Investment Rating - The report maintains a "Buy" rating for ZTO Express (02057.HK) [1] Core Views - ZTO Express reported a revenue of 10.73 billion yuan for Q2 2024, representing a year-on-year growth of 10.1%, while net profit reached 2.61 billion yuan, up 3.3% year-on-year [1] - The company’s business volume for Q3 2023 was 8.452 billion pieces, also reflecting a 10.1% year-on-year increase, although market share decreased by 2 percentage points to 19.6% [1] - The management maintains the annual package volume growth forecast for 2024 at 15% to 18%, corresponding to 34.73 billion to 35.64 billion pieces [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 35,377 - 2023A: 38,419 - 2024E: 44,178 - 2025E: 48,901 - 2026E: 53,193 [3] - Net Profit (in million yuan): - 2022A: 6,809 - 2023A: 8,749 - 2024E: 10,522 - 2025E: 12,125 - 2026E: 13,609 [3] - Gross Margin for Q2 2024 decreased by 0.1 percentage points to 33.8%, while net margin fell by 1.6 percentage points to 24.4% [1] Dividend Information - The board has approved a mid-term cash dividend of $0.35 per share for H1 2024, with a payout ratio of 40% [1]
中通快递-W：单票收入持平，Q2业绩持续增长