Yunda Co., Ltd. (002120): Market share continues to increase and non-performance growth is steady

Yunda Co., Ltd. (002120): Market share continues to increase and non-performance growth is steady
Event description In the first three quarters of 2019, Yunda shares achieved operating income of 242.50,000 yuan, an increase of 162 in ten years.3%, attributable net profit of 19.600 million, down 1 year.3%, corresponding to EPS.88 yuan; of which, operating income of 87 in the third quarter.0 million yuan, an increase of 160 in ten years.0%, attributable net profit 6.600 million, down 32 a year.8%, deducting non-net profit 6.0 million yuan, an increase of 25 in ten years.0%. The number of event reviews maintained a high growth, and the market share continued to increase.In the third quarter of 2019, the company achieved an express delivery volume of 26.0 billion votes, an increase of 47 in ten years.0%, higher than the industry growth rate of 19.4pct, the market share increased by 10 in ten years.1pct to 16.1%.Taking into account the cost advantages and service quality brought by the company’s refined management, it is expected that the city’s share will continue to increase in the future. The single-ticket profit was the same as that of the previous quarter, 苏州夜网论坛 and the non-performance growth was steady.Taking into account that the company has eliminated the alternative express business, we have expanded the company’s Q3 net profit by more than comparable caliber deducted non-return to motherhood increased by about 18.8%, below 47.0% express delivery volume growth rate, Q3 single ticket express deduction non-net profit (0.23 yuan) The decrease from the same period last month was mainly due to the following: 1) The competition in the Q3 industry has intensified, and the company’s unit price after excluding the distribution fee and supplementary delivery has decreased by about 12.0%, the decline has increased from the previous month; 2) The cost curve has been reduced, and the company’s apparent single ticket cost for Q3 (excluding the express shipping factor) has decreased by about 9.5%, lower than the unit price decline.In addition, the company’s third-quarter attributable net profit expanded year by year, mainly due to the large investment income from disposal of Fengchao Distribution in the same period last year. Continued investment in infrastructure and accelerated product classification.The company’s Q3 capital expenditure is about 9.4 ppm, maintaining a high level since 18Q3, and continuing to increase expenditures on transshipment centers, equipment, vehicles and land will help the company to further reduce this efficiency gain.In addition, based on the multi-frequency distribution of radial thrusters, the company officially launched the high-end aging product “Yunda Express”. We believe that under the background of transformation and e-commerce brand upgrade, the demand for high-end aging parts continues to grow;In the low-end market, the homogeneous competition in the access system is intensifying, which will force enterprise product upgrades. Yunda will launch high-end products in a timely manner, which will further enrich the company’s product matrix and enhance core competitiveness. Investment suggestion: Focus on refined management and build long-term competitiveness.At present, the industry is transitioning from a “leading” competition to an “oligarch” competition stage. The company’s excellent refined management capabilities and continuous infrastructure construction are committed to building long-term competitiveness.It is expected that the company’s EPS for 2019-2021 will be 1.19, 1.44 and 1.71 yuan, corresponding to PE, 28, 23 and 19 times, maintaining the “buy” level. Risk Warning: 1. The demand for e-commerce is increasing; the industry’s intensified competition has dragged down the company’s profitability; franchisees manage risks.