Wenyu Hong Kong Stock Research Society

Since May, ZTO Express has been pushed to the forefront because of the problem of pet blind boxes, and the express delivery industry has also been questioned because of the problem of receiving and sending live animals. Meanwhile, on May 20th, ZTO Express released its performance report for the first quarter of 2021.

From a fundamental point of view, the total revenue and business volume of this financial report showed rapid growth, and the net profit growth also turned from negative to positive. Affected by the financial report, ZTO Express stocks opened higher with a gap, with a current increase of 4.17% and a price of HK$ 249.8.

Today’s express delivery industry has formed a head-concentrated advantage, including SF Express, which focuses on speed, JD.COM, which started its own business, and its all-in-one post, backed by Extreme Rabbit Express in Pinduoduo, and Tongda Department, in which Ali holds shares. As the largest domestic market share, ZTO Express now has a market value of US$ 25.571 billion in the US stock market, while its market value has reached HK$ 207.325 billion in less than one year since it was listed on the Hong Kong stock market, ranking only behind SF Express, and it is a veritable behemoth in the express delivery industry.

Now, let’s take a look at what propped up the market value of Zhongtong through this quarter’s financial report.

According to the financial report, ZTO Express continues to maintain rapid growth in revenue. The financial report for the first quarter of 2021 shows that Zhongtong achieved revenue of 6.472 billion yuan, up 65.3% year-on-year, exceeding the growth rate of 20.6% in the fourth quarter of 2020; The net profit was 534 million yuan, a year-on-year increase of 43.8%.

The high growth of revenue was first of all due to the reduction of revenue base last year due to the epidemic. In the same period last year, ZTO Express achieved revenue of 3.916 billion yuan, down 14.39% compared with Q1 in 2019. If we compare this year with Q1 revenue in 2019, it will increase by 41.56%.

Secondly, the good situation of the postal industry this year has also opened up the revenue situation of Zhongtong. According to the data of Forward-looking Industry Research Institute, in the first quarter of 2021, China’s postal business totaled 302.92 billion yuan, a year-on-year increase of 50.3%. Affected by this, Zhongtong’s revenue achieved a high growth rate.

In terms of breakdown, Zhongtong’s revenue is mainly divided into express service, freight forwarding service, material sales and other four parts, with the growth rates of the first three reaching 65.2%, 66.8% and 47.0% respectively. At the same time, the revenue contribution rate of express delivery service reached 87.6%, which played a leading role in promoting the growth rate of total revenue. The growth of express service income mainly comes from the growth of parcel volume.

During the quarter, Zhongtong’s parcel volume was 4.475 billion pieces, an increase of 88.5% compared with the same period of last year, 13.5 percentage points higher than the industry average, and the market share reached 20.4%. The increase in parcel volume was partly due to the decline in price, and the unit price of Zhongtong parcel decreased by 12.4% in the quarter.

It is worth noting that Zhongtong’s goal of achieving 22.95-23.80 billion packages this year has not changed. At present, it has not reached the average of the four seasons in the first quarter, and it is under great pressure in the later period.

However, while the revenue has achieved high growth, the operating costs of Zhongtong are also high. In the first quarter of this year, Zhongtong’s operating cost was RMB 5.376 billion, a year-on-year increase of 73.6%. Among them, the cost of trunk transportation and distribution center increased by 95.3% and 56.5% respectively.

According to this financial report, the high growth of trunk transportation cost is mainly due to the reduction of the base last year due to the toll exemption policy of the epidemic and the decline in diesel prices; The high cost increase of sorting center lies in the increase in the input of automation equipment.

Judging from the revenue and net profit of this quarter, Zhongtong has shown a good development trend. As the core package volume of the express delivery industry, it is also growing at a high speed, maintaining the first position in the industry. This is also the reason why the market value of Zhongtong ranks second in the industry. However, although Zhongtong ranks first in the number of parcels, it still faces a huge test in terms of revenue base.

Comparing the market, we will find that in terms of business volume, Zhongtong leads the industry and has become the first express delivery company with a market share of over 20% in 2020. However, in revenue, it still lags behind other companies.

By comparing the revenue and parcel quantity of SF Express and other Tongda departments, it is not difficult to see that Zhongtong is not dominant.

The disproportion between revenue and business volume reflects some problems of Zhongtong. In order to gain market share and increase business volume, Zhongtong keeps lowering the lower price limit, especially in the current fierce price war.

In mid-March this year, in Yiwu, the "capital of express delivery", Best announced that the delivery price was reduced directly from 1.6 yuan to 1.2 yuan, and then various express delivery companies followed suit.

