Yunda Holding Co Ltd Class A

002120: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥39.30	Lyl	Prcljdcr

Yunda Earnings: Market Share Underperformed Despite a Sharp Price Cut; Valuation Reduced by 5%

Chelsey Tam

May 1, 2024

Yunda Holding reported that full-year 2023 revenue and operating profit were 6% and 9% below our expectations, respectively. In 2023, Yunda’s parcel volume market share fell 160 basis points to 14.3%, broadly in line with our forecast. First-quarter 2024 revenue rose 6.5% year on year while operating income increased at a strong rate of 21% year on year as lower management and sales expenses as a percentage of sales offset the impact from the lower gross margin.

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