Yunda Co. (002120): Q3 production capacity increased QoQ and non-net profit increased by 24.96%

Yunda Co. (002120): Q3 production capacity increased QoQ and non-net profit increased by 24.96%
The company released three quarterly reports for 2019: 19Q3 revenue increased by 160.04% to 86.99 ppm, Q1 / Q2 increased by 151.6%, 173.3%, Q3 express main business increased by 188.17% to 82.07 trillion, excluding the factor of merging payment, Q3 express revenue is estimated to increase by about 43.6%; 19Q3 gross profit increased by 21.82% to 11.330,000 yuan, Q1 / Q2 increase by 50.8%, 26.8%; net profit attributable to mother is also reduced by 32.81% to 6.5.9 billion yuan, Q1 / Q2 increased by 40 respectively.4%, 22.3%; net profit after deducting non-attribution increased by 24.96% to 5.9.8 billion yuan, Q1 / Q2 increased by 38.08%, 20.70%. Q3 market share increased by 2.1pc to 16.1%, the unit price of express delivery increased slightly 北京养生会所 by rhyme up to 19Q3 express delivery volume increased by 47.00% to 25.With 9.9 billion pieces, Q1 / Q2 increased by 41.48%, 47.06%; market share increased by two in ten years.1pc to 16.1%, Q1 / Q2 are 14 respectively.7%, 16.3%; the company’s single-piece courier revenue (excluding pie) is estimated to decrease by zero.04 yuan (-2.25%).$ 2 (+1.5%); Express shipping business will be replaced in May 2019; single-piece non-courier revenue will decrease by 009 yuan to 0.19 yuan. Single piece gross profit is at 0.44 yuan higher level, Q3 total gross profit margin increased by 21.82% In the third quarter, Yunda’s single-piece gross profit decreased by 0 every year.09 yuan (-17.13%) to 0.44 yuan, down 0 from Q2.08 yuan, Q1 / Q2 exceed the change by +0 respectively.04 yuan, -0.08 yuan.The company’s total gross profit increased by 2 武汉夜网论坛 in the third quarter.3.0 billion (+21.82%) to 11.33 ppm, gross profit margin decreased by 1.8. The operating net cash flow of a single piece remained flat for half a year, and the capacity expansion in the third quarter increased by 19Q3 over the previous quarter.5.6 billion (+20.23%), which was lower than the increase in gross profit.96%, an increase of 4 over the second quarter.26pcts, non-net profit of one piece deduction 0.23 yuan, down by 0 every year.At RMB 04, the net cash flow from a single operation was basically flat.In the third quarter, the company paid 9 for fixed assets, intangible assets and other long-term assets.3.8 billion, an increase of 26.45%, fixed assets, intangible assets, total construction in progress increased by 10 from Q2.8.4 billion (+15.09%). Investment suggestion: The company’s business growth rate should remain high, and the city’s market share will continue to increase. With the capacity expansion not decelerating, the single piece of profit will maintain its advantages and the cash flow will be healthy. With the in-depth refinement of control, the leading scale advantage will be further enlarged.Net profit is expected to be 28 in 2019-2021.04/34.71/44.72 trillion, the same increase of 3.9% / 23.8% / 28.9%, corresponding EPS is 1.26/1.56/2.01 yuan / share, corresponding to the latest maximum PE is 26.56x, 21.46x, 16.66x.The company’s business and performance growth rate are both leading in the industry, and its cost advantage has been expanded.Comprehensive comparable company estimates and leading premiums give companies 30 times PE in 2019, corresponding to a reasonable value of approximately 37.8 yuan / share.Maintain “Buy” rating. Risk reminder: the fine-grained control fails to meet expectations, the cost of transportation, etc. increases sharply, and the price war worsens