Although the price war ended because of the postal administration’s suspension, it will not change the behavior of several head enterprises in the express delivery industry to reduce prices in order to share the market. Especially after the polar rabbit, backed by Pinduoduo, came in by express delivery, the price war had a new initiator.

The price competition has led to the continuous decline of single ticket income in the industry. According to the announcement, in April, the single ticket revenue of YTO Express express products was 2.15 yuan, down 8.28% year-on-year; The single ticket revenue of Yunda Express Service was 2.04 yuan, down 4.67% year-on-year; The single ticket revenue of Shentong Express Service was 2.13 yuan, down 16.47% year-on-year.

During this period, the single ticket price of Zhongtong dropped by 12.4%. According to the financial report of the first quarter of last year, after excluding cross-border business, the single ticket revenue was only 1.52 yuan, which was much lower than the price of competitors above 2 yuan.

On the other hand, in the express delivery industry, it has become a strategy to occupy the market at a low price, which is why the gross profit margin of Zhongtong has dropped from 20.9% last year to 16.9% in this period. Although Zhongtong has gained market scale in this process, at the same time, Zhongtong has fallen into a bigger trap. In the case that the single ticket income cannot be improved, the current revenue has already met the ceiling.

This requires Zhongtong to carry out internal changes and open a new express map. Obviously, Zhongtong is also using its own scale advantage to expand new subdivided tracks.

Since these years, the express delivery industry has undergone a reshuffle, and a number of express delivery companies such as Quanfeng, Express, Guotong and Rufengda have successively withdrawn. Wang Zhibin, a researcher at the National Engineering Laboratory of Logistics Information Sharing Technology and Application, said that the concentration of CR5 in the express delivery industry is close to 80%. This also indicates that the express delivery industry will gradually enter the oligopoly era. In a long-term stage, no one can kill anyone, but it is slowly consumed. The competition in the express delivery industry will also extend from the previous price competition, and gradually increase its market share by providing new services and new content.

Based on the current business volume, Zhongtong’s market share reached 20.4% in this quarter, still leading the industry, and it plans to reach 25% in 2022, which still has some pressure according to the current growth rate. This is why Zhongtong started to be a rural market.

In May 2020, Zhongtong Yunnan Kunming Dounan cold chain warehouse was officially opened; In January of this year, the intelligent e-commerce headquarters industrial park in southwest ZTO Express started construction in Chongqing Highway Logistics Base. The project is intended to build a whole industry chain of "from factory to user, from farm to dining table"; Three months later, Zhongtong reached a strategic cooperation with China Eastern Airlines Logistics Yunnan Branch, opened freight services on more than 40 direct flights, and launched time-limited parts services for the first day and the second morning to provide transportation services for agricultural products and fresh goods.

Undoubtedly, it is impossible to decide the outcome only by relying on the existing express delivery business. The next clearing of the express delivery company will be based on the combination of supply chain, cold chain and logistics, constantly refining new express delivery services, combining logistics with new retail, and constantly creating new service contents.

However, driven by policy support and market demand, this track is also crowded. At present, JD.COM cold chain logistics has started the mode of "cooperative warehouse of origin", which puts the supply chain ahead; Just recently, it reached a cooperation with Lanxi government on "e-commerce+agricultural products". Coincidentally, in May, when cherries are ripe, SF Express will distribute cold chain cars in several producing areas, and will invest about 110 all-cargo transport routes in eastern Shandong. At present, SF’s upstream and downstream network of agricultural products has covered 335 prefecture-level cities, serving more than 4,000 fresh varieties.

Facing the long-term aging service of JD.COM and SF Express, Zhongtong faces more challenges in fresh food and agricultural products, one is speed, and the other is service. In terms of speed, Zhongtong relies on its own cold chain trunk line. With the investment in these years, the problem is not big. In terms of service, it can be predicted that Zhongtong still faces some problems. For example, if we borrow the existing distribution system, the last mile problem can’t be solved well.

However, at present, agricultural products, fresh goods, etc. are still a huge incremental market with vast development space, and the win or loss is uncertain. Zhongtong’s penetration at the county level is also its advantage (the coverage rate of county-level cities is over 99%). If it can match the supply chain and logistics well in the future, it will have great opportunities.

