中通快递-W1Q25 earnings below expectation;furth

招银国际
21 May

一、业绩表现与预期偏差ZTO Express(ZTO)2025年第一季度核心净利润同比增长5%至19.6亿元人民币,但低于市场预期。这一增长主要得益于政府补贴和税收返还的显著增加,而这些收益很可能是非经常性的。与此同时,由于平均售价(ASP)同比下降8%,公司面临持续的价格压力。尽管包裹量同比增长19.1%,但增速仍低于行业平均水平(21.6%),市场份额也有所下降。分析师认为,若要实现全年包裹量...

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