Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a strong performance in Q3 2024, with revenue reaching 11.92 billion yuan, a year-on-year increase of 16.3%. The net profit attributable to shareholders was 215 million yuan, compared to 2.74 million yuan in the same period last year, indicating significant growth [4][6]. - For the first three quarters of 2024, the company achieved a total revenue of 33.49 billion yuan, up 14.2% year-on-year, and a net profit of 650 million yuan, which is a remarkable increase of 195.2% [4][6]. - The company experienced a 27.9% year-on-year increase in parcel volume in Q3 2024, with market share rising by 0.8 percentage points to 13.5% [4][6]. - The average price per parcel decreased by 5.2% year-on-year to 2.01 yuan, reflecting intensified price competition during the off-peak season [4][6]. - The company has optimized costs significantly, with the cost per parcel dropping to 1.92 yuan, a decrease of 0.24 yuan year-on-year [5][6]. - Cash flow from operating activities improved, reaching 870 million yuan in Q3 2024, a 17.3% increase year-on-year [5][6]. - Management reforms have begun to yield benefits, enhancing operational capabilities and network quality, leading to a positive cycle of volume, cost, and profit [6]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 11.92 billion yuan, a 16.3% increase year-on-year, and a net profit of 215 million yuan, compared to 2.74 million yuan in the previous year [4][6]. - For the first three quarters of 2024, total revenue was 33.49 billion yuan, up 14.2%, with net profit reaching 650 million yuan, a 195.2% increase [4][6]. Operational Metrics - The company achieved a 27.9% increase in parcel volume in Q3 2024, with market share rising to 13.5% [4][6]. - The average price per parcel decreased by 5.2% year-on-year to 2.01 yuan, indicating increased competition [4][6]. Cost Management - The cost per parcel was reduced to 1.92 yuan, a decrease of 0.24 yuan year-on-year, reflecting effective cost optimization [5][6]. - Operating cash flow improved to 870 million yuan, a 17.3% increase year-on-year [5][6]. Management and Strategy - Management reforms are showing positive results, improving operational efficiency and quality, which is expected to enhance profitability further [6].

证券研究报告 非金融公司|公司点评|申通快递（002468） Q3 业绩高增，市占率稳步提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月05日 证券研究报告 |报告要点 公司发布 2024 年三季报。2024 年前三季度，公司实现营收 334.91 亿元，同比增长 14.16%， 其中第三季度实现营收 119.22 亿元，同比增长 16.31%；前三季度公司实现归母净利润 6.52 亿元，同比增长 195.18%，其中第三季度实现归母净利润 2.15 亿元，同比增长 7760.86%。 |分析师及联系人 曾智星 李蔚 SAC：S0590524100004 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月05日 申通快递(002468) Q3 业绩高增，市占率稳步提升 | --- | --- | |----------------------------|---------------| | | | | 行 业： | 交通运输/物流 | | 投资评级： | 买入（维持） | | 当前 ...