Generally speaking, as a courier company with the largest domestic market share, Zhongtong still maintains its own advantages in business volume, while its revenue basically maintains a high-speed growth trend. In the future, after the express delivery market gradually enters the stock stage, it will be impossible to gain a breakthrough in market share through price war. In order to achieve a 5% growth in two years or finally reach a domestic market share of 30%, Zhongtong must develop new express delivery services. At present, under the background of rural revitalization, rural fresh agricultural products are one of the best breakthroughs. However, on the track surrounded by giants, whether Zhongtong can get what it wants can only wait and see.

In the automobile market, every time a new car goes on the market, it means the beginning of an expectation and challenge. When the Ford Sharp L 2025 debuted with a brand-new attitude, it not only brought consumers a brand-new visual experience and technological experience, but also made no compromise in sticking to the bottom line of quality, demonstrating the Ford brand’s consistent pursuit of excellent quality.

Since its inception, Ford Sharp L has won the favor of consumers with its excellent performance, luxurious interior and practical space. However, the fierce market competition and the constant changes in consumer demand make every new car have to constantly break through itself in order to be invincible in the market. The listing of the 2025 Ford Sharp L is the best embodiment of this self-innovation. First of all, the new Ford Sharp L has made bold innovations in its design. The adoption of a more streamlined body design not only improves the aerodynamic performance of the vehicle, but also gives the vehicle a more modern and dynamic appearance. The design of the front face is sharper, and the perfect integration of LED headlights and air intake grille makes the whole front look wider and more atmospheric. The lines of the car body are smooth, and the design of the tail is fuller, which gives people a sense of stability and fashion.

However, the change in appearance is only part of the new Ford Sharp L. In the interior design, Ford also spared no effort to upgrade. Brand-new interior materials and technology not only enhance the sense of advanced inside the car, but also pay more attention to the handling of details. The center console adopts a larger touch screen, which is more convenient to operate, while retaining practical physical buttons, so that drivers can operate more safely during driving. The comfort and support of the seat have also been further improved, which can bring passengers the ultimate comfort experience whether it is long-distance driving or daily commuting. Of course, as an SUV, the driving performance and safety performance of Ford Sharp L can’t be ignored. The 2025 Ford Sharp L is equipped with the latest power system, providing a more powerful and efficient power output. Whether it is a city road or a rugged mountain road, this car can easily cope. In addition, Ford has also carried out a comprehensive upgrade in safety performance, equipped with the latest driver assistance system and active safety technology to ensure the safety of every passenger.

However, the most shocking thing is the persistence of the new Ford Sharp L in quality. In today’s increasingly fierce competition in the automobile market, many brands often lower the quality of their products at the expense of long-term reputation in pursuit of short-term profits. But Ford has always adhered to the bottom line of quality and carried out every production standard to the letter. From the selection of materials to the control of production technology, every link is striving for perfection to ensure that every Ford Sharp L can meet the highest quality standards. This persistence in quality is not only reflected in the manufacturing process of vehicles, but also in Ford’s emphasis on after-sales service. Ford knows that a good car should not only perform well when it leaves the factory, but also be consistent in use. Therefore, Ford provides comprehensive after-sales service and support to ensure that every car owner can get the most timely and professional help during use.

Generally speaking, the launch of the new Ford Sharp L 2025 is not only a product upgrade, but also a quality insistence. Ford brand’s innovative spirit and excellent craftsmanship in this car once again proved its leading position in the automobile industry. For consumers, this is not only the choice of a luxury SUV, but also a pursuit and commitment to quality life.

In today’s increasingly fierce market competition, the listing of Ford Sharp L 2025 undoubtedly provides consumers with a more trustworthy choice. It not only has the cutting-edge design of fashion and technology, but also adheres to its original intention in quality and does not reduce its points. This is not only an affirmation of Ford brand, but also the best feedback to every consumer who pursues excellent quality. It is expected that the brand-new Ford Sharp L will continue to write its brilliant chapter in the future market.

In the [Easy Car Suzhou Local Auto Market Promotion Channel], we sorted out the ongoing
Preferential activities. As a car that has attracted much attention, the current discount rate of MG Cyberster is still amazing. The highest discount rate can even reach 0.50 million, and the lowest starting price is only 314,800. You can win a larger discount rate by clicking the "Inquiry" button in the quotation form. If you are looking for a practical and affordable model, you may wish to learn about the preferential situation of MG Cyberster.

