Yunda shares (002120): 2018 net profit increased by 62.83% cost advantage is increasingly prominent

Yunda shares (002120): 2018 net profit increased by 62.83% cost advantage is increasingly prominent
The company released the 2018 performance report: the company achieved revenue of 138 in 2018.28 ppm, an increase of 38 in ten years.48%; operating profit 35.64 ppm, an increase of 63 in ten years.85%; total profit 34.9.4 billion, an annual increase of 62.83%; net profit attributable to mother 26.60 ppm, an increase of 67 in ten years.34%. The market share in 2018 increased by 2pcts to 13.77%, the average volume growth rate exceeds the industry average. According to the company’s monthly operating data statistics: In 2018, Yunda completed 69 express delivery volume.8.5 billion pieces, an increase of 48.74%, higher than 26 for the entire industry.6% market share from 11 in 2017.78% increased to 13.77%; Express single ticket income1.73 yuan, down 11 before.64%; Express delivery income 120 at the beginning of the year.5.2 billion, an annual increase of 31.43%, higher than 21 in the industry.81%. Costs are well controlled, and the net profit after deducting non-attribution is expected to increase by 35.7% of the companies sold Fengchao in 2018 and obtained a one-time after-tax income of about 4.400 million pixels increased thick net profit, and the income was entered in the table in 18Q3.Assuming that the non-recurring profit and loss of 2018Q1-3 is excluded from the previous net profit of the parent, the company’s net profit in 2018 increased by 35 compared with the net profit of non-homing in 2017.65%, slightly lower than the revenue growth rate of 38.48%, reflecting that the company still maintains continuous cost control advantages. 18Q4 volume increased by 1 compared with the previous month.47 pieces, the price drop was narrower than the previous month.79pcts 2018Q4 single season, Yunda achieved revenue of 45.800,000 yuan, an increase of 45.56%; Express delivery volume 22.2.2 billion pieces, an increase of 46.86%, single ticket income 1.80 yuan, down 8 per year.56%, net profit attributable to mother 6.7.9 billion yuan, an increase of 64.twenty four%.Looking at the trend, Yunda’s Q4 unit price decline was narrower than Q3.79 cases, and the business growth rate increased by 1.47pcts. Investment suggestion: leading in the industry in terms of volume and profit growth, cost control advantages are expected to continue to expand. The company’s express delivery volume growth rate is leading its peers, and the scale effect is expanding the network moat. At the same time, the company’s cost management level is excellent. Against the background of increasing industry price competition,The company’s profit growth rate remained high.We are optimistic about the company’s outstanding advantages in cost control. It is expected that the company’s express delivery volume growth rate will be 49% / 36% / 30% in 2018-2020 (actual value in 2018), and revenue growth rates will be 39% / 26% /25%, comprehensive cost expenses are expected, the company’s 2018-2020 net profit 佛山桑拿网 will be 26.68/25.62/29.26 trillion, annual change +67.9% /-4.0% / + 14.2%, corresponding EPS is 1.56/1.50/1.71 yuan.Corresponding to the current market price, PE is 23 respectively.31x, 24.27x, 21.26 times.Considering that excluding the impact of non-recurring gains and losses, the company’s net profit growth rate in 2019 is still only over 20%. Combined with the valuation of comparable companies, we believe that the company’s reasonable PE in 2019 is 25 times and the corresponding reasonable value is 37.5 yuan.Give “overweight” rating. Risk warning: price wars intensify; labor, transportation costs increase; industry growth is slower than expected