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ZTO Express (Cayman), Inc. Class A (2057) Receives a Buy From Jefferies
Major bank rating | Daiwa: Downgraded zto express target price to HKD 195, reaffirmed 'buy' rating.
Daiwa released research reports indicating that ZTO Express has lowered its full-year parcel volume growth guidance for this year from a range of 15% to 18% to a range of 11.6% to 12.3%, believing it is due to the strong growth of low stock price parcels. Daiwa believes that ZTO's market share declined year-on-year in the last quarter, coupled with abundant capacity. Looking ahead to next year, the focus can be more on increasing parcel volume and market share, along with expected cost reductions. It is predicted that the annual profit growth rate from 2025 to 2026 can reach double-digit percentage points. Daiwa has lowered ZTO Express's listed in Hong Kong target price from 210 Hong Kong dollars to 195 Hong Kong dollars, reiterating a 'buy' rating, maintaining the forecast of full-year profit reaching 102.8.
ZTO Express (Cayman) Inc (ZTO) Q3 2024 Earnings Call Highlights: Strong Parcel Growth and ...
Credit rating of Citibank: UBS：downgrades zto express target price to HK$188.28, third-quarter parcel volume growth rate lower than expected.
Lyon released a report stating that zto express's parcel volume in the third quarter only increased by 16% year-on-year, continuing to be lower than the overall market growth of 20% and below expectations. The management aims to increase market share next year while maintaining a reasonable profit, which the bank believes to be the right decision as economies of scale remain the most important element for logistics companies. Lyon mentioned that although they are optimistic about the company's stable profit per unit in the fourth quarter, due to intense market competition, the company's earnings per share forecast for 2024 to 2026 has been respectively reduced by 7.9%, 13.5%, and 19.1%, with the target price lowered from 223.43 Hong Kong dollars to 18.
【Brokerage Focus】CITIC International has reduced zto express (02057) to HKD 271, but still maintains a positive outlook on the strategy of prioritizing profits.
Jinwu Financial News | CMB International issued a research report indicating that zto express (02057) EBITDA increased by 17% year-on-year to 2.8 billion yuan, meeting expectations. Although the net income for Q3 2024 only grew by 1% year-on-year to 2.46 billion yuan, this was mainly due to a high baseline caused by a one-time tax refund in Q3 2023. Despite price competition in the industry, zto's gross profit per ticket in Q3 2024 still increased by 6.5% year-on-year to 0.38 yuan/ticket. ZTO has lowered its annual package volume growth guidance to 11.6-12.3% (from 15-18% in August), indicating a 7% growth in Q4 2024.
citic sec: The resilience and increased penetration of consumer spending accelerate the growth of e-commerce in the usa. Remain bullish on leading e-commerce companies.
In Q2 2024, the total e-commerce sales in the usa reached 282.3 billion dollars (up 6.6% year-on-year), with a penetration rate of 19.6% (up 1.8 percentage points year-on-year), of which csi sws food & beverage, groceries, electronics and home appliances, and non-store retailers grew by 8.0%/ 12.7%/ 7.9%/ 7.2% year-on-year.
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