Yunda Co., Ltd. (002120): Market share is further enhanced, single ticket revenue is reduced, cost reduction is maintained, and competitive advantages are maintained
Event: Yunda announced the semi-annual report for 2019, and the company achieved operating income of 155 in the first half of the year.5.4 billion, an annual increase of 163.51%; net profit attributable to mother 12.96 ppm, an increase of 29 in ten years.60%, net of non-attributed net profit11.870,000 yuan, an increase of 27 in ten years.46%; basic return is 0.58 yuan / share, an increase of 20 in ten years.83%. Comments: 1.The business volume has maintained rapid growth, and the market share has continued to increase. In recent years, the rapid development of the e-commerce industry and the express delivery industry has maintained rapid growth in the national express business volume.In the first half of 2019, the business volume of national express delivery service companies gradually completed 277.600 million pieces, an annual increase of 25.7%.Among them, Yunda completed a business volume of 43.3.4 billion votes, an increase of 44 in ten years.71% higher than the industry average growth rate of 19pct, and the express market share increased by 2.06pct to 15.62%, express delivery business volume growth in line with expectations. 2.Significant results have been achieved in reducing costs and increasing efficiency, and the cost advantage has continued to strengthen.540,000 yuan, an increase of 163 in ten years.51%.Among them, the courier service business income was 142.830,000 yuan, an increase of 174 in ten years.24%, mainly due to the impact of the adjustment of the distribution revenue model and the rapid growth of e-commerce express delivery business.At the same time, under the role of steady growth in the express delivery business and continuous cost control, the company achieved net profit attributable to mothers in the first half of 2019.96 ppm, an increase of 29 in ten years.60%, net of non-attributed net profit11.870,000 yuan, an increase of 27 in ten years.46%.In addition, after the impact of the company’s alternative payment fees in the first half of 2019, the decline in single ticket revenue decreased. At the same time, the company has continuously improved its routing routes, increased the proportion of “straight-through”, reduced transit intervals, increased investment in automation equipment, improved operating efficiency, reduced operating marginal costs, and increased scale effects and cost advantages, constantly consolidating its “moat”. 3.The refined management continuously improves the service experience, the network construction is further improved, and the company, as a representative of the “joining system” courier company, adheres to scientific and technological innovation and refined strategies in operation management, and constantly optimizes the trunk network and refines product classification.At the same time, the company continuously improves management performance and service experience.In the first half of 2019, the company’s monthly effective implantation was 0.06 (per million pieces), a decrease of 96% per year, and efficient processing of a satisfactory rearrangement of 99.58%, leading the industry.In addition, in the first half of 2019, the number of company outlets reached 30070, an increase of 15% from the beginning of the year, and the coverage rate of cities above the county level has reached 95.45%, the nation’s network construction has been further strengthened, which will help channel sink and business expansion. 4.Investment suggestion: It is expected that Yunda’s annual express business volume in 2019 will continue to maintain a high growth. Relying on excellent cost control capabilities and fine management of the operating network, the cost advantage will continue to be maintained.At the same time, through the continuous promotion of science and technology promotion, the continuous improvement of the automation level, the continuous improvement of the cost end, we are optimistic about the company’s future development potential. It is expected that the company’s operating income for 2019-2021 will be 322.310,000 yuan, 424.280,000 yuan, 527.00 ppm, net profit 28.880,000 yuan, 34.690,000 yuan, 41.65 trillion, corresponding to 29.08 times, 24.23 times, 20.21 times.Maintain the “Recommended” level. Risk warning: the price war 杭州桑拿 is intensified, the cost exceeds expectations, the e-commerce market is developing less than expected, the rebates are higher than expected, labor costs are rising, and the outlets are out of stock.