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中文(ZH) 华泰证券：看好“反内卷”支撑电商快递全年盈利修复

Huatai Securities sees profit recovery for e-commerce logistics firms

By PulseAugur Editorial · [1 sources] ·

Huatai Securities reports a strong first quarter for the e-commerce logistics sector, with most major players like STO Express, ZTO Express, and YTO Express showing significant volume growth above the industry average. This performance is attributed to stable pricing and cost reduction efforts, leading to improved per-package profitability compared to the previous year. The firm anticipates continued profit recovery throughout the year, supported by anti-monopoly regulations that are expected to maintain pricing discipline. AI

RANK_REASON This is an analyst report on industry performance and outlook, not a direct company announcement or a new product release.

Read on 36氪 (36Kr) →

AI-generated summary · Google Gemini · from 1 sources. How we write summaries →

Huatai Securities sees profit recovery for e-commerce logistics firms

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COVERAGE [1]

  1. 36氪 (36Kr) TIER_1 中文(ZH) ·

    Huatai Securities: Optimistic about "anti-involution" supporting e-commerce express delivery full-year profit repair

    36氪获悉，华泰证券研报表示，一季度电商快递板块盈利表现亮眼。得益于2026年一季度稳定的快递价格和持续降本，各家单票盈利较2025年一季度均改善；除韵达外，通达系件量增速均高于行业：申通（14.4%）>中通（13.2%）>圆通（12.7%）>行业（5.8%）>韵达（-6%）。年初以来“产粮区”延长封盘、非产粮区接力涨价，“反内卷”监管有望延续，华泰证券看好全年盈利修复。截至5月20日，SW快递PE TTM为15.2x，处在过去10年0.1%分位数，板块估值处在历史低位。

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