From May 18 to May 19, four listed express companies including S.F.Holding Co.Ltd(002352) , Yto Express Group Co.Ltd(600233) , Yunda Holding Co.Ltd(002120) and Sto Express Co.Ltd(002468) successively released their main business data in April. Different from the double year-on-year decline in the National Express service revenue and completed business volume in April announced by the State Post Office on May 16, the express completed business volume of some listed companies in the express industry decreased slightly compared with the same period, but the express service revenue and express single ticket revenue increased significantly compared with the same period of last year.
In recent years, in order to seize the market, express enterprises continue to fight a price war, do not hesitate to squeeze the profit space and reduce the single ticket price of express, hoping to win by quantity. The express service revenue and express ticket revenue of the above four companies increased year-on-year, indicating that the express industry is entering a stage of benign competition.
"In the context of repeated epidemics, the express industry is accelerating the reshuffle, and the advantages of head express enterprises are prominent." Kuang Yuqing, the founder of lens research, told the Securities Daily, "from the operating data released by relevant companies in April, under the condition of year-on-year decline in express business volume, express business income and express single ticket income have increased year-on-year, indicating that the concentration of express industry is further improving."
On May 16, the operation of the postal industry released by the State Post Office showed that from January to April 2022, the National Express service enterprises completed a total of 31.71 billion business units, a year-on-year increase of 4.2%; Business income totaled 313.33 billion yuan, a year-on-year increase of 2.3%. Among them, in April 2022, the National Express service enterprises completed 7.48 billion business units, a year-on-year decrease of 11.9%; Business income reached 74.05 billion yuan, a year-on-year decrease of 10.1%.
The operation of the four express listed companies that released the main operation data in April was significantly better than the overall level of the industry S.F.Holding Co.Ltd(002352) express logistics business, supply chain and international business achieved a total revenue of 18.227 billion yuan, a year-on-year increase of 29.45%. Among them, the express logistics business realized an operating revenue of 11.506 billion yuan, a year-on-year decrease of 8.47%; The revenue of Express single ticket was 15.40 yuan, a year-on-year increase of 1.65% Yto Express Group Co.Ltd(600233) realized the revenue of express products of RMB 3.122 billion, a year-on-year increase of 10.78%; The number of business completed was 1.246 billion, a year-on-year decrease of 4.83%; The single ticket income of express delivery was 2.51 yuan, a year-on-year increase of 16.41% Yunda Holding Co.Ltd(002120) realized the revenue of express service business of 2.859 billion yuan, with a year-on-year increase of 0.03%; The business volume reached 1.132 billion tickets, a year-on-year decrease of 19.37%; Express ticket revenue increased by 24.02% year-on-year Sto Express Co.Ltd(002468) realized the revenue of express service business of RMB 2.033 billion, with a year-on-year increase of 11.42%; The business volume reached 791 million tickets, a year-on-year decrease of 7.68%; Express ticket revenue was 66.2% year-on-year.
Although the completion volume of express business of the four express enterprises decreased year-on-year, the revenue of express products increased steadily due to the year-on-year increase of Express single ticket price S.F.Holding Co.Ltd(002352) said in the announcement, "there are two main reasons for the year-on-year decline of the company's express logistics business income: first, the company has actively optimized the product structure since the second half of 2021, and the number of low gross profit products has decreased year-on-year; second, the company's business volume fluctuated due to the closure and control of the epidemic in some cities in China."
"In recent years, the business volume of the express industry has grown rapidly. The head express service enterprises have continued to enhance their control over core resources, their fine management ability has also been significantly improved, and their competitiveness has become increasingly apparent. Small and medium-sized express service enterprises and some express brands have gradually withdrawn from the market. It is expected that the market share of head express service enterprises will continue to expand and the industry concentration will further improve in the future." Regarding the development prospect of the express industry, Yto Express Group Co.Ltd(600233) said during the institutional research, "under the guidance of the industry regulatory policies, the head express enterprises have timely changed their business strategies. The previous vicious price competition model is unsustainable, and the express enterprises with strong management ability and excellent service quality will stand out in the market competition."
Yunda Holding Co.Ltd(002120) in response to investors' questions at the performance presentation meeting, he said, "in recent years, the service capacity and service level of the express industry have been greatly improved, which can meet the multi-level and diversified service needs of e-commerce platforms and consumers, promote each other with the development of e-commerce industry, and become the driving force for the long-term growth of the express industry."
"Affected by the repeated epidemic, express enterprises have to raise the price of Express single ticket under the pressure of operation. This is also a helpless move. This move will end the previous price war and restore the rationality of market competition." Jiang Han, senior researcher of Pangu think tank, told the reporter of Securities Daily that the importance of the express industry to the consumer market is self-evident. At present, the country vigorously promotes consumption upgrading, and the development of Internet economy relying on express industry has become a top priority. In this context, express enterprises need to find a path of sustainable development and maintain a reasonable profit level, so as to achieve long-term sustainable development.
According to the data released by the State Post Office, the national express delivery volume during the May Day holiday this year exceeded that in the same period last year, which means that the prosperity of the express industry shows signs of recovery.
Anxin Securities believes that the resumption of work and production of the express industry continued to advance, the National Express business volume resumed positive growth in May, and the inflection point of the industry has emerged. The single ticket profit of Tongda express companies remains at a high level. Once the demand recovers, the operating performance of leading enterprises is expected to continue to improve S.F.Holding Co.Ltd(002352) short-term operation has been adjusted in place. In addition, the company's strict cost control, subsequent performance is expected to continue to improve, and growth is worthy of high expectations.
