STO(002468) 浙商证券·2025-04-26 09:33Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved a significant increase in net profit for 2024, with a year-on-year growth of 205.2%, driven by capacity release and efficiency improvements [1] - The company plans to continue enhancing its operational efficiency and cost management in response to intense regional price competition in the logistics industry [1][2] - The company is expected to benefit from a double-digit growth in industry parcel volume in 2025, with a projected net profit of 14.6 billion, 17.2 billion, and 20.1 billion for 2025-2027, respectively [4] Financial Performance Summary - In 2024, the company reported operating revenue of 471.69 billion, a year-on-year increase of 15.26%, and a net profit attributable to shareholders of 10.4 billion, up 205.2% [1] - The company completed 227.29 billion parcels in 2024, reflecting a year-on-year growth of 29.83%, achieving a market share of 12.98% [2] - For Q1 2025, the company reported operating revenue of 119.99 billion, a year-on-year increase of 18.43%, and a net profit of 2.36 billion, up 24.04% [1][3] Operational Strategy - The company aims to enhance its service quality and operational efficiency by focusing on customer needs and technological advancements [3] - The company has completed 42 expansion projects in 2024, increasing its daily throughput capacity to over 75 million parcels [2] - The company plans to further improve its capacity and service quality through partnerships and infrastructure development in 2025 [3]