CATHAY PAC AIR Tong: Express delivery volume continues to grow rapidly, anti-involution begins profit recovery

CATHAY PAC AIR and Haitong Securities released a research report indicating that the phenomenon of anti-involution in the express delivery industry has spread nationwide, increasing the average revenue per order for companies. It is expected that the profitability of e-commerce express delivery will significantly recover in the second half of the year and next year. They recommend paying attention to the performance improvement opportunities in the e-commerce express delivery sector, maintaining an overweight rating on SF Holding, and are optimistic about related targets such as YTO and ZTO Express. It is anticipated that the volume of express delivery business will continue to grow, industry price competition will ease, and the unit price of express delivery is expected to stabilize and recover