Yunda Co., Ltd. (002120): Business 都市夜网 volume continues to grow rapidly to ensure long-term competitive advantage
Summary and suggestions: Yunda recently announced May’s main operating data, and the company realized revenue from express service 27.59 trillion, completed business volume 8.6.8 billion pieces, +186 year-on-year.8%, + 43%.Benefiting from the promotion of e-commerce promotions and the improvement of the company’s service level, the company’s business volume continued to grow rapidly.With the arrival of major e-commerce promotions in the second quarter, the company’s express delivery business is expected to continue to grow.The current highest corresponding PE is 24.34 times, 21.47 times, 18.45 times, giving investment advice to buy. Event: The company announced the May Express Service Business Briefing.Data show that the courier service business 重庆耍耍网 revenue in May was 27.5.9 billion, an increase of 186 in ten years.80%, completed business volume 8.6.8 billion pieces, an increase of 43% over the same period, and express ticket receipts3.18 yuan, an annual increase of 101.27%.Revenue from express service business from January to May was 114.5.7 billion, an annual increase of 168.13%, completed business volume 34.4.4 billion pieces, an annual increase of 42.31%, express single ticket income3.33 yuan, an annual increase of 88.40%. Mainly: 1) Benefiting from the continued prosperity of the e-commerce economy and the improvement of the company’s service level, the company’s business volume in May continued to grow rapidly, much higher than the industry average of 25.2% growth rate; 2) The company has adjusted the delivery service mode in the courier service since January 1, 2019. After the adjustment, the company added courier services to the courier services provided by franchisees, and the corresponding companyExpress delivery service income increased distribution fee income items. Affected by this and driven by the increase in express delivery business volume, courier service income has continued to increase. Refined management and investment in automation equipment are expected to further optimize operating costs.For franchised courier companies, the headquarters’ operating costs mainly include transportation costs and transit costs.The company through 1) reasonable layout of the transportation network, optimization model and other refined management to improve the loading rate of bicycles and reduce transportation costs; 2) the transfer hub center 100% self-operation to strengthen the control of transit control, to achieve absolute control of ticket core components;Automated equipment upgrades to improve picking and picking efficiency while reducing transit costs. Optimize the shipment structure and enhance customer stickiness.Express delivery products are gradually subdivided from traditional “standard express” to higher value-added aging products, specialty products, and customized products.The company improves the efficiency of transit, transportation and other transformations by implementing small parts strategies, optimizing the structure of express shipments, and forming product segments.At the same time, multiple service indicators such as express aging, damage rate and loss rate reached industry-leading levels, and the company’s effective return rate in May was 0.02 (effective parts per million), exceeding the industry 0.30 average.Greatly enhanced the stickiness of old customers, and also created a good reputation for attracting new customers. Profit forecast: The online shopping market is still the main driving force for the growth of express delivery. With the arrival of the “618” at the mid-year shopping carnival, the company’s express delivery business is expected to continue to grow.Net profit is expected to reach 28 in 2019-2021.3.4 billion, 32.1.3 billion, 37.3.9 billion, a year-on-year increase of 5.03% (Excluding 5 of 18 years.The 8.8 billion proceeds from the sale of Fengchao’s equity will increase by 32 each year.73%), 13.39%, 16.36%, EPS is 1.27 yuan, 1.44 yuan, 1.68 yuan, the current corresponding PE is 24.34 times, 21.47 times, 18.45 times, give investment advice for this. Risk warning: intensifying competition, rising labor and other costs, and new business development falling short of expectations.