On September 19, four A-share express companies, SF Express, Yuantong, Yunda and Shentong, released their operating results for August consecutively.
The reporter from “Daily Economic News” noted that, continuing the growth of last month, Shentong Express (SZ002468, stock price 11.67 yuan, market value of 17.864 billion yuan) in August with the highest growth rate of revenue and volume piece, achieved 29.62% of express service business income in August 100 million yuan, a year-on-year increase of 66.36%; completed business volume of 1.226 billion votes, a year-on-year increase of 34.26%. And the shares of Yunda (SZ002120, stock price 17.41 yuan, market value of 50.528 billion yuan) in August business volume was 1.488 billion votes, down 2.43% year on year, but Yunda is still the first among the four share company A in part of business volume in August.
It is worth noting that the four companies increased their single ticket revenue to varying degrees in August. Tongda express companies have increased by about 20% year on year, and Yunda’s single ticket revenue has increased the most year on year. – year and month after month.
As for the overall express delivery market, data from the State Post Bureau show that in August, the business volume of the national express delivery service enterprises completed 9.43 billion pieces in August, a year-on-year increase of 4.9% ; business income reached 88.39 billion yuan, a year-on-year increase of 5.2%.
After the off-season of express delivery in July and August, the traditional Double 11 e-commerce promotion is approaching, and the express delivery market will also usher in a critical period of performance recovery in the second half of the a year. According to the China Express Development Index report, the stable growth of express delivery in August was mainly due to the rapid recovery of express delivery scale in key regions.
Overall, express delivery prices have been rising steadily, and the competitive environment has improved, but it is taking a long time for the industry to clear, and the competition for market share is continue In particular, SF Express Holdings (SZ002352, stock price of 49.03 yuan, market value of 240 billion yuan) officially announced its brand in early September, and its network coverage has reached a certain scale, directly pointing to the Tongda hinterland.
At the close of A shares on September 20, Yunda’s share price fell 3.55% from the previous trading day, YTO fell 2%, Shentong and SF Express rose 1.83% and 0.76% respectively.
In August, Yunda’s business volume only fell, and Shentong created the largest share in one month since its listing.
Continuing last month’s improved performance, Shentong’s express service revenue and business volume growth in August was once again the highest among the four. It is worth noting that Shentong’s market share in August reached 13%, setting a monthly record since its listing in December 2016.
Yunda’s express service business revenue in August was 3.904 billion yuan, a year-on-year increase of 24.81%; the volume of business completed was 1.488 billion votes, a year-on-year decrease of 2.43%, making it the only company among the four companies with a year-on-year decrease in business volume. The reporter noticed that Yunda’s business volume also declined in April, May and June. Yunda explained at the time that since April, the express delivery service in individual regions has been affected to some extent since April.
The Yiwu epidemic may also affect the decline of Yunda’s business volume in August. Huachuang Transportation noted in the research report that due to the impact of the epidemic in Yiwu, the number of industry pieces in August decreased by 2.2% month-on-month, SF Express increased by 2.3%, YTO increased by 0.9%, Shentong increased by 2.6%, and decreased Yunda 6.2%.
Yuantong’s quick product revenue in August was 3.830 billion yuan, a year-on-year increase of 30.44%. The volume of business completed was 1.520 billion votes, a year-on-year increase of 10.14%. Express logistics business SF Express achieved an operating income of 14.7 billion yuan in August, a year-on-year increase of 10.47%; business volume was 942 million votes, a year-on-year increase of 9.15%. In addition, the supply chain and international business achieved an operating income of 7.188 billion yuan, a year-on-year increase of 332.75%.
SF Express said in the announcement that the total revenue of express logistics business, supply chain and international business in August increased by 46.23% year on year, mainly due to the steady growth of express logistics business, which time-sensitive acceleration is maintained. good growth and a healthy yield structure; due to the merger of Jiajia In terms of revenue from logistics-related businesses, the company’s supply chain and international business revenue increased by 332.75% year on year.
