STO(002468) 新浪财经·2025-04-27 00:36Core Viewpoint - The company reported significant growth in net profit for 2024 and Q1 2025, indicating strong operational performance and market position [1][4]. Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 1.04 billion, a year-on-year increase of 205.2%; the net profit excluding non-recurring items was 1.02 billion, up 199.5% [1]. - For Q1 2025, the net profit attributable to shareholders was 236 million, a year-on-year increase of 24.0%; the net profit excluding non-recurring items was 231 million, up 23.8% [1]. Operational Metrics - In 2024, the company completed 22.73 billion parcels, a year-on-year increase of 29.8%, with a market share of 13.0%, an increase of 0.83 percentage points [2]. - For Q1 2025, the company completed 5.81 billion parcels, a year-on-year increase of 26.6%, with a market share of 12.9%, an increase of 0.5 percentage points [2]. Revenue and Cost Analysis - In 2024, the average revenue per parcel was 2.05 yuan, a decrease of 8.1% year-on-year; the average revenue from information services was 0.09 yuan, down 0.02 yuan; the average revenue from paid delivery was 1.20 yuan, down 0.12 yuan; and the average revenue from transit was 0.76 yuan, down 0.04 yuan [2]. - In Q1 2025, the average revenue per parcel was 2.04 yuan, a decrease of 6.2% year-on-year [3]. - The average cost per parcel in 2024 was 1.94 yuan, a decrease of 9.7% year-on-year; the delivery cost was 1.22 yuan, down 9.7%; and the transportation cost was 0.37 yuan, down 9.1% [3]. Profitability Metrics - In 2024, the gross profit per parcel was 0.125 yuan, an increase of 28% year-on-year; for Q1 2025, it was 0.117 yuan, a decrease of 10% [3]. - The net profit per parcel attributable to shareholders in 2024 was 0.046 yuan, an increase of 135% year-on-year; for Q1 2025, it was 0.041 yuan, remaining flat [3]. Capital Expenditure and Capacity Expansion - The company successfully completed a three-year capacity enhancement plan, implementing 179 projects, significantly increasing processing capacity [3]. - In 2024, the company completed 42 projects, achieving a daily processing capacity of over 75 million parcels, with the ability to handle over 100 million parcels during peak periods [3]. - The company expects to increase its daily processing capacity to over 90 million parcels in 2025 [3]. Market Position and Investment Outlook - For the first three months of 2025, the company led the industry in business volume growth at 26.6%, outperforming competitors [4]. - Based on the company's performance and current industry trends, profit forecasts for 2025-2026 have been slightly adjusted to 1.45 billion and 1.81 billion, respectively [4]. - The target price for 2025 is set at 14.17 yuan, reflecting a potential upside of 33% from the current price, with a recommendation for "buy" [4].