Yuanta Securities: Gives Buy recommendation to Yuantong Express, optimistic about the company benefiting from the industry's "anti-internal competition" trend.

Yuanta Securities research report pointed out that the Postal Bureau called for "anti internal competition", and the industry price war is expected to ease. YTO Express has a superior scale and bargaining power compared to its peers, and is expected to benefit from the "anti internal competition": from the perspective of parcel volume, the company completed 12.24 billion parcels in the first five months of 2025, a scale higher than Yunda and Shentong; the business scale increased by 22.3% year-on-year, exceeding the industry average growth rate by 2.2 percentage points. From the perspective of single ticket, the company's bargaining power is relatively superior, with a revenue per single ticket of 2.21 yuan/piece in May, higher than the industry average of 2.0 yuan/piece and below, mainly due to the company's active purchase of aircraft and digital layout, product timeliness, and service experience better than its peers. We believe that as the Postal Bureau's "anti internal competition" measures gradually unfold, the industry price war is expected to ease, and the company, as a leading enterprise in the express delivery industry, has a superior scale and bargaining power compared to its peers. We are optimistic about the company's single ticket price rebound and the release of profit elasticity. We are bullish on the company benefiting from the industry's "anti internal competition", and expect profits to rise, giving the company a "buy" investment recommendation.