The A -share express industry was released in the semi -annual report: the stock price rose and decline under the general rise of performance

Cover reporter Ma Mengfei

With the end of August, the A -share express company SF Holdings, Shentong Express, Yunda, Yuantong Express and Debon have successively disclosed the financial report in the first half of 2022.

After sorting out, in the first half of the year, the above five A -share express companies all achieved profitability, and their net profit increased year -on -year. Among them, SF Holdings led a significant ahead of its peers with a revenue of 130 billion yuan, but from the perspective of the stock price, there were rising and falling. Among them, SF Holding's stock price had fallen by nearly 30 % during the year.

Zhao Xiaomin, an expert in express logistics, said that since this year, the domestic express delivery industry is accelerating its original "price war" model, further towards the stage of high -quality development. Despite the severe and complex internal and external challenges in the first half of the year. However, after the pain, with the strong toughness, the express delivery industry quickly built the bottom repair, and the market size also achieved positive growth.

Performance rises

The growth rate of Shentong Express business is the largest

According to statistics from the State Post Office in July, in the first half of this year, the national express delivery business volume closed at 5122 billion pieces and 498.22 billion yuan, respectively, an increase of 3.7%and 2.9%year -on -year. In the first half of the year, my country's postal express industry accelerated and recovered, and the average daily business volume resumed more than 300 million pieces, which was superior to the same period last year.

According to the State Post Office, in the first half of the year, with the gradual ease of the epidemic, the release of compensation consumption potential, and festive promotional activities such as the Labor Day and the Dragon Boat Festival, effectively drove the business volume to achieve rapid growth. In the second half of the year, the bonus dividend of Baotong Baochang will further appear, and online consumption will gradually return to the active interval, which will promote the industry to play a greater role in unblocked economic circulation and support the real economy.

It is worth noting that, from the perspective of business volume, only SF Holdings has not increased year -on -year among the five courier companies in the first half of the year, and the growth rate of Shentong Express business is the largest.

From the data point of view, Yuantong Express revenue was 25.066 billion yuan, an increase of 28.58%year -on -year; net profit of home mother was 1.774 billion yuan, an increase of 174.72%year -on -year.

Shentong Express revenue was 14.960 billion yuan, an increase of 35.78%year -on -year; net profit of returning to the mother was 189 million yuan, an increase of 228.94%year -on -year.

Yunda's shares revenue was 22.826 billion yuan, an increase of 25.35%year -on -year; net profit of home mother was 546 million yuan, an increase of 22.40%year -on -year.

SF Holdings revenue was 130.1 billion yuan, an increase of 47.2%year -on -year; net profit of home mother was 2.51 billion yuan, an increase of 231%year -on -year.

Debon's shares revenue was 14.8 billion yuan, a year-on-year increase of -0.59%; net profit attributable to the mother was 94 million yuan, an increase of 501.63%year-on-year.

The stock price rises and falls

SF Holding the stock price fell nearly 30 % during the year

Taken together, the net profit of A -share express companies is growing, but on the other hand, it is not satisfactory in the stock price.

In the secondary market, as of the afternoon of September 1st, SF Holdings and Yunda's stock prices were reported at 49.83 yuan and 17.98 yuan, respectively, a decrease of about 28%and 17%during the year. Shentong Express, Debon, and Yuantong Express were reported to 11.05 yuan, 13.12 yuan, and 19.78 yuan, respectively. The stock price increased by 23%, 28%and 18%in turn.

Regarding the share price performance of the above -mentioned express companies, Zhao Xiaomin said that the specific performance of the stock price of each express company is not ideal. Yunda's profit index fell by 8%in the second quarter, and in the first half of the year, especially in the second quarter, it continued to be challenged by the epidemic. Operation management and market imagination space were relatively limited, so the market's expectations for Yunda were weak.

Regarding the decline in the shares of Shentong Express, Zhao Xiaomin said that from the growth rate of business volume and scale, Shentong has not yet achieved trend reversal. At the same time, the factors that need to be cited in 2021, so the stock price performs poorly.

SF is affected by the broader market. Zhao Xiaomin believes that in the case of a relatively stable market, SF's stock price has a large space in the later period, because from the perspective of the mid -to -long -term stock price performance, SF's stock price is currently in a relatively low position.

In addition, for the development trend of the express delivery industry, Zhejiang Business Securities analyzed that in the first half of this year, the epidemic in the first half of the year affected online and offline consumption, and the seller had strong demands for de -warehouses. At the same time, the express delivery capacity in the third quarter has not yet been fully repaired. It is expected that the year -on -year growth rate of the industry in the fourth quarter may reach 15%to 20%, and the single -year year -on -year growth rate of the single e -commerce courier company may reach 20%to 25%. Essence

Anxin Securities believes that the current demand for e -commerce consumption and express delivery is still in the process of recovery. With the accelerated recovery of supply and the launch of consumption stimulus policies in various places, the demand for express delivery industry is expected to accelerate recovery. Among them, the "Tongda" single -ticket profitability remains a high level, and the future demand recovery is optimistic about the continuous improvement of leading performance.

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