Summary by Moomoo AI
ZTO Express reported robust Q3 2024 results, with revenue increasing 17.6% YoY to RMB10.68 billion. Parcel volume grew 15.9% to 8.72 billion, while adjusted net income rose 2.0% to RMB2.39 billion. Core express ASP increased 1.8%, benefiting from improved key account mix.The company maintained high service quality and customer satisfaction, with retail volume surging over 40% YoY. ZTO's strategy to enhance volume mix positively impacted revenue and operating margin. However, the increasing proportion of low-value e-commerce packages presented new challenges.ZTO revised its 2024 parcel volume guidance to 33.7-33.9 billion, representing 11.6-12.3% YoY growth. The company plans to regain market share and widen its volume leadership while maintaining profitability. Management expressed confidence in sustaining industry-leading profit margins despite macroeconomic headwinds.
