Yunda Co., Ltd. discloses its 2023 annual report and 2024 quarterly report
Yunda Co., Ltd. disclosed its 2023 annual report and 2024 quarterly report. The company's revenue in 2023 was 44.98 billion yuan, down 5.2% year on year, and net profit to mother was 1,625 billion yuan, up 9.6% year on year; in the first quarter of 2024, the company's operating income was 11.16 billion yuan, up 6.5% year on year, and net profit to mother was 412 million yuan, up 15.0% year on year.
The growth rate of business volume was low and high. The growth rate remained high in the first quarter of 2024. The company reconsolidated its basic market in 2023, and the business gradually returned to an upward trend. The annual volume of express delivery orders was 18.85 billion, an increase of 7.1% over the previous year. On a quarterly basis, the growth rate of the company's express delivery business volume was low and high, gradually catching up with the industry average. The company's express delivery business increased 29.1% year-on-year in the first quarter of 2024, higher than the industry's 25.2% order growth rate. Competition in the express delivery industry continues, and as the company's express goods structure becomes lighter, the company's single ticket revenue fell 10.1% year on year, and single ticket revenue fell 17.5% year on year in the first quarter of 2024, but thanks to the increase in order volume, the company's revenue still grew.
Cost reduction highlights results, and performance has steadily rebounded
In 2023, the company reduced costs and increased efficiency through a series of methods such as improving per capita efficiency, optimizing fleet operation efficiency, and improving equipment capacity utilization, and the results were outstanding. In 2023, against the backdrop of a year-on-year increase in business volume, the company's core operating costs still fell by 849 million, and the core operating cost per ticket fell 11% year on year; the scale of the four expenses decreased by 439 million, a year-on-year decline of 16%, driving a steady recovery in performance. The company's single-ticket operating costs fell 17.3% year-on-year in the first quarter of 2024, which is basically in line with the decline in single ticket revenue, which guarantees further growth in performance.
Investment advice
Demand for express delivery in 2024 exceeded expectations at the beginning of the year. The company will continue to improve operational capabilities, improve service quality, enrich product systems, strengthen core competitiveness, and further reduce costs and increase efficiency to ensure profitability. We expect the company's revenue in 2024-2026 to be 52.0 billion yuan, 579.4 billion yuan and 62.94 billion yuan respectively, up 15.6%, 11.4%, and 8.6% year-on-year respectively. Net profit to mother will be 2.01 billion yuan, 24.1 billion yuan, and 2.74 billion yuan respectively, up 23.5%, 20.0% and 13.8% year-on-year respectively. Currently, the company estimates that the PE valuation level corresponding to EPS in 2024 is 11.3X, which is still at a low level, covering the “buy” rating for the first time.
Risk warning:
The growth rate of express delivery orders fell short of expectations, price competition exceeded expectations, and cost control fell short of expectations.