Recently, the company released its 2023 three-quarter report. From January to September 2023, the operating income of Kyushu Express was 114.364 billion yuan, up 11.09% from the same period last year, net profit from the same period last year was 1,8824 billion yuan, up 4.89% from the same period last year, and net profit after deducting non-return mother was 1,728 billion yuan, up 14.01% from the same period last year. Among them, the company achieved operating income of 35.007 billion yuan in the third quarter, an increase of 0.13% over the same period of the previous year; realized net profit of 481 million yuan, an increase of 2.34% over the same period last year; and realized net profit after deducting 432 million yuan, an increase of 5.70% over the same period last year.

Profit forecast: We adjusted our previous profit forecast and predicted that the company's total operating income for 2023-2025 was 157.940 billion yuan, 177.880 billion yuan, and 2004.95 billion yuan respectively. Net profit was 2,403 billion yuan, 2,725 billion yuan and 3.32 billion yuan respectively. The corresponding earnings per share were 0.61 yuan, 0.70 yuan and 0.85 yuan respectively. Corresponding to the closing price on November 7, 2023, the price-earnings ratio was 11.8 times, 10.4 times, and 8.6 times, respectively.

Risk warning: risk of bad receivables, increased market competition risk, new product development and new business development falling short of expectations