Recently, the performance of several listed express companies such as Yto Express Group Co.Ltd(600233) , Yunda Holding Co.Ltd(002120) , Deppon Logistics Co.Ltd(603056) , S.F.Holding Co.Ltd(002352) and others in 2021 and the first quarter of 2022 were successively released. On the whole, despite the complex market environment, the industry achieved a “good start” in the first quarter, all businesses made steady progress, and the business indicators were stable and good.
According to the data on the operation of the postal industry in the first quarter of 2022 recently released on the official website of the State Post Office, in the first quarter, the business volume of national express service enterprises totaled 24.23 billion, a year-on-year increase of 10.5%; Business income totaled 239.28 billion yuan, a year-on-year increase of 6.9%. In addition, according to incomplete statistics of tianyancha, there are more than 1468000 express logistics related enterprises in China. Since January this year, there have been 50 financing events in the field of express delivery and logistics.
The operating performance of many express listed companies has also sent a positive signal. On April 26, Yto Express Group Co.Ltd(600233) simultaneously disclosed the annual report of 2021 and the first quarterly report of 2022. According to the data, in 2021, the company achieved an operating revenue of 45.155 billion yuan, a year-on-year increase of 29.36%; The net profit attributable to the parent company was 2.103 billion yuan, a year-on-year increase of 19.06%; The annual business volume of the company was 16.543 billion, with a year-on-year increase of 30.79%, and the market share further rose to 15.28%. In the first quarter of 2022, facing the complex market environment, the company also ushered in a “good start”. The first quarterly report showed that the company achieved an operating revenue of 11.828 billion yuan in the quarter, a year-on-year increase of 32%; The net profit attributable to the parent company was 870 million yuan, a year-on-year increase of 134.88%; The net profit after deducting non-profit was 821 million yuan, with a year-on-year increase of 141.88%. According to its disclosed operating data, the company’s business volume reached 3.714 billion tickets in the first quarter, a year-on-year increase of 18.05%. At the same time, Yto Express Group Co.Ltd(600233) also announced the implementation of a new round of equity incentive plan. According to the unlocking conditions, the net profit deduction targets of listed companies from 2022 to 2024 are not less than 3 billion yuan, 3.8 billion yuan and 4.6 billion yuan respectively, which also reflects their confidence in future development and performance improvement.
For Yunda Holding Co.Ltd(002120) , the company’s operating revenue in 2021 was 41.729 billion yuan, a year-on-year increase of 24.56%; The express business volume reached 18.402 billion tickets, a year-on-year increase of 30.10%; The net profit attributable to the parent company was 1.477 billion yuan, a year-on-year increase of 5.15%. In the first quarter of 2022, the company achieved an operating revenue of 11.55 billion yuan, a year-on-year increase of 38.66%; The net profit attributable to the parent company was 347 million yuan, a year-on-year increase of 52.01%; The net cash flow from operating activities was 1.006 billion yuan, a year-on-year increase of 395.43%.
S.F.Holding Co.Ltd(002352) the sharp turnaround in the first quarter of this year also swept away the haze of data in 2021. The performance forecast for the first quarter of 2022 released by the company is expected to make a profit of 950 million yuan to 1.1 billion yuan, with a loss of 989 million yuan in the same period of last year, realizing a significant turnaround from loss to profit; The net profit after deducting non-profit was 850 million yuan to 1 billion yuan, with a loss of 1.134 billion yuan in the same period of last year.
With the national and local governments successively issuing industry regulatory policies and relevant guidance, express enterprises scientifically balance short-term demands and long-term value on the basis of the general tone of “seeking progress in stability”, the vicious price competition has been alleviated, and the recovery trend of the industry is expected to continue. Based on this, Sto Express Co.Ltd(002468) also announced that the operating performance in the first three months of this year has improved significantly, and it is expected that the net profit attributable to the shareholders of the listed company will be 90 million yuan to 120 million yuan, with a year-on-year increase of 200.53% to 234.05%.
However, the financial data released by Deppon Logistics Co.Ltd(603056) previously announced by Jingdong Logistics official is not satisfactory. The net profit attributable to the parent company in 2021 was 143 million yuan, a year-on-year decrease of 74.69%; Deduction of non net profit loss of 208 million yuan, a year-on-year loss. A loss of 795999 million yuan in the first quarter of 2022; The company’s debt ratio reached a record high of 61%. In the month since the disclosure of the acquisition event, the market value of the company’s shares has evaporated by about 9 billion, and the share price has also fallen below JD’s tender offer price.
Anxin Securities pointed out that the express industry was seriously affected by the epidemic in March, the express logistics industry continued to recover in April, the logistics guarantee policy continued to work, and the inflection point of the industry has emerged Citic Securities Company Limited(600030) it is estimated that after the inflection point of the market environment appears, the volume of parts in the industry will meet the compensatory demand rebound in one to two months, and the expected growth rate of parts in the express industry of 15% to 20% in 2022 will still be maintained.
