STO(002468) 中邮证券·2025-04-27 05:08Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock to outperform the benchmark index by over 20% in the next six months [7][12]. Core Insights - The company reported a revenue of 47.17 billion yuan for 2024, representing a year-on-year growth of 15.3%, and a net profit attributable to shareholders of 1.04 billion yuan, which is a significant increase of 205.2% [4][10]. - The company has successfully completed a three-year capacity enhancement plan, significantly increasing its processing capabilities and maintaining a leading growth rate in package volume [5][7]. - Despite a decline in revenue per package due to market competition, the company achieved substantial revenue growth driven by high package volume [5][6]. Summary by Sections Company Overview - Latest closing price: 10.62 yuan - Total shares: 1.531 billion, circulating shares: 1.492 billion - Total market capitalization: 16.3 billion yuan, circulating market capitalization: 15.8 billion yuan - 52-week high/low: 12.40/7.74 yuan - Debt-to-asset ratio: 61.3% - Price-to-earnings ratio: 15.39 [3]. Financial Performance - In Q1 2025, the company reported a revenue of 12.0 billion yuan, up 18.4% year-on-year, and a net profit of 236 million yuan, an increase of 24.0% [4][10]. - The company’s package volume reached 22.73 billion in 2024, a growth of 29.8%, with a market share of 12.98% [5]. - The company’s cost per package decreased by 9.7% to 1.94 yuan in 2024, with continued cost reduction trends into Q1 2025 [6]. Future Outlook - The company aims to focus on its core express delivery business, enhance infrastructure, and implement refined management practices to drive cost reduction and efficiency [7]. - Projected net profits for 2025-2027 are 1.4 billion, 1.68 billion, and 1.9 billion yuan, reflecting year-on-year growth rates of 34.4%, 20.5%, and 13.1% respectively [7][10].