研報掘金丨羣益證券(香港):予圓通速遞“買進”建議,看好公司受益於行業“反內卷”
羣益證券(香港)研報指出,郵政局號召“反內卷”,行業價格戰有望緩和。圓通速遞規模、議價能力均優於同業,有望受益於“反內卷”:從件量角度看,2025年1-5月公司快遞業務完成量達122.4億件,規模高於韻達(105.5億)、申通(101.6億);業務規模同比增長22.3%,超出行業平均增速2.2pcts。從單票角度看,公司議價能力相對更優,1-5月單票收入錄得2.21元/件,同業普遍位於2.0元/件及以下價格帶,主因公司積極購入貨機、佈局數字化,產品時效、服務的體驗好於同業。我們認爲,隨着郵政局“反內卷”措施逐步開展,行業價格戰有望緩和,而公司作爲快遞業的領軍企業,規模、議價能力均優於同業,我們看好公司單票價格回升,利潤彈性將得到釋放。看好公司受益於行業“反內卷”,利潤有望回升,對此給予公司“買進”的投資建議。
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