses [1]. - The express delivery industry is experiencing a slowdown in volume growth, with a year-on-year increase of 20.0% in Q3 2024, down from 25.2% in Q1 and 21.3% in Q2. The average price per item has decreased by 6.5% year-on-year, but the decline is narrowing due to price increases in certain regions [2]. - The company's gross margin for Q3 2024 was 8.5%, a slight year-on-year decrease, but the decline is narrowing compared to previous quarters. The company has room for cost reduction and capacity utilization is expected to improve [2][12]. Financial Performance Summary - For Q3 2024, the company reported revenue of 12.26 billion RMB, a year-on-year increase of 8.84%, and a net profit of 367 million RMB, up 24.3% year-on-year. The net profit excluding non-recurring items was 340 million RMB, reflecting an 88.51% increase year-on-year [1]. - The company’s revenue and net profit for the first three quarters of 2024 were 35.51 billion RMB and 1.41 billion RMB, respectively, with year-on-year increases of 8.14% and 20.8% [1]. - The report forecasts net profits for 2024, 2025, and 2026 to be 2.1 billion RMB, 2.56 billion RMB, and 3.0 billion RMB, respectively, with corresponding year-on-year growth rates of 29.3%, 21.9%, and 17.3% [2][12]. Valuation Metrics - The target price for the company is set at 12.18 RMB, with a current closing price of 8.41 RMB, indicating potential upside [6]. - The report provides a price-to-earnings (PE) ratio forecast of 13.8x for 2025, with an expected earnings per share (EPS) of 0.88 RMB [2][12].

Investment Rating - The report assigns a "Recommended" rating to the company, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [1][4]. Core Insights - The company reported a Q3 net profit of 370 million yuan, representing a year-on-year increase of 24.3%. The revenue for Q3 was 12.26 billion yuan, up 8.8% year-on-year, with a non-recurring net profit of 34 million yuan, reflecting an 88.4% increase [1][2]. - For the first three quarters, the company achieved a total revenue of 35.51 billion yuan, a year-on-year growth of 8.1%, and a net profit of 1.41 billion yuan, also up 20.9% year-on-year [1][3]. - The report highlights the company's continuous improvement in operational efficiency, with a significant reduction in costs and expenses, contributing to enhanced profitability [2][3]. Financial Performance Summary - Q3 revenue: 12.26 billion yuan, up 8.8% YoY; Q3 net profit: 370 million yuan, up 24.3% YoY; Q3 non-recurring net profit: 34 million yuan, up 88.4% YoY [1][2]. - For the first three quarters, total revenue reached 35.51 billion yuan, with a net profit of 1.41 billion yuan, both showing positive growth [1][3]. - The company’s single-ticket revenue for Q3 was 1.99 yuan, down 10.4% YoY, while the single-ticket non-recurring net profit increased by 52% YoY to 0.056 yuan [2][3]. Business Volume and Market Share - The company’s business volume growth for the first three quarters was 27.7%, outperforming the industry average of 22.0% [1][2]. - In Q3, the company maintained a market share of 13.8%, ranking second in the industry, with competitors showing varied growth rates [1][2]. Profitability Forecast - The report adjusts the profit forecast for 2024-2026, estimating net profits of 1.96 billion, 2.38 billion, and 2.78 billion yuan respectively, with corresponding EPS of 0.68, 0.82, and 0.96 yuan [2][3]. - The target price for the company is set at 10.69 yuan, indicating a potential upside of approximately 27% from the current price of 8.41 yuan [2][4].

证券时报e公司讯，韵达股份10月29日接待机构调研时表示，前三季度，公司核心运营成本及四项费用 管控均保持下降趋势。 预计核心运营成本还有一定下降空间：一是在核心产能构建上公司仍具先发优势，产能利用率可进一步 提升，所以在固定资产折旧和可变成本摊销方面仍有下降空间；二是随着公司数字化能力全面赋能、优 化精细管理，对于货量预测、路由优化、车线数量、装载率提升、现场排班、工时管理、人效提升等经 营管控方面，仍具有挖降空间；三是公司充分发挥集包仓、网格仓、末端驿站、无人车等基础设施优 势，在揽派两端经营成本方面仍然具有下降空间。 费用方面，2024年前三季度四项费用同比下降近2.71亿元，预计费用的下降趋势还能持续：一是随着经 营性现金流提升、公司偿债规模逐步扩大，公司明年的有息负债规模会出现下降，利息支出同比也会实 现下降；二是当前市场的资金成本持续下降，公司也会把握融资窗口，使用低息的资金置换高息债务， 改善财务费用；三是公司还将持续进行部分资产处置。 ...

编号：2024-006 证券代码：002120 证券简称：韵达股份 韵达控股股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------|----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

韵达控股股份有限公司 2024 年第三季度报告 证券代码：002120 证券简称：韵达股份 公告编号：2024-081 韵达控股股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 1 韵达控股股份有限公司 2024 年第三季度报告 一、主要财务数据 （一）主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|-------------------|-------------------------|---------------- ...

（二）本次计提资产减值准备的资产范围、金额和计入报告期 2024年前三季度公司及下属子公司计提各项资产减值准备为16,919.40万元，具 体如下表所示： 单位：万元 证券代码：002120 证券简称：韵达股份 公告编号：2024-082 韵达控股股份有限公司 关于计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本次计提资产减值准备情况概述 （一）计提资产减值准备的原因 韵达控股股份有限公司（以下简称"公司"）根据《深圳证券交易所股票上市规 则》《企业会计准则》等相关规定的要求，为真实、准确地反映公司截至2024年前 三季度的财务状况及经营成果，基于谨慎性原则，公司及下属子公司对截至2024年9 月30日的资产进行了全面清查和减值测试，对可能发生减值损失的资产计提减值准 备。 根据《深圳证券交易所股票上市规则》《企业会计准则》以及公司会计政策的 有关规定，本次计提资产减值准备事项需履行信息披露义务，无需提交董事会及股 东大会审议。 二、本次计提减值准备合理性的说明及对公司的影响 （一）本次计提减值准备合理性的说明 1、应收账款、应收 ...

编号：2024-005 证券代码：002120 证券简称：韵达股份 韵达控股股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|------------------------------|------------------------------------------------------| | | | | | 投资者关系活 | √ 特定对象调研 | □ 分析师会议 | | 动类别 | √ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 □ | 路演活动 | | | √ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称 | | 投资者服务中心、中国证券报、上海证券报、证券时报、证 | | 及人员姓名 | 者及个人投资者 | 券日报、华福证券、上海理石投资管理有限公司等机构投资 | | 时间 | 2024 年 10 月 24 | 日（周四） | | 地点 | 上海市青浦区盈港东路 | 6679 号 | | 上市公司接待 | 1 | 、董事、副总裁、业务负责人符勤先生 | | 人员姓名 | 2 、规划中 ...