With the strong performance of the new round of A-share and Hong Kong stock markets, after experiencing a trough and moderate recovery in July and August, 30 logistics companies ushered in a wave of collective growth in September, with a total market value of more than 770 billion yuan, and the overall market value volume is similar to that in February 2023. In addition, in September, the market value of 28 logistics companies rose by more than 10%, and 15 rose by more than 20%.

Among them, JD companies have the best market value increase, Dada (DADA) and JD Logistics (HK02618) are the top two gainers, and SF companies have also reaped considerable growth. Shentong Express (SZ002468) led the rise and continued to lead the growth of Tongda express delivery companies, after smoothly passing the off-season in September, with the debut of the Double 11 promotion in October, the express delivery company also ushered in the year-end performance sprint period.

(picture from the Internet).

▍ 30 logistics companies rose collectively

After passing the trough in July and picking up slightly in August, the total market value of logistics finally saw the light of day in September. In September, the market value of 30 logistics companies rose collectively, and the total market value of the logistics industry increased by 22.29% month-on-month, and the total market value increased by 140.425 billion yuan to 770.303 billion yuan, which was almost similar to the market value of Zhongtong Express (HK02057).

Although the market value of more than 770 billion yuan is still far from the peak of 900 billion yuan, the overall market value has recovered to the market value level in February last year.

The collective rise in the market value of logistics companies is mainly due to the current round of A-share rally, since September 24, A-shares have created a number of historical records in just a few trading days. On the last trading day before the National Day holiday (September 30), the trading volume of the Shanghai and Shenzhen markets exceeded 2.59 trillion yuan, setting a record for the turnover of the day. In addition, on the same day, more than 700 shares in the two cities rose by more than 10%, and more than 2,700 shares rose by more than 10%.

In September, 28 of the 30 logistics companies rose by more than 10% in market value, of which 15 rose by more than 20%. The market value of Dada, Jingdong Logistics, and Kuaigou Dache (HK02246) rose by 74.31%, 46.6%, and 39.76% respectively in September, ranking among the top three gainers. 3 are also the only three logistics companies that rose by more than 30% in September.

It is worth noting that on September 17, Dada Group's U.S. stock announced that JD.com had completed the purchase of 87,481,300 ordinary shares and 1,875,000 United States depositary shares of Dada Group held by Walmart subsidiaries. So far, JD.com has acquired all the shares of Dada held by Wal-Mart, increasing its shareholding to 63.2%.

▍The market value of SF returned to 200 billion yuan, and the market value of JD Logistics increased by 26.5 billion yuan per month

Among them, the market value of SF Holdings (SZ002352) rose by 23.74% in September, and the market value returned to the 200 billion yuan mark, with a market value of 216.62 billion yuan.

In addition, SF Holdings announced on the evening of October 8 that as of September 30, 2024, it had repurchased about 20.77 million shares of the company through centralized bidding through a special securities account for share repurchase, with a total repurchase amount of about RMB 758 million.

According to the August business briefing, SF Holdings achieved a total revenue of 22.981 billion yuan in August, a year-on-year increase of 13.36%. Among them, the revenue of express business was 16.346 billion yuan, a year-on-year increase of 8.58%; The business volume was 1.043 billion votes, a year-on-year increase of 14.62%.

JD Logistics, which regained its market capitalization in August, rose 46.6% in September, with a monthly increase of 26.538 billion yuan to 83.489 billion yuan. Full Bang (YMM) ranked fourth in the overall list, and its market value also rose 24.28% to 66.896 billion yuan in September.

It is worth mentioning that the 2024 interim report released by JD Logistics on September 6 shows that in the first half of the year, JD Logistics' total revenue reached 86.3 billion yuan, a year-on-year increase of 11%; The adjusted net profit was 3.12 billion yuan, a year-on-year increase of 2631.2%.

▍Shentong leads the rise of "Tongda Rabbit", and there is still suspense in the battle for the top eye

In terms of franchise express delivery companies, in September, the market value of Zhongtong Express rose 16.31% in September, Shentong Express rose 26.84%, and Yunda shares (SZ002120) also rose 26.64%. The market value of YTO Express (SH600233) and J&T Express (HK01519) rose by 16.97% and 16.23% respectively in September, with a market value of 61.498 billion yuan and 56.119 billion yuan respectively, ranking fifth and sixth in the total market value list.

According to the express performance data in August, YTO Express led the four A-share express companies in terms of business volume growth for the first time during the year. The battle for the share between Shentong and Yunda is still in suspense. In the first half of this year, Yunda went on a ferocious offensive, and the growth rate of business volume in a single month exceeded that of Shentong for three consecutive months, leading the Tongda system.

However, since June, the growth rate of Shentong's business volume has continuously surpassed that of Yunda, and the gap between the two in a single month has narrowed to less than 40 million votes. In the case of stable rankings of Zhongtong and Yuantong, who is the "third" of the Tongda Department is still full of highlights.

Next, the "Double 11" promotion at the end of the year is coming, and the express companies have also entered the most important performance sprint period of the year, adding greater highlights to this suspense.

Logistics technology stocks, whose performance is still difficult to say in August, also ushered in a wave of collective "strengthening" in market value in September. Among them, the market value of Zhongke Weizhi (SH688211) rose 29.47% in September, leading the market value of the logistics technology industry. Today, International (SZ300532) followed with an increase of 26.81%, with a total market value of 5.488 billion yuan, ranking first in the market value of the logistics technology industry. The total market value of 11 logistics technology companies was 36.255 billion yuan in September.

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Editor: Wang Zifei

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