Yuantong Express (600233) quarterly report commented: Costs improved more than expected Q3 Non-net profit deducted with the same increase of 17.

41%

Yuantong Express (600233) quarterly report commented: Costs improved more than expected Q3 Non-net profit deducted with the same increase of 17.

41%

Core point of view: 19Q3 revenue increased by 16.

87% to 76.

63 ppm, Q1 / Q2 increase by 20 respectively.

65%, 11.

65%, of which the main express delivery industry increased by 21.

51% to 64.

680,000 yuan, Q1 / Q2 increased by 24 respectively.

55%, 15.

29%; gross profit increased by 13.

64% to 9.

760,000 yuan, Q1 / Q2 increase by 18 respectively.

71%, 1.

83%; net profit attributable to mother increased by 13.

51% to 5.

140,000 yuan, Q1 / Q2 increase by 15 respectively.

66%, 2.

41%; net profit after deducting non-attribution increased by 17.

41% to 5.

12 ppm, Q1 / Q2 increased by 19 respectively.

41%, 0.

41%.

3Q19 business volume growth rate rebounded to 44%, market share increased by 1.

7 to 14.

The 7% Yuantong 19Q3 express delivery volume also increased 44% to 23.

4.9 billion pieces, Q1 / Q2 increased by 40% and 32% respectively; the market share increased by several times.

7 to 14.

5%, Q1 / Q2 are 13, respectively.

6%, 13.

7%; in the third quarter, the company’s single-piece revenue decreased by zero.

51 yuan (-15.成都桑拿网

68%), Q1 / Q2 decrease by 0 respectively.

41 yuan, 0.

44 yuan; Considering that the company’s income caliber has been adjusted from 18H2, the unit revenue of the comparable caliber of Q1 / Q2 is estimated to decrease by 0.

22 yuan, 0.

25 yuan.

The cost control effect continued to appear, and Q3 gross profit margin increased by 0 from Q2.The 2pcts report estimates that the company’s single-piece gross profit declines by 0 every year.

11 yuan (-21.

14%) to 0.

42 yuan, down 0 from Q2.

02 yuan, Q1 / Q2 decrease by 0.

08 yuan, 0.

13 yuan.

The company’s gross profit increased by 1 in the third quarter.

1.7 billion (+13.

64%) to 9.

76 ppm, gross margin fell to zero in ten years.

4 pieces to 12.

7%, an increase of 0 from Q2.

Two.

Q3 deducted non-net profit increased by 17.

41%, the operating net cash flow improved significantly in 19Q3, the company’s four fees increased by 10 in ten years.

8%, lower than the growth rate of gross profit, net profit attributable to mothers increased by 13.

51%, net profit after deducting non-attribution increased by 17.

41%, a marked rebound from the previous Q2 growth rate.

In the third quarter, Yuantong’s operating net cash flow also increased by 9.

03%, single-piece operating net cash flow decreased by only 0 from Q2.

02 yuan.

Investment suggestion: Yuantong’s cost control effect continues to improve, more proactive price strategies drive rapid business growth; the company’s single-piece gross profit remains at a high level, and with the continuous release of scale effects, the company’s profit growth rate is expected to further repair.

It is estimated that the company’s net profit for 2019-2021 will be 21 respectively.

01/24.

20/29.

01 trillion, with an increase of 10.

4% / 15.

2% / 19.

9%, the corresponding EPS is 0.

74, 0.

85, 1.

02 yuan / share, corresponding to the latest closing price of PE were 17.

47x, 15.

17x, 12.

65x.

Combined with the company’s performance growth and comparable company valuations, the company is given 20 times PE in 2019, corresponding to 0.

The reasonable value of 74 yuan EPS is about 14.

8 yuan to maintain the “overweight” level.

Risk warning: trade war; fuel, labor costs increase; price war; e-commerce growth is slower than expected