ZTO / 2057.HK: Volume Growth Was Significantly Higher In 1Q21 Even Though ASP Continues To Decline Further; Expect Better 1Q21 Revenue
ZTO will report 1Q21 results on May 19th after the markets close followed by an 8pm EST conference call. The express sector in China continues to experience intensified price competition. We believe ZTO will be one of the last standing winners in China’s logistics and express market since it has a higher margin profile and richer capital than others. Based on our data and model, we believe ZTO revenue is likely to be better than consensus at RMB 6,123M (56% Y/Y growth).
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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