Yuantong Express (600233): The growth rate of non-net profit in a single quarter increased beyond market expectations
Yuantong Express released the 2019 third quarter report.
Among them, 2019Q3 operating income increased by 16 year-on-year.
87%, net profit attributable to mother increases by 13.
47%, net non-profit increased 17.
Performance growth continued to improve month-on-month, exceeding market expectations.
From the quarterly perspective, the growth rates of non-net profit deducted for Q1, Q2, and Q3 were 19 respectively.
The reasons for the faster-than-expected performance growth in the third quarter of 2019 include three aspects:杭州夜网 The first is the increase in single volume growth. In April 2019, the company’s core leadership adjusted. After taking office, President Pan Shuimiao began to pay close attention to service quality.In the post office, the effective refractive index of the company’s million pieces has significantly decreased. Q3 continued to rank in the top two in the rookie index, and the single volume growth rate increased from 32 in Q2.
08% increased to 44.
11%; the second is the continuous optimization of the cost side, we invest in Q3 single ticket cost2.
At RMB 42, it reduced to a comparable caliber. Q3’s single ticket cost continued to drop by 8-10%, and the single ticket transportation and distribution cost gradually decreased by 15-20%. Third, the freight forwarding performance improved significantly, and Q3 minority shareholders’深圳桑拿网 profit and loss was zero.
08 million yuan, compared with 0 in the same period last year.
0.6 million yuan, an increase of 33 in ten years.
3%, can push back Q3 freight forwarding performance growth of 30-40%.
In the short term, 2019Q4 results will continue to exceed expectations.
First, at present, major companies in the industry have issued high-customer books on peak season peak response plans, resetting the express delivery fee from November 11, 2019.
From the perspective of the industry, the price increase and volume control in the peak season can improve the profitability of Q4 outlets and the headquarters. Second, the Yuantong Express itself has been in the complementary short board process in the past two years. Through rapid own vehicles and automated sorting equipment,Enhance yourself.
After entering the peak season, these two expenditures will further reduce the impact of short-term changes in external capacity and labor costs on Q4 gross profit margin, and single ticket costs will usher in surpassing alternative improvements.
In the long run, behind the difference in the cost of a single ticket for the Tongda department is the difference in capital strength.
First, the path of cost reduction of Tongda Department is relatively similar, but the difference in internal hematopoietic capacity will be an important reason that the cost of Tongda Department will always keep the difference.
From the perspective of reducing costs, the core lies in increasing the proportion of large-capacity trucks in mainline transportation and investing in automated sorting equipment, which is ultimately reflected in capital expenditures.
Second, the capital required for capital expenditures comes from its own hematopoietic and external financing. Differences in the scale of net profit will bring about differences in net cash flow from operating activities, and it will also be reflected in financing capabilities.
For Yuantong Express, the industry ‘s $ 3.6 billion convertible bond financing before the dogfight constituted a rapid catch-up in cost reduction and created conditions.
Investment suggestion: Maintain “Buy” rating.
The verification of Yuantong Express’s single ticket cost continued to decline in the financial report will be a catalyst for the estimated repair.
Taking into account the industry’s Q3 competition, the profit forecast for 2019-2021 is adjusted, and the net profit of the mother is expected to be 21-20 in 2019-2021.
7.2 billion, 26.
2.6 billion, 29.
80 ppm (original value of 22.
9.1 billion, 28.
8.6 billion, 34.
04 ppm) and EPS is 0.
76 yuan, 0.
92 yuan, 1.
05 yuan, corresponding to PE is 17 times, 14 times, 12 times.
Risk warning: Macroeconomics misses expectations, price war exceeds expectations