ZTO Express (Cayman) Inc.
1Q24 Financial Details for Earnings Call
May 16, 2024
Financial Performance
1Q24 | 1Q23 | V% Comments |
Parcel package volume (in Billion)
(¥RMB in Million)
Revenues
COGS
Gross profit
Gross profit %
SG&A
Other operating income/(loss), net
7.17 | 6.30 | 13.9% | 11.3 pts below industry avg.; 19.3% market share (21.2% @1Q23 restated by SPB) | |
9,960 | 8,983 | 10.9% | ¥9.76bn from core express delivery business, increased 11.0% | |
1)¥971.3mn from KA customers, decreased 7.1% on 30.4% KA volume decrease | ||||
¥202.7mn freight forwarding revenues, increased 5.2% | ||||
-6,958 | -6,460 | 7.7% | ¥6.77bn from core express delivery business, increased 7.8% | |
1) | ¥3.37bn line haul transportation costs, increased 6.0% | |||
2) | ¥2.17bn sorting hub operation costs, increased 7.7% | |||
3) | ¥657.9mn KA costs, increased 23.3% |
¥188.4mn freight forwarding costs, increased 3.0%
3,002 | 2,523 | 19.0% | ¥2.99bn from core express delivery business, increased 18.9% | |
30.1% | 28.1% | 2pts | 30.6% for core express delivery business (28.6% @1Q23) | |
-897 | -787 | 14.0% | Included ¥37.3mn provisional loss related to a collection against certain supplier | |
SG&A excl. SBC & such provision was 5.6% of revenues (5.9% @1Q23) | ||||
161 | 214 | 1) | ¥118.9mn of government subsidies and tax rebates ( ¥99.4mn @1Q23) | |
2) | ¥40.2mn of rental and other income ( ¥44.7mn @1Q23) | |||
3) | VAT super deduction policy expired by 2023 ( ¥69.5mn@1Q23) |
Income from operations | 2,267 | 1,950 | 16.2% |
Operating profit % | 22.8% | 21.7% | 1.1pts |
Income from operations excluding SBC (Non GAAP) | 2,565 | 2,205 | 16.3% |
Operating profit % excluding SBC(Non GAAP) | 25.8% | 24.6% | 1.2pts |
Interest income (net) | 161 | 20 | |
Fair value changes of financial instruments | 43 | 156 | |
Currency exchange gain/(loss) | 5 | -10 | |
Impairment on equity investment (Non GAAP excluded) | -478 | - | Impairment losses on investment in "Cainiao" |
Income before income tax and equity pickup | 1,998 | 2,116 | -5.6% |
Income tax expenses | -566 | -455 | Included approx. ¥44.0mn accrual of withholding tax on distributable earnings planned for |
dividend payment for 1Q24 | |||
Equity pickup | 16 | 4 | |
Net income | 1,448 | 1,665 | -13.0% |
Net income% | 14.5% | 18.5% | -4.0pts |
Adjusted net income (Non GAAP) | 2,224 | 1,920 | 15.8% |
Adjusted net income (Non GAAP)% | 22.3% | 21.4% | 0.9pts |
EBITDA | 2,884 | 2,878 | 0.2% |
Adjusted EBITDA (Non GAAP) | 3,660 | 3,133 | 16.8% |
Adjusted Basic EPS (Non GAAP) (¥RMB in Yuan) | 2.74 | 2.38 | 15.1% |
* may contain rounding differences | 1 of 2 |
Unit Economics (RMB per parcel)
ASP (excluding COE)
Cost of Revenue (excluding COE)
- transportation cost per parcel
- sorting hub cost per parcel
SG&A excluding SBC (Non GAAP)
Adjusted income from operations (Non GAAP)
Cash and Capex (RMB in Million)
Operating cash flow
CapEx
Cash and Cash Equivalents
ZTO Express (Cayman) Inc.
1Q24 Financial Details for Earnings Call
May 16, 2024
1Q24 | 1Q23 | Impact (+/-) Comments (+positive/-negative impact) | ||
1.36 | 1.40 | -4 cents | Core express delivery ASP decreased 2.5% (volume incentives -4cents) | |
0.94 | 1.00 | +6 cents | Core express delivery unit cost decreased 5.3% | |
0.47 | 0.51 | +4 cents | 1) | Better economies of scale (+) |
2) | Improved load rate (+) | |||
3) | Real-time data monitoring and analytics to optimize route planning (+) | |||
0.30 | 0.32 | +2 cents | 1) | Better economies of scale (+) |
2) | Improved standardization in operating procedures with improved labor productivity (+) | |||
3) | Increased automation, 461 sets of auto. sorting equipment in use (454 sets @1Q23) (+) | |||
0.08 | 0.08 | Flat | Stable corporate cost structure & leverage | |
0.36 | 0.35 | +1 cents | ||
1Q24 | 1Q23 | Diff | Comments | |
2,031 | 2,738 | -707 | ||
1,692 | 2,302 | -609 | Approx. ¥1,420mn land use rights and sorting hub construction | |
¥240mn automation equipment | ||||
19,895 | 19,163 | 731 | Excluding ¥13.45bn cash on deposits maturing in one year or longer |
* may contain rounding differences | 2 of 2 |
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ZTO Express (Cayman) Inc. published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 22:26:12 UTC.