Gelonghui, November 30 | According to the Guolian Securities Research Report, Zhongtong Express-W (2057.HK) was given the “buy” rating for the first time. The estimated net profit for 2023-25 is 83.99/109.9/12.445 billion yuan, with a target price of HK$236.67. According to the report, Zhongtong proposed the concept of “co-building and sharing” in the construction of a franchise network, and built an efficient and stable low-level network system through equity binding between headquarters and franchisees, paid payments, and employee shareholding. Zhongtong has built its own strong moat with forward-looking capital investment and leading express delivery network construction, while cultivating excellent cost control capabilities based on scale effects and digital construction. The bank believes that Zhongtong's good service quality has correspondingly formed customer stickiness and brand reputation, enabling it to enjoy a 1-2 gross brand premium compared to its peers. Based on leading cost advantages and differentiated brand advantages, Zhongtong has significant competitive strength on the profit side. The company's net interest rate is about 15 percentage points higher than that of its peers. In addition to the main express delivery business, Zhongtong is actively expanding the logistics ecosystem, entering fields such as cross-border, LTL transportation, warehousing, terminal stations, aviation, and cold chain, which is expected to open up new profit growth points.