STO(002468) 每日经济新闻·2025-04-25 09:00Core Insights - Shentong Express has reported significant growth in both profit and express business volume, with a total revenue of 47.169 billion yuan in 2024, marking a 15.26% year-on-year increase, and a net profit of 1.04 billion yuan, up 205.24%, achieving a historical high [1] - The company's aggressive pricing strategy has contributed to its performance, although it has the lowest average revenue per package among its peers in the "Tongda" system [1][2] - The competitive landscape remains intense, particularly in the "battle for third place" among Shentong and Yunda [1][5] Financial Performance - In 2024, Shentong's business volume reached 22.729 billion packages, a 29.83% increase, with a market share of 12.98%, up 0.83 percentage points [3] - For Q1 2025, the company reported revenue of 11.999 billion yuan, an 18.43% increase, and a net profit of 236 million yuan, up 24.04% [3] - The average daily package processing volume has increased from less than 30 million three years ago to over 75 million in 2024 [3] Strategic Initiatives - Shentong has completed its three-year capacity enhancement plan, implementing 179 projects to improve processing capabilities [3] - The acquisition of the Yiwu transfer center is a strategic move to enhance management of key routes and improve operational efficiency [4] - The company aims to increase its daily throughput capacity to over 90 million packages by 2025 [3] Market Position and Competition - The competition with Yunda remains fierce, with Shentong briefly surpassing Yunda in business volume earlier this year before being overtaken again [6][7] - The potential exercise of Alibaba's stock options could lead to significant changes in Shentong's market position and operational management [7] - The company's financial metrics indicate challenges ahead, with a 40% decline in operating cash flow and a debt ratio of 62.53%, the highest in its history [6][7]