On March 18, A-share express companies collectively released the operating data of February. The business volume of Yunda, Yuantong and Shentong increased by more than 70%, and the business volume and revenue of SF declined year-on-year. Except Shentong, the unit price of express tickets continued to rise year-on-year.
The interface news reporter noted that due to the factors of Different Spring Festival periods in different years and favorable factors such as the implementation of “no closing in Spring Festival” by various companies, the operating data of Tongda express company increased significantly in February this year.
In February, Yunda Holding Co.Ltd(002120) ( Yunda Holding Co.Ltd(002120) . SZ) express service revenue was 2.85 billion yuan, a year-on-year increase of 88.12%; Completed business volume of 1.216 billion tickets, with a year-on-year increase of 73.47%; The single ticket income of express service was 2.34 yuan, a year-on-year increase of 8.33%, but it fell again from 2.62 yuan in January.
in terms of Yto Express Group Co.Ltd(600233) ( Yto Express Group Co.Ltd(600233) . SH), the revenue of express products was 2.577 billion yuan, a year-on-year increase of 87.05%; The number of business completed was 967 million, with a year-on-year increase of 82.83%; The single ticket income of express products was 2.66 yuan, a year-on-year increase of 2.31%, down from 2.72 yuan in January.
In contrast, Sto Express Co.Ltd(002468) ( Sto Express Co.Ltd(002468) . SZ) still has a gap in the business level. In February, the express service business revenue was 1.869 billion yuan, an increase of 76.29% year-on-year; The business volume reached 723 million tickets, with a year-on-year increase of 85.59%; The single ticket income of express service was 2.59 yuan, a year-on-year decrease of 4.78%.
It can be seen that Yunda’s business volume continued to lead in February, but due to the single ticket price, the business income failed to open the gap with Yuantong. The growth rate of Shentong’s business volume was slightly higher than that of Yunda and Yuantong, and the unit price fell again after the peak season turned weak.
China Securities Co.Ltd(601066) securities research report pointed out that it was disturbed by the price factor of the Spring Festival holiday. During the Spring Festival holiday, express companies often raise prices to cope with the cost pressure caused by labor shortage and low capacity utilization. Therefore, the single ticket price will naturally fall after the Spring Festival holiday.
From the perspective of overall competition, although the single ticket income of major express companies has increased, the fierce competition among express companies has not changed. Shentong may need to improve its marketing efforts in the short-term competition.
in terms of S.F.Holding Co.Ltd(002352) ( S.F.Holding Co.Ltd(002352) . SZ), the operating revenue of express logistics business in February was 9.849 billion yuan, a year-on-year decrease of 3.36%; The business volume reached 638 million tickets, a year-on-year decrease of 8.33%; The single ticket income was 15.44 yuan, a year-on-year increase of 5.46%.
For the decline of express business, S.F.Holding Co.Ltd(002352) said that first, due to the dislocation of business peak before the Spring Festival, the business peak before the Spring Festival in 2022 is in late January and the business peak before the Spring Festival in 2021 is in early February; Second, since the second half of 2021, the company has taken the initiative to optimize the product structure and reduce the number of products with low gross profit.
According to the data of the first two months of 2022, the total revenue of S.F.Holding Co.Ltd(002352) express logistics business was 27.129 billion yuan, an increase of 7.15% over the same period of last year; The business volume of express logistics totaled 1.627 billion tickets, an increase of 2.01% over the same period of last year; The single ticket income was 16.67 yuan, a year-on-year increase of 5.04%.
In addition, SF supply chain and international business realized an operating revenue of 5.969 billion yuan, a year-on-year increase of 485.77%, mainly including supply chain, international business segment, integrated logistics of Kerry Logistics and international freight business segment.
According to the data of the State Post Office, in February, the business volume of national express service enterprises completed 6.91 billion pieces, a year-on-year increase of 49.7%; Business income reached 65.71 billion yuan, a year-on-year increase of 27.4%.
In February, the industry’s average single ticket income was about 9.51 yuan, down 14.86% year-on-year and 9.04% month on month; From January to February, the average single ticket income of the industry was 10.03 yuan, a year-on-year decrease of 4.9%.
For the huge difference in business performance between Tongda department and SF in February, relevant industry insiders pointed out that it is mainly under the background of not closing during the Spring Festival, because the heat of upstream e-commerce live delivery business during the Spring Festival is more beneficial to Tongda department, which focuses on e-commerce business. At the same time, it pays more attention to the suspension of official business documents of timeliness quality, which has an impact on SF.
From the data released by relevant express companies so far, it can be seen that the price war that has continued since 2021 has not completely faded, but the upward trend of market improvement is obvious, the concentration of leading companies continues to rise, and profits continue to be repaired.
According to the operation data of the first two months released by Yto Express Group Co.Ltd(600233) recently, according to the company’s preliminary accounting, from January to February 2022, the company achieved 2.297 billion express business, a year-on-year increase of 27.81%; The operating revenue was about 7.624 billion yuan, a year-on-year increase of 39.28%; The net profit attributable to the shareholders of the listed company was about 545 million yuan, a year-on-year increase of 186.36%; The net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses was about 516 million yuan, a year-on-year increase of 207.45%.
