Original title: A-share express delivery company’s first half results released: SF Express’s revenue exceeds 100 billion Shentong turns losses into profits today’s daily limit
On the evening of July 18, the A-share express company released the June operating bulletin. As the peak season in the first half of the year and the first “return to work” month since the Shanghai epidemic improved, the express company’s operating data in June attracted the attention of the industry.
Data show that the four major express delivery companies completed nearly 5.4 billion votes in June, of which Yunda (002120.SZ, stock price of 17.4 yuan, market value of 50.508 billion yuan) 1.614 billion votes. YTO Express (600233.SH, stock price of 19.34 yuan, market value of 66.455 billion yuan), Shentong Express (002468.SZ, stock price of 12.27 yuan, market value of 18.783 billion yuan) and SF Holding (002352.SZ, stock price of 54.50 yuan, market value of 266.789 billion yuan) The business volume was 1.572 billion votes, 1.188 billion votes and 1.020 billion votes respectively. From the perspective of business volume growth, Shentong’s business volume growth rate in June was as high as 30.83%, far exceeding the other three companies.
The release of the June data also means that the basic data of the performance of the four express delivery companies in the first half of the year are all collected. Among them, SF Holding’s total revenue in the first half of the year was 129 billion yuan, and the express delivery business revenue was 81.161 billion yuan.
The Everbright Securities research report shows that the domestic epidemic has gradually eased, and the production and operation of express delivery companies continue to recover. Looking forward to the second half of the year, the dividend effect of the Baotong Baochang policy will be further manifested, online consumption is gradually returning to the active range, and the potential space for traditional peak seasons can still be expected. .
It is worth mentioning that the June performance released by the express delivery company also directly boosted the confidence of the capital market. The reporter of “Daily Economic News” noticed that as of today’s close, the stock prices of the four companies were all red. Among them, Shentong Daily Limit, Yunda The increase was more than 9.5%, and the shares of SF Express and YTO also rose by nearly 5%.
Affected by the 618 peak season and the resumption of work in most regions, A-share express delivery companies ushered in a substantial increase in performance in June.
According to data from the State Post Bureau, in June, the business volume of express delivery service enterprises nationwide completed 10.26 billion pieces, a year-on-year increase of 5.4%; business income reached 97.67 billion yuan, a year-on-year increase of 6.6%. Judging from the operation of the postal industry in the first half of this year, the express delivery volume of the whole industry in June hit a new high for the year.
Specifically, the operating income of SF Express’s express logistics business in June was 16.125 billion yuan, an increase of 11.16% year-on-year; the business volume was 1.02 billion votes, an increase of 7.94%. The operating income of supply chain and international business was 10.567 billion yuan, a year-on-year increase of 486.08%. The combined revenue of the two businesses increased by 63.66% year-on-year.
Regarding the growth of revenue and performance, SF Express stated in the announcement that, first, the epidemic control in some cities in China was lifted, and the company’s unsealed outlets quickly resumed operation. On the basis of implementing the government’s epidemic prevention requirements, SF Express will help the affected areas to resume work in an orderly manner. To ensure the safety and stability of the supply chain of enterprise customers, and plan resources to fully guarantee the 618 e-commerce promotion, provide consumers with high-quality service experience delivery, the company’s time-sensitive express business revenue growth has increased, and the overall express logistics business revenue has recovered double The digit growth is higher than the overall level of the express delivery industry; the second is that due to the merger of Kerry Logistics’ related business income, the company’s supply chain and international business income increased by 486.08% year-on-year.
In the Tongda department, Yunda Express leads the other two companies with a revenue of 4.140 billion yuan, followed by YTO with 4.107 billion yuan. Although Shentong Express ranks at the bottom in terms of express business revenue and business volume, Shentong’s revenue increased in June. The speed and business volume growth rate far outpaced other companies.
In terms of single-ticket revenue, Yuantong and Yunda’s single-ticket revenue increased by more than 20%, Shentong’s single-ticket revenue increased by 18.40% year-on-year, and SF Express’s single-ticket revenue was 15.81 yuan, a year-on-year increase of 3%.
From the overall data in the first half of the year, SF Holding’s revenue in the first half of the year was 129 billion yuan, the express delivery business revenue was 81.161 billion yuan, and the express delivery business volume was 5.1 billion; In the first half of the year, Yunda’s express business revenue was 22.25 billion yuan, and the express delivery business volume was 8.541 billion votes; the express business revenue of Shentong Express in the first half of the year was 14.72 billion yuan, and the express delivery business volume was 5.681 billion votes.
In the first half of the year, the profits of express delivery companies were generally repaired, and the transformation of integrated logistics was accelerated.
It is worth mentioning that in the first half of the year, the top express delivery companies encountered the impact of repeated epidemics, but under the background of the high-quality development of the industry and the truce of the “price war”, the profits of the four express delivery companies have increased significantly.
According to the results released by YTO Express, in the first half of 2022, the net profit attributable to shareholders of listed companies was 1.771 billion yuan, a year-on-year increase of 174.24%. Benefiting from the implementation of the digital strategy, the company aimed to create a differentiated product and service system during the reporting period, and continued to improve express delivery, service quality, and customer experience, increase brand premium, and enhance product pricing capabilities.
According to the performance forecast released by SF Express, during the reporting period, the company’s net profit attributable to shareholders of listed companies is expected to be 2.43 billion yuan to 2.58 billion yuan, a year-on-year increase of 220% to 240%. At the same time, SF Holding’s operating income in supply chain and international business has increased significantly since the beginning of this year, with a growth rate of over 300%, mainly due to the consolidation of related business income following the acquisition of Kerry Logistics.
Shentong Express, which had been mired in losses before, also turned losses into profits in the first half of this year. Data show that Shentong is expected to achieve a net profit of 170 million to 200 million yuan during the reporting period, an increase of 216.20% to 236.71% over the same period last year, while a loss of 146 million yuan in the same period last year. Shentong Express said that during the reporting period, the synergy and economies of scale of the entire network showed significant growth in business volume and market share.
Even so, express delivery expert Zhao Xiaomin said in an interview with the “Daily Economic News” reporter on WeChat that from the perspective of the company’s operation, the growth rate and scale of Shentong’s business volume are still far from the trend reversal. Shentong must not only outperform the national industry average, but also outperform its competitors by a large margin, so as to reverse market expectations.
From an industry perspective, mergers and reorganizations among leading companies in the express delivery industry are continuing. In the first half of this year, Jitu integrated Best outlets into a critical moment, and Jingdong Logistics’ acquisition of Debon Express caused a huge shock in the industry. The industry believes that changing the market structure of leading express companies through integration and acquisition in the future is still the focus of the development of the domestic express market. Integrations such as Jitu’s acquisition of Best Express and Jingdong Logistics’ acquisition of Debon shares will also occur.
Logistics expert Yang Daqing said in an interview with a reporter from “Daily Economic News” following the State Post Bureau announced the number of parcels in the first half of the year, although China’s express delivery market has entered a stage of medium-speed growth in recent years, the upgrading and development of China’s consumer economy is still on the rise. The economies of scale of the express delivery industry it brings will continue to expand, especially as express delivery develops to integrated logistics, the volume of express delivery companies will also increase.
In his view, due to the regulation of “de-involution” competition and the protection of the rights and interests of practitioners, coupled with the normalized epidemic and the impact of high oil prices, the operating costs of express delivery companies have increased significantly, but the driving force of leading companies to develop through integration is also more prominent. The shift to integrated logistics and supply chain services is accelerating.
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