Summary by Moomoo AI
ZTO Express reported solid Q2 2024 results with revenues increasing 10.1% YoY to RMB10.73 billion, driven by a 10.1% parcel volume growth to 8.45 billion parcels. Core express ASP remained stable at RMB1.24. The company maintained high service quality and customer satisfaction while market share decreased 2.0 points to 19.6%.Adjusted net income grew 10.9% to RMB2.8 billion, with operating margin expanding to 30.0% from 29.6%. Combined unit sorting and transportation cost decreased by 2 cents through improved fleet operations and resource utilization. Cash flow from operations was RMB3.5 billion while capital expenditure was RMB1.3 billion.The Board declared an interim dividend of US$0.35 per ADS, representing a 40% payout ratio. The company maintains its 2024 volume growth guidance of 15-18%. Management emphasized focus on strengthening competitive advantages through digitization, service quality improvements and network partner development to capture future growth opportunities.
