Yto Express Group Co.Ltd(600233) (600233)
Key investment points:
What changes have taken place in the express industry With frequent policy guidelines and standardized enterprise competition, the industry has entered the rising channel of roe. Express is an industry with certain public utility attributes. Under the background of express business volume exceeding 100 billion and income exceeding trillion in 2021, policy guidelines to limit vicious competition in the industry and protect grass-roots employees of express are frequent. At the same time, the growth center of express industry is moved down from 25% to 15%, The industry has entered the standardized development stage from "bigger" to "stronger".
Facing the new policy and market environment, enterprises actively adjust their investment and competition strategies, and the signal of supply side optimization is obvious. The proportion of capital expenditure of leading enterprises in revenue has decreased year by year, the express price has gradually picked up, and the industry has entered the roe rising channel.
In the changing environment, Yto Express Group Co.Ltd(600233) actively responded and highlighted the advantages of digitization.
Why is it round Solid scale foundation, leading investment structure and in-depth fine management
As the first batch of private express enterprises to embark on the express wave, "the spirit of change" has been running through the development process of Yto Express Group Co.Ltd(600233) 21 years. It took the lead in putting forward the express concept of "all year round", taking the lead in docking with Taobao to layout e-commerce express, taking the lead in large investment to complete information transformation, and then taking the lead in purchasing all cargo aircraft, acquiring Hong Kong Xianda international and entering the international express market. Yuantong has always been actively seeking change and laid a solid foundation for express giants. See the three elements of express operation:
① Solid scale foundation: the market share ranks among the top three in the industry, and the compound growth rate of business volume in the past two years is 38%. As of November 2021, the growth rate of business volume is 34%, leading the industry.
② Leading investment structure: the scale of self owned land is close to Zhongtong, the construction of aircraft fleet is perfect, and the automation transformation of equipment is basically completed.
③ Intensive management: the president has rich experience in digital management, the single ticket cost continues to decline, and the whole link timeliness continues to break through, ranking among the top two in the industry.
Investment suggestion: price increase in the short and medium term resonates with pattern improvement, and the internationalization road opens up long-term growth space