52 周价格区间（元） 6.15-12.66 流通市值（百万） 16,337.90 2024 年 11 月 05 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 史亚州 S0350124060026 shiyz@ghzq.com.cn 联系人 ： 张晋铭 S0350124040003 zhangjm02@ghzq.com.cn [Table_Title] 单票盈利持续修复，看好业绩弹性 ——申通快递（002468）2024 年三季报点评 事件: 最近一年走势 2024 年 10 月 31 日，申通快递公告 2024 年三季报 经营方面，2024Q1-Q3，申通快递实现营业收入 334.91 亿元，同比增长 14.16%；完成归母净利润 6.52 亿元，同比增长 195.18%；完成扣非归 母净利润 6.39 亿元，同比增长 204.77%。其中 2024Q3，申通快递实现 营业收入 119.22 亿元，同比增长 16.31%；完成归母净利润 2.15 亿元， 上年同期为 0.03 亿元；完成扣非归母净利润 2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][6] Core Views - The company has shown impressive performance in Q3 2024, with revenue reaching 33.49 billion yuan, a year-on-year increase of 14.2%, and a net profit attributable to the parent company of 639 million yuan, up 204.8% [4][6] - The company's market share has rapidly increased to 13.5%, with a year-on-year business volume growth of 27.9% [4][6] - The company is benefiting from an active pricing strategy, with the average express delivery price decreasing by 5.2% year-on-year to approximately 2.01 yuan per package [4][6] - The company is in the third year of its "Three-Year 10 Billion Capacity Enhancement Plan," which is expected to continue optimizing its network and increasing throughput capacity [4][6] Financial Forecasts and Metrics - Revenue projections for 2024-2026 are 48.95 billion yuan, 55.85 billion yuan, and 62.27 billion yuan, respectively, with year-on-year growth rates of 19.6%, 14.1%, and 11.5% [2][7] - Net profit forecasts for the same period are 950 million yuan, 1.28 billion yuan, and 1.55 billion yuan, reflecting year-on-year growth rates of 178.7%, 35%, and 21% [2][7] - The company's earnings per share (EPS) for 2024-2026 are projected to be 0.62 yuan, 0.84 yuan, and 1.01 yuan, respectively [2][7] - The price-to-earnings (P/E) ratio for 2024 and 2025 is estimated to be 17.5x and 13.0x, respectively [2][7]

Group 1: Business Performance - In the first three quarters of 2024, the company achieved a business volume of 161.09 billion pieces, a year-on-year increase of 30.8%, with a market share of 13.02%, up by 0.87 percentage points [2] - The company's revenue for the first three quarters reached 334.9 billion yuan, a year-on-year growth of 14.2%, with third-quarter revenue of 119.2 billion yuan, up 16.3% [2] - The net profit attributable to shareholders for the first three quarters was 6.52 billion yuan, a significant increase of 195.2% year-on-year [2] Group 2: Cost Management - The operating cost for the first three quarters was 315.4 billion yuan, reflecting a year-on-year increase of 12.0%, with a third-quarter cost of 112.7 billion yuan, up 13.5% [2] - The average cost per piece for express delivery in the third quarter was 1.91 yuan, showing a nearly 7% decrease year-on-year [3] Group 3: Market Trends and Strategies - The online retail sales of physical goods in China increased by 7.9% year-on-year in the first three quarters, contributing to the strong growth of the express delivery sector [1] - The company is focusing on enhancing service quality and optimizing logistics through technology and operational improvements, which is expected to sustain future growth [3] Group 4: Seasonal Performance - During the Double Eleven promotional period, express delivery volume surged, with approximately 19.2 billion packages collected from October 21 to 23, a year-on-year increase of 48.7% [4] - The average price adjustments during peak seasons are expected to stabilize and potentially increase due to rising demand and cost factors [4]

Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [17]. Core Insights - The company reported a significant year-on-year revenue growth of 195% in net profit for the first three quarters, with a total revenue of 334.9 billion and a net profit of 6.52 billion, reflecting a 14.2% increase in revenue compared to the previous year [1][2]. - The report highlights a positive cycle of volume, cost, and profit, suggesting that the company is experiencing a recovery phase with improved operational efficiency and profitability [1][6]. - The company achieved a free cash flow of 500 million in 2023, marking the first positive cash flow since 2018, indicating a restoration of its financial health [1]. Financial Performance Summary - **Revenue and Profit**: In Q3 2024, the company achieved a revenue of 119.2 billion, a 16.3% increase year-on-year, and a net profit of 2.15 billion, up 7760.9% from the previous year [1][7]. - **Volume Growth**: The company’s business volume growth rate for the first three quarters was 30.8%, outperforming competitors and the industry average [1][7]. - **Earnings Forecast**: The earnings forecast for 2024-2026 has been revised upwards to 9 billion, 14 billion, and 17 billion respectively, with corresponding EPS of 0.59, 0.92, and 1.13 [1][2]. Valuation and Target Price - The target price for the company is set at 13.74, representing a 24% upside from the current price of 11.06 [3][1]. - The report anticipates that the company will maintain a price-to-earnings (PE) ratio of at least 15 times by 2025, aligning with industry recovery trends [1][2].

