Lyon: China's express delivery industry has entered a mature stage; Jitu Express - W (01519) is the industry's first choice

The Zhitong Finance App learned that Lyon released a research report saying that China's express delivery industry has reached a mature stage and is expected to maintain medium to high unit volume growth in 2027. Anti-domestic sales will continue to curb aggressive price competition. Leading companies such as Zhongtong Express-W (02057) and Yuantong Express (600233.SH) are expected to perform well, and lower-line operators such as Yunda Shares (002120.SZ) may face more challenges in regaining market share.

The bank pointed out that since all operators recorded profits and positive free cash flow, meaningful industry consolidation would not occur in the short term. Lyon added that as China's volume growth slows, overseas expansion is increasingly critical to maintaining growth momentum. Jitu Express - W (01519) is the only Chinese economical package operator with overseas genes; the international and supply chain business has also become the second growth engine for SF Holdings (002352.SZ). Lyon believes that Polar Rabbit can benefit from the e-commerce boom in developing Chinese markets such as Southeast Asia and Latin America, and is still the industry's first choice.