---
title: "CICC: Downgrades ZTO Express target price to $25.7, maintains \"Outperform\" rating"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/220558794.md"
description: "CICC lowered the target price for ZTO Express to $25.7, maintaining an \"outperform industry\" rating. ZTO Express's third-quarter performance met expectations, with revenue of 10.675 billion yuan, gross profit of 3.335 billion yuan, and non-GAAP net profit of 2.387 billion yuan. The company expects a business volume growth rate between 11.6% and 12.3% in 2024, with an average daily volume of approximately 92.33 million to 92.88 million parcels. Considering changes in the competitive landscape, the 2025 profit forecast has been revised down by 9% to 10.791 billion yuan"
datetime: "2024-11-25T03:55:20.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/220558794.md)
  - [en](https://longbridge.com/en/news/220558794.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/220558794.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/220558794.md) | [繁體中文](https://longbridge.com/zh-HK/news/220558794.md)


# CICC: Downgrades ZTO Express target price to $25.7, maintains "Outperform" rating

CICC's research report indicates that ZTO Express announced its third-quarter results, with revenue of 10.675 billion yuan, an 18% year-on-year increase, gross profit of 3.335 billion yuan, a 23% year-on-year increase, and a non-GAAP net profit of 2.387 billion yuan, a 2% year-on-year increase, which is in line with expectations. The firm stated that the company has revised its full-year guidance, expecting the business volume growth rate for the full year 2024 to be between 11.6% and 12.3%, corresponding to a daily average volume of approximately 92.33 million to 92.88 million parcels. The 2024 profit forecast remains unchanged. Considering the potential changes in the competitive landscape next year, the firm has lowered ZTO Express's 2025 profit forecast by 9% to 10.791 billion yuan, maintaining an "outperform industry" rating and lowering the target price by 7% to $25.70

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