Which is China Express?
Editor’s note: This article is from “Tencent Technology”, author Li Ruchao. Authorized to reprint.
In the context of the re-growth of the e-commerce industry, the express delivery company continued to invest in subsidies to seize the market, resulting in an overall decline in the level of revenue per order. While the scale has increased, the profit level has not increased simultaneously.
In the second quarter, the performance of Jingdong, Ali, and many other e-commerce companies continued to rise, and the express delivery company also received dividends.
At present, five major express delivery companies such as SF, Zhongtong, Shentong, Yunda and Yuantong have released the first half of the 2019 performance report. From the report, thanks to the dividends of the e-commerce industry, except for SF, the growth rate of the “three links and one-way” business volume in the first half of the year has far exceeded the average growth rate of the industry announced by the State Post Bureau in the first half of the year, while SF is far lower. The average growth rate.
Affected by this, SF’s market share fell by 1.11 percentage points year-on-year to 7.3%; the market share of the other four companies increased to varying degrees.
This shows that at the market share level, the industry leader SF has not successfully grasped the current round of e-commerce industry dividends, and the market share continues to be under pressure.
The profit level is the opposite. In the first half of the year, SF’s net profit reached 3.101 billion yuan, an increase of 40.35% year-on-year; regardless of the net profit or the year-on-year growth rate, all were higher than the “three links and one”, among which Shentong even recorded a negative net profit growth of 4.04%.
In the indicator of revenue per ticket, according to the June data, SF was 23.21 yuan, down 1.28% year-on-year, but still much higher than the “three links and one”. In the “three links and one”, in addition to the rhyme has nearly doubled, the other three have a different degree of decline in the income per ticket.
According to the first half of the data released by the State Post Bureau, the revenue of the express delivery industry in the first half of the year was 12.2 yuan, down 0.02 yuan year-on-year.
This shows that in the context of the re-growth of the e-commerce industry, the courier company continued to invest in subsidies to seize the market, resulting in an overall decline in the level of income per single, while the scale of the increase, the profit level has not increased simultaneously.
Revenue comparison: Shunfeng is still the industry leader, and rhyme growth is obvious
ExpressDivision of revenue comparison (unit: 100 million yuan)
In terms of revenue level, SF recorded a record of RMB 50.075 billion in the first half of the year, which is not only much higher than the “three links and one”, but also the “three links and one” revenue.
But from the perspective of revenue growth, SF’s revenue growth rate in the first half of the year was not satisfactory, with a year-on-year growth rate of only 17.68%, far lower than Yunda’s 163.51%, only higher than Yuantong’s 15.64%.
Comparing with the July data, this trend is even more pronounced.
Convergence company’s July revenue comparison (unit: 100 million yuan)
In July’s monthly data (because Zhongtong is a US-listed company, it did not disclose monthly data like the other four A-share listed companies), and Yunda’s revenue growth continued to lead the industry with 218.89%, SF It is lower than the development of Yuantong, with 19.12% year-on-year growth rate in the top five express delivery companies.
Comparative volume comparison: In addition to SF, “three links and one” outperformed the average growth rate
According to the National Post Office data, in the first half of the year, the national express delivery service business volume totaled 27.76 billion pieces, a year-on-year increase of 25.7%.
The volume data of the top five express delivery companies in the first half of the year (unit: 100 million pieces)
With the year-on-year growth rate of 25.7% as the red line, it can be found that “three links and one” are far outperforming the growth rate. Among them, Shentong is the leader with 47.25%, and Yunda and Zhongtong are 44.71% and 44.6% respectively. Followed by.
Shunfeng is 8.57% year-on-year growth rate. This growth level is significantly lower than the 25.7% year-on-year growth rate, indicating that SF’s expansion in the express delivery industry is not ideal.
July data also supports this.
Business volume data of four express delivery companies in July (unit: 100 million pieces)
In the July data, although the growth rate of SF Express business was 22.59%, it was higher than the growth rate of the first half of the year, but it was also much lower than the other three A-share listed express delivery companies.
