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Yunda Co., Ltd. (002120): intends to divest express transportation business to in vitro cultivation of listed companies to reduce drag on performance

Yunda Co., Ltd. (002120): intends to divest express transportation business to in vitro cultivation of listed companies to reduce drag on performance
The company ‘s recent situation, Yunda Co., Ltd. announced yesterday that Tonglu Yungan, which is controlled by the company ‘s actual controller, conducts cash for the company ‘s 60% -owned subsidiary, Wangan Logistics (main military express business).The capital increase was USD 3.2 billion, accounting for 68% of the registered capital after the capital increase was completed.3544%, becoming its largest shareholder, the company gave up the right of first subscription. After the transaction was completed, the company’s shareholding in Yungan Logistics was reduced from 60% to 18.99%, no longer included in consolidated statements. Comments It is proposed to divest express transportation business to in vitro cultivation of listed companies to reduce drag on performance.Established in September 2017, Yungan Logistics is mainly engaged in express transportation business. It is a company’s exploration of new business diversification. However, due to competition and small scale, it is still in the gradual development stage. According to the announcement,Operating income for the first quarter of 2018 19 5.6.7 billion, 1.8.5 billion, net profit1.7.5 billion, 0.340,000 yuan, 0 net qualified attributable to the parent company in 2018.7.8 billion.According to Yunda’s 2018 annual report, the express service income was 5.3.8 billion yuan, cost 6.20,000 yuan, the drag on net profit attributable to listed companies is zero.RMB 670,000 (accounting for 3% of the net profit deducted from non-attributed mothers in 2018).After the upcoming capital increase, Yungan Logistics will no longer consolidate. It can optimize the resource allocation of listed companies and focus on the main express delivery business, reducing the drag on short-term performance. At the same time, the express transportation business is replaced by in vitro cultivation to provide funding for the development of Yungan Logistics. Listed companiesIt also retains the right to share future benefits. The continued refinement of refined cost control demonstrated the leading profitability.In 2018, the company’s electronic face sheet average utilization rate was 97.7%, an increase of 11 per year.8 units, which are the basis of technology to help reduce costs and increase efficiency, while continuing to optimize the structure of express shipments, the weight of single tickets has decreased by 12.94%, which helps to take advantage of its refined management: the use of drop-and-hook transportation in transportation intervals (the proportion increased by 6).1 single), franchisees run straight (proportion increased by 2.41 single), routing optimization, vehicle monitoring and other means; at the sorting interval, through informationization and automation investment, improve per capita 杭州夜网论坛 energy efficiency18.84%, the number of employees fell by 6.67%.In the first quarter of 19, the company’s business volume increased by 41.5% (Shentong, Zhongtong, Best, Yuantong increased by 45%, 41.6%, 41.0%, 39%), deducting non-attributed net profit increased by 38% (Zhongtong, Yuantong, Shentong increased by 28%, 19%, 11%, Best lost 31%), net profit per ticket was 0.28 yuan (decreased by 2% over the years), while Zhongtong, Shentong, and Yuantong fell by 10%, 24%, and 14% to 0, respectively.43 yuan, 0.29 yuan and 0.22 yuan. Estimates suggest that the company currently corresponds generally to 2019/202022.6 times, 19.1x price-earnings ratio, maintain current profit forecast, re-recommend rating and target price of 47 yuan, corresponding to 19/20 28/24 times P / E, compared with the current 24%. The growth rate of risk business was higher than expected, the unit price was deducted, and the cost control measures were less effective than expected.