大和发表研究报告指，中通快递-W(02057.HK) (ZTO.US) 首季收入按年升9.4%。集团的包裹量增长19.1%，低于行业增长，导致其首季市占率按年减少0.4个百分点，至18.9%。
该行表示，由于价格竞争比去年更为激烈，预期中通快递将牺牲部分利润来推动销量增长，并相信集团的核心单位成本应会因销量增长而持续改善，但零售包裹业务的规模效应有限。该行预计集团今年的均价将按年下降中个位数，单位成本将按年增长低个位数。
该行下调集团2025至27年的每股盈测11%至12%，又将评级由“买入”降至“跑赢大市”，并下调估值基础，由原先预测今年市盈率13倍，延展至预测今明两年平均市盈率11倍，H股目标价相应由195元削至155元。即使面对竞争加剧带来短期压力，该行留意到公司估值低，而且持续单位成本优化。(sl/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-21 16:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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