Let’s take a look at the appearance of MG Cyberster first. The front of MG Cyberster presents an elegant design style and looks very simple. The front headlights are hard, which greatly improves the exquisiteness of the whole vehicle. The car is equipped with LED daytime running lights, headlight height adjustment, automatic opening and closing, adaptive far and near light, delayed closing and so on. Coming to the side of the car body, the size of the car body is 4535 mm * 1913 mm * 1329 mm. The car uses simple lines, and the car side looks very calm. With large-sized thick-walled tires, the shape is quite simple. In terms of the rear end, the overall shape of the rear end of MG Cyberster echoes the front face, and the taillights present an elegant design style, and the overall layout is impressive.

Sitting in the car, the interior of MG Cyberster looks very capable and makes people feel very fashionable and simple. The steering wheel of the car is very deep and elegant, made of leather, and its practicality and face value are not bad. From the central control point of view, with the 7-inch touch-sensitive LCD central control screen, the interior design is quite layered and looks very atmospheric. Finally, let’s look at the dashboard and seats. The dashboard of this car presents a delicate design style, which is very eye-catching. The car uses a leather/suede mix seat, which is wide and thick, further improving the comfort of drivers and passengers.

The total power of MG Cyberster motor is 400KW, the total torque is 725N.m, and the maximum speed is 200 km/h..

From the modeling point of view, the family-style design language is adopted, which is very different, but from the feedback from friends around, it is really popular. The design of the air intake grille of Volvo S90 is imposing, and it is matched with the "Volvo" logo, which makes the front face of the vehicle appear stretched. The strongest headlights on both sides are designed, and the internal light groups are patchy, and they are bright when lit. From the side shape, the new car adopts the side waist design, which prolongs the visual effect of the car to a certain extent, and the front wheel design looks very sporty. The shape of the rear of the new car is very layered, with a tendency to protrude backwards, which is very playful. The taillights are also low-key, especially the brake lights, which echo each other with the front daytime lights.

Compared with the appearance, the interior of the vehicle is the soul of the brand-new model. Because the steering wheel is wrapped with leather material, it is simple and clear in texture and touch. In the center console and the door handle, a lot of plastic and leather materials are used to cover and wrap it, which makes it feel simple and atmospheric. The 9.0-inch screen has simple screen design but complete functions. The front row is also equipped with a dual-temperature automatic air conditioning control system to freely debug the most comfortable space atmosphere. Leather seats look very environmentally friendly.

Volvo S90 has a car length of 5090mm, a car body width of 1879mm and a wheelbase of 3061mm, which is quite satisfactory. In the same class, the wheelbase of Volvo S90 ranks fourth. This size exceeds most models in its class. The actual interior space performance is also very good. From the actual ride experience, the front and rear rows are relatively spacious. The design of skylight also increases the subjective space feeling of front and rear passengers. Among the models of the same price and class, the trunk volume of Volvo S90 ranks 9th. The storage space in the car is quite satisfactory and basically sufficient. The interior space of the luggage compartment is relatively regular, with very good longitudinal depth and high expansibility, and the space performance is generally ideal.

Volvo S90B5 Zia Deluxe Edition uses a 2.0 engine, with a maximum horsepower of 250 and a peak torque of 360, matching the automatic manual transmission (AT). The whole power parameters are superior in power performance among engines of the same class, which can provide better power performance. Volvo S90′ s official measured zero-hundred-acceleration score is 7.2S, ranking 11th among 400,000-800,000 medium and large-sized vehicles.

Volvo S90 has complete active/passive safety configuration, includingAutomatic parking、Zero tire pressure endurance tire、Automatic parking、Steep slope descent、hill start assist control、knee airbag、HUD head-up display、Anti-lock braking (ABS)、Braking force distribution (EBD/CBC, etc.)、Brake assist (EBA/BAS, etc.)、Traction control (ASR/TCS, etc.)、Active noise reduction、Engine start and stop、Side safety air curtain、Wireless charging of mobile phone、night vision system、LED daytime running lights、Forward reversing radar、Tire pressure monitoring、Steering wheel heating、Body stability control (ESP/DSC, etc.)、Rear reversing radar、Fatigue reminder、Remote parking、Child seat interface、Lane keeping (LKAS)Equal configuration.

Among them,Automatic parkingYou can avoid stepping on the brakes for a long time or needing to pull frequently;Steep slope descentCan safely pass through steep slope road conditions at low speed;knee airbagReduce the injury of the car interior to the occupant’s knees in the secondary collision.

If the above data and participation can’t fully understand Volvo S90, then we can give you a more comprehensive reference based on the word-of-mouth information of users who have purchased Volvo S90 in history. It can be seen that what everyone is most satisfied with Volvo S90 is that its interior is very comfortable. In addition, the heated seats and mature and stable appearance are also the points that everyone likes.