Gelonghui, March 13 | Tianfeng Securities Research Report pointed out that Yuantong Express (600233.SH) implemented a volume-price balance strategy throughout the year, ranking second in the industry in terms of volume. In 2023, the company recorded a business volume of 21.2 billion units, a year-on-year growth rate of 21.31%, which is slightly higher than the industry average growth rate (19.43%). In the full year of 23, the company recorded a single ticket revenue of 2.41 yuan, a year-on-year growth rate of -6.88%. The decline was lower than that of other express delivery companies such as Yunda and Shentong, indicating that the company's competitive strategy in '23 was relatively steady, and the balance between volume and profit performance was achieved as much as possible. In January '24, the company recorded a volume of 2.151 billion pieces, a year-on-year growth rate of 92%, which is still higher than the average industry volume growth rate (84.8%); in the same period, the company's single ticket price was 2.45 yuan, a year-on-year growth rate of -10.6%. The decline was significantly lower than the average price drop in the industry (-21.3%), indicating that the competitiveness and cost performance ratio of the company's products continued to improve. I am optimistic that the company will accumulate and grow at an accelerated pace in the new round of industry competition. Reiterate the “buy” rating.