Huafu Securities Research Report noted that under the current macro background, e-commerce express delivery with mandatory use attributes has certain protective capabilities. The effect of the epidemic on express transportation has some delayed compensation characteristics, which will hurt e-commerce demand. ok Limited, and in the changing intensity of the price war on the supply side, the fast delivery industry has reached the inflection point of creating free cash flow.
How will the rapid delivery pattern of Jitu e-commerce go to sea and the official announcement of Feng.com change?
At the beginning of September, Feng.com officially announced that the brand has been unveiled on the entire network. As a benchmarking brand against the economic express delivery market, SF Express has independent licenses and business qualifications. According to the 2022 semi-annual report released by SF Express a while ago, Fengwang has completed the coverage of 19 provinces, 229 cities and 2 municipalities directly under the Central Government, and operated 1,671 franchise outlets.
Fengwang Express photo source: Photo by reporter Liu Xuemei
It is worth noting that Feng.com and SF Express direct operation network are in strategic synergy and business integration relationship. On the sales side, Fengwang takes advantage of the density of township coverage at the end of the franchise to help the fresh agricultural produce distribution business; on the branch line, it promotes branch line financing in 76 cities, and reuses directly operated branch line resources to increase Fengwang’s bulk cargo shifts, and there are franchisees nearby Pick up goods at directly operated outlets, etc., shorten the distance of Fengwang branch lines, and improve the loading rate of branch lines. There is also a synergistic relationship on the shipping and delivery end.
Express logistics expert Zhao Xiaomin said in an interview with the “Daily Economic News” WeChat that Fengwang’s task this year is to complete the national plan, and there will be a process of accelerating the increase in volume next year. “Currently, the e-commerce express delivery market is also beginning to accelerate differentiation this year, and will ultimately show the result next year and the next year,” he added.
Regarding the future direction of each company, Zhao Xiaomin told reporters that Zhongtong is now seizing market share to accelerate upstream and downstream expansion and product improvement; YTO is taking advantage of aviation resources to enhance its premium capability. Take a differentiated path in the fast-paced franchise and e-commerce market.
“Yunda shows no signs of stopping the decline. Shentong is in a period of internal change and needs to be continuously observed. In particular, Shentong’s subsequent profit, liability and cash flow indicators, including whether there will be unexpected events, has a corresponding effect on his operations.’ he continued.
Regarding Jitu after winning Best Express, Zhao Xiaomin believes that after winning Best Express, from the point of view of market integration, there has not really been a situation that exceeded the market’s expectations. On the one hand, its establishment time is relatively short, and on the other hand, its business model is not much different from Tongda Department in essence. What is more important is the advantage of Jitu in channels, but after two years of development, the remaining geometry of this advantage needs further observation.
“Right now, Jitu still needs to use its scale and valuation to get listed as soon as possible, but it is desperate to get listed this year.” He judged this.
Every time the reporter Liu Xuemei takes a picture of Jitu Express
However, on August 26, Jitu International officially released Jitu Wangbao products Relying on Jitu International’s advantages in cross-border full link resources, it provides cross-border products with favorable prices and stable timeliness for domestic customers who ship to Europe and United States. A small and lightweight delivery service.
Originally born in overseas markets, Jitu continues to develop overseas business, and the connection of the outside world with Pinduoduo going overseas may give a new round of imagination to the market in the future.
In the new live e-commerce channel, Jingdong Express is also making great strides to compete for the market. Just on September 19, Jingdong Express announced that it has recently joined the Douyin e-commerce “Yin Demand Delivery” service, which will provide delivery services such as door-to-door delivery to Douyin users. JD Logistics’ semi-annual report shows that as of June 30, 2022, JD Logistics served more than 10,000 merchants on the Douyin e-commerce platform; in addition, JD Logistics Express and other standard products have grown 41.6% year-on-year.
It is not difficult to see that everyone sticks to their main business chassis and explores outwards, but now, in search of new growth points and the next step for sure, everyone needs to take a bigger step soon.
Cover image source: Daily Economic News Data Map
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