Yunda shares (002120): King of A-share express unit growth enjoys valuation premium

Yunda shares (002120): King of A-share express unit growth enjoys valuation premium
In the first quarter of 2018 and the first quarter of 2019, the company’s net profit attributable to its parent increased by 70.0% / 40.4%, slightly more than expected.In 2018, Yunda shares achieved revenue of 138.600 million (+38.8% YOY), deducting non-attributed net profit 21.4 billion (+38.7%), 4 dividends for every 10 shares.76 yuan (including tax), and increase 3 shares at the same time.The company achieved revenue of 66 in the first quarter of 2019.8 billion (+151.6%), deducting non-attributed net profit 5.0 billion (+38.1% year-on-year). In 18 years, the unit volume growth rate ranked first in the first echelon of A shares, and the core profit increased by 38.7%.The company completed 69 pieces in 18 years.8.5 billion pieces (+48.0% YOY), single ticket express income 1.72 yuan (-11.3% YOY), express delivery cost per ticket 1.22 yuan (-11.4% YOY), single ticket courier margin 0.50 yuan (-11.2% year-on-year).The express service is in the early networking stage, replacing about 0.6.4 billion.The company’s comprehensive gross profit 38.800 million (+34.2% YOY)), gross margin 28.0% (-1.0pct); four costs of 10.07 billion (+32.1% YOY), investment income increased significantly to 7.580,000 yuan (including disposal of Fengchao equity income 5.880,000 yuan, the financial product income is 1.700 million), net profit after deduction is 21.400 million (+38.7%). Unit growth rate in the first quarter of 19, market share, and performance steadily improved.In the first quarter of 19, the company completed 17 cases.8.4 billion pieces (+41.5%), single ticket express income 3.45 yuan (+81.3% YOYO, excluding the impact of distribution fees is expected to decrease by about 3%).As of the end of the first quarter, Yunda’s market share increased by 2.33pct to 16.09%.The company’s comprehensive gross profit 10.400 million (+50.8%); four expenses 3.5.2 billion (+48.4%), net profit after deduction is 50 million yuan (+38.1% year-on-year). Construction of an “ecosphere” with express delivery as its core.The company uses its nominal products and services to connect upstream and downstream, develop the industrial chain, and draw concentric circles.In 2018, the company has fully deployed its performance in the main businesses of express delivery, express 佛山桑拿网 transportation, supply chain services, end services and international business. Investment strategy: 2019 is a year of opportunities for the express delivery industry. The industry will grow at a rate of more than 20%. The strategy and layout of leading companies will become the first echelon, the four connections and the first + SF will be differentiated and continue to open with the second and third echelonsThe difference is that Yunda has been at the top of the single-share growth rate of A-shares since 17 years, and it is estimated to enjoy a premium. We expect the company’s EPS to be 1 in 19/20/21.59/1.81/2.25 yuan.Maintain “Highly Recommended-A” rating and 6-month target price of 46.0 yuan, corresponding to 28 in 19 years.9XPE. Risk warning: E-commerce GMV growth rate is rapidly adjusted, price war, new business development is less than expected, franchisee outlets are 杭州桑拿网 variable