Dongxing Securities issued a research report maintaining its "Strong Buy" rating on ZTO EXPRESS-W (02057), projecting the company's net profit attributable to shareholders at 88.5 billion, 102.2 billion, and 115.3 billion yuan for 2025-2027 respectively, corresponding to P/E ratios of 13.0x, 11.2x, and 10.0x.

As the leading player in the express delivery sector, the company maintains a solid market position and demonstrates the ability to sustain relatively stable profitability during price wars, providing a strong safety margin.

According to the company's interim report for 2025, ZTO EXPRESS-W completed 98.47 billion parcels in Q2, representing a 16.5% year-over-year growth with a market share of 19.5%. The company's Q2 adjusted net profit reached 20.53 billion yuan.

The securities firm anticipates that both industry and company profitability will improve in the second half of the year. With the formation of an anti-involution environment, the company has adjusted its volume guidance and shifted its strategic focus toward quality prioritization. It is expected that volume incentives will be reduced in the second half, with more rational allocation of incentives. While the growth rate of parcel volume is expected to moderate, profit per parcel is anticipated to recover accordingly.