YUNDA Corp.(002120) 华福证券·2024-11-06 01:38Investment 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].