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Debang (603056) Interim Review: The growth of the express market share has gradually stabilized

Debang (603056) Interim Review: The growth of the express market share has gradually stabilized

Debang (603056) Interim Review: The growth of the express market share has gradually stabilized

The company published a 19-year interim report.

Debon has released its semi-annual report, and achieved operating income of 118 in the first half of 2019.

92 ppm, an increase of 16 in ten years.

65%; net profit attributable to shareholders of listed companies1.

0.5 billion, down 65 a year.

61%; basic profit income is 0.

11 yuan.

The company’s total assets are 83.

8.4 billion, an increase of 1 over the beginning of the year.


The company’s net assets attributable to shareholders of listed companies39.

21 ppm, a decrease of 2 from the beginning of the year.


Asset-liability ratio 53.

24%, up 2 from the beginning of the year.

23 units.

Strategic transformation of large-scale express delivery, the express delivery business has developed steadily.

Debon is currently deepening the large-scale express delivery market, forming differentiated competition with Tongda and SF.

Reporting information, the operating income of the express delivery business was 66.

77 ppm, an increase of 49 in ten years.

86%, higher than industry 23.

70% average growth rate; the number of express shipments is 2.

3.6 billion votes, an increase of 35 in ten years.

79%, the average ticket price is 28.

34 yuan, an annual increase of 10.

36%; At present, the revenue of express delivery business has reached 56 of the company’s total revenue.


As Debang was the king of the less-than-truckload business in the fast-moving industry, it has excellent industry experience and competitive advantages in the business direction of large-scale express delivery, so it has a lot of room for development.

The gross profit margin of the 天津夜网 express market is stable, and the company’s profit base is solid.

Affected by the intensified market competition environment and the company’s development focus shifted to the express delivery industry; in the first half of 2019, operating income of the express shipping business49.

9.2 billion, down 9 before.

70%; Express business is a mature business of the company, and the current gross margin is extra stable.

The express delivery business is a new business of the company. It is currently in the growth stage. The short-term gross profit margin level has decreased and it has affected the overall gross margin level of the company to a certain extent.

With the gradual maturity of the express delivery business and the gradual benefit of scale, the gross profit margin will show a steady upward trend.

However, in this important transformation of the company’s transformation, stable express income reflects the company’s years of development and accumulation, and is an important foundation for the company’s transformation and development.

Market share has gradually increased, and costs have exceeded expectations.

In the first half of the year, the company seized a lot of outstanding performance in seizing the express market share.

But in the short term, in order to expand the market, Debon increased the cost of human and transportation resources.The report pointed out that the total labor and transportation costs accounted for 81% of the company’s operating costs.

26%, huge cost pressure directly caused a straight decline in net profit.

However, after Debang’s market share continues to increase, scale effects gradually form, and costs will be effectively controlled.

At the same time, because the express delivery industry has entered the globalization of the industry, the company has huge competitive advantages and broad development prospects.

Investment Advice.

Although the company has gradually returned to the right track in the second quarter, taking into account the performance pressure in the first quarter, we will return the net profit of the mother to 2019-2021 from 8.



30 trillion is adjusted to 5.



01 billion, adjusted EPS from 0.



39 yuan to 0.



35 yuan.

The long-term competitiveness of the large-scale express delivery business and the direct sales model is very strong, but time and patience should be given in the short term. We downgraded the company’s rating to “overweight” and gave the company 24 times PE in 2019, with a reasonable price range of 13.


00 yuan.

risk warning.

The development of large-scale express delivery business was less than expected; the vicious competition in the express market; the cost exceeded expectations; the macro economy exceeded expectations.