Market share: Nearly 20% of Zhongtong ranks first in the industry, and rhyme reaches second
In the express delivery industry, the leading income is SF, but in terms of market share, SF is not dominant.
In the first half of 2019, Zhongtong became the first company in the express delivery industry with a market share close to 20%, which was nearly 4 percentage points higher than the second-ranked rhyme.
Compared with the same period of last year, Zhongtong’s market share increased by 2.5%, and the market share of Yunda continued to widen.
Considering that the growth rate of “three links and one” business volume has outperformed the growth rate of the industry, the market share of these four companies has increased to varying degrees. The SF of the bottom of the business is also naturally declining in the market share.
In the first half of the year, SF’s market share was only 7.3%, which was the bottom of the top five express delivery companies; the market share fell by 1.11%, making it the only company among the top five express delivery companies.
However, according to the operating income data, Zhongtong, which ranks first in the industry, ranks fourth among the top five express delivery companies, recording only 9.998 billion yuan; the market share of the industry’s second rhyme is in the camp. It was second only to SF, ranking second, with 15.554 billion yuan.
It can be seen that Zhongtong’s “industry first” is largely due to the compression of single votes.
Single ticket revenue comparison: SF is the highest, the industry as a whole is down
June single ticket income comparison (unit: yuan. Zhongtong is the second quarter single ticket income)
As can be seen from the above figure, Zhongtong, which has the highest market shareIn terms of single-ticket income, it was the bottom of the industry, and in the second quarter, it still fell by 11.3%, which was higher than market expectations.
Shunfeng, which is at the bottom of the market, is far ahead of the industry with a single ticket income level of 23.21 yuan, and is much higher than the industry average of 12.2 yuan in the first half of the year.
In addition to Zhongtong, express delivery companies such as SF, Yuantong and Shentong all experienced different degrees of decline in single ticket revenue in June. The strange thing is that rhyme single ticket revenue has grown significantly, almost doubled.
This is due to rhyme itself. According to the explanation of rhyme, in the first half of this year, the company adjusted its income and calculated the income of the company into income, which led to a substantial increase in revenue of 163.51% and a single ticket income of 3.30 yuan. Excluding the impact of income from the distribution, the first half of the year was a single ticket express. Business income was approximately 1.70 yuan, down 2.3% year-on-year from 1.74 yuan/ticket.
This is in line with the overall decline in the single-ticket revenue of the express delivery industry in the first half of the year.
Single ticket revenue of four express companies in July (unit: yuan)
Continue to count the single ticket revenue of the four express delivery companies in July, and the downward trend continues.
This shows that under the background of the growth of the industry, various express companies are still at the expense of profit to gain market share.
Net profit comparison: Shunfeng continues to lead, Shentong has negative growth
At the level of net profit, considering the impact of cost, expense and other factors, the net profit level of each express company is not consistent with the single ticket income.
Compared with the net profit of the top five express delivery companies in the first half of the year (unit: 100 million yuan)
As can be seen from the above figure, SF recorded a net profit of 3.201 billion yuan in the first half of the year, which is much higher than the other four express delivery companies, and is also far ahead in terms of growth rate.
But this profit lead is not primarily from the main business. It is understood that SF’s non-recurring gains and losses in the first half of the year reached 771 million yuan, compared with 119 million yuan in the same period last year, almost last year.Nearly 7 times in the same period.
In particular, non-recurring gains and losses are mainly attributable to the disposal of non-current assets (315 million yuan) and the gains and losses from changes in fair value of trading financial assets (347 million yuan).
These financial operations have greatly boosted SF’s net profit in the first half of the year. After deducting non-recurring gains and losses, SF’s net profit was 2.33 billion yuan, a year-on-year increase of 11.48%, which is close to the growth rate of business volume.
Among the other four express delivery companies, Shentong’s net profit for the first half of the year was 832 million yuan, down 4.04% year-on-year, making it the only company with the same year-on-year decline in the top five express delivery companies.