Investment Rating - The investment rating for the company is "Buy" [5][2] Core Views - The company achieved a revenue of 9.96 billion yuan in Q1 2024, representing a year-on-year growth of 10.9%. However, net profit decreased by 14.6% to 1.43 billion yuan, while adjusted net profit increased by 15.8% to 2.22 billion yuan [1][7] - The company maintained a price strategy focused on profitability, leading to a business volume of 7.171 billion pieces, which grew by 13.9% year-on-year but lagged behind industry peers [1][7] - The average price per delivery decreased by 2.5% year-on-year, a significant improvement from a decline of 18.2% in the previous quarter [1][7] - The company optimized its operating costs, with transportation and transfer costs per piece decreasing by 7.0% and 5.4% respectively, contributing to a stable profit margin [1][9] Summary by Sections Financial Performance - Q1 2024 revenue was 9.96 billion yuan, up 10.9% year-on-year - Q1 2024 net profit was 1.43 billion yuan, down 14.6% year-on-year - Adjusted net profit for Q1 2024 was 2.22 billion yuan, up 15.8% year-on-year [1][7] Business Volume and Pricing - Business volume reached 7.171 billion pieces, growing 13.9% year-on-year but underperforming compared to industry growth rates - The company’s market share decreased compared to the previous year but remains higher than competitors [1][7] Cost Management - The average transportation cost per piece was 0.47 yuan, down 7.0% year-on-year, while transfer costs were 0.30 yuan, down 5.4% year-on-year - The gross profit per piece for core express services was 0.42 yuan, showing an increase from previous periods [1][9] Capital Expenditure - Capital expenditure for Q1 2024 was 1.69 billion yuan, significantly lower than 2.3 billion yuan in the same period last year, indicating a peak in capital spending has passed [1][9]
中通快递-W：平衡质量、规模与盈利，中长期投资价值凸显