C o m p a n y U p d a t e 公司基本信息 产业别 交通运输 A 股价(2024/10/31) 10.85 深证成指(2024/10/31) 10591.22 股价 12 个月高/低 12.66/6.14 总发行股数(百万) 1530.80 A 股数(百万) 1492.05 A 市值(亿元) 161.89 主要股东 浙江菜鸟供应 链管理有限公 司(25.00%) 每股净值(元) 6.15 股价/账面净值 1.76 一个月 三个月 一年 股价涨跌(%) 6.4 21.5 9.2 近期评等 出刊日期 前日收盘 评等 2024-09-01 9.09 买进 产品组合 快递服务 98.9% 其他 1.1% 申通快递 (002468.SZ) 买进（Buy） C h i n a R e s e a r c h D e p t . 2023 年 10 月 31 日 赵旭东 H70556@capital.com.tw 目标价(元) 12.8 3Q 利润符合预期，毛利率同比显着提升 结论与建议： ◼ 公司业绩：公司公告2024前三季度实现营收334.9亿元，YOY+14.2%；归 母净利润6.5亿元，YOY ...

1 申通快递股份有限公司 2024 年第三季度报告 证券代码：002468 证券简称：申通快递 公告编号：2024-055 申通快递股份有限公司 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.公司负责人陈德军、主管会计工作负责人梁波及会计机构负责人(会计主管人员)谭荣波声明：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 申通快递股份有限公司 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 | --- | --- | --- | --- | --- | |--------------------------------------------------------|-------------------|-------------------------|---- ...

申通快递股份有限公司 董事会战略委员会工作规则 第一章 总则 第一条 申通快递股份有限公司(以下简称"公司")为适应战略发展需要,增 强公司核心竞争力,确定公司发展规划,健全投资决策程序,加强决策科学性,提高重 大投资决策的效益和决策的质量, 提高公司可持续发展及环境、社会和公司治理（以 下简称"ESG"）水平及管理能力，完善公司治理结构并致力于承担更多社会责任,根 据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》和《上市公 司独立董事管理办法》等法律、行政法规、部门规章、规范性文件及《申通快递股 份有限公司章程》(以下简称"《公司章程》")的有关规定, 公司董事会特设立董 事会战略委员会(以下简称"战略委员会"),并制定本规则。 第二条 战略委员会为董事会下设委员会,对董事会负责。主要负责对公司长期 发展战略、重大投资决策和 ESG 战略、议题及风险管理等事项进行研究并提出建议。 第一章 人员组成 第三条 战略委员会由五名董事组成。委员由董事长、二分之一以上独立董事或 全体董事的三分之一提名,并由董事会选举产生。 ...

一、召开会议的基本情况 证券代码：002468 证券简称：申通快递 公告编号：2024-060 申通快递股份有限公司 关于召开 2024 年第二次临时股东大会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 申通快递股份有限公司（以下简称"公司"）第六届董事会第五次会议审议通过了《关于召 开 2024 年第二次临时股东大会的议案》，决定公司于 2024 年 11 月 15 日（周五）15 时召开公司 2024 年第二次临时股东大会，现将本次会议的有关事项通知如下： （一）股东大会届次：2024 年第二次临时股东大会 （二）会议召集人：公司董事会 （三）会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政法规、部门规 章、规范性文件和公司章程的相关规定 （四）现场会议召开时间：2024 年 11 月 15 日（周五）15 时 网络投票时间：2024 年 11 月 15 日。其中： 1、通过深圳证券交易所交易系统进行网络投票的具体时间为2024年11月15日9:15—9:25， 9:30—11:30 和 13:00—15:00； 2、通过深圳证券交 ...