Market Brief

The articles are produced in Chinese only.

Author

鄭錦華先生 (John Cheng)
助理經理

畢業於嶺南大學市場學系, 現任職輝立助理經理, 對投資股票、期權經驗豐富。 本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533000

中通快遞(2057)

Friday, March 13, 2026 Views108

2057  中通快遞(開曼)有限公司  ZTO EXPRESS (CAYMAN) INC

集團業務

集團主要在中國透過可變利益實體結構從事提供快遞服務。集團透過網絡合作夥伴的模式以「中通」或「ZTO」品牌經營快遞業務。集團營運關鍵幹線運輸和分揀網絡,而網絡合作夥伴則提供及經營所有攬件和派件網點。

 

業務回顧

按美國公認會計準則,截至2025年9月止九個月,集團未經審核之營業額上升10﹒3%至345﹒88億元(人民幣;下同),股東應佔溢利增長0﹒3%至64﹒55億元。期內,集團業務概況如下:整體毛利下降13﹒7%至85﹒9億元,毛利率下跌6﹒9個百分點至24﹒8%;快遞服務:營業額增長11﹒1%至321﹒26億元,佔總營業額92﹒9%。

 

展望未來

中通是國內領先的加盟制快遞公司,憑藉規模效益、高效的自動化設備以及網點數字化管理,單票成本明顯低於同行業水平,看好其在電商物流領域的長期護城河。

 

建議買入價: 183.50

目標價: 215.00

止蝕價: 174.50

 

註:本人鄭錦華為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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