According to the Guosheng Securities Research Report, Shentong Express's 2026Q3 performance slightly exceeded expectations by 79% year-on-year, benefiting from Danniao's sharp loss reduction and continued “reverse internal volume.” Single ticket revenue increased year-on-year due to “anti-domestic sales” and declined month-on-month due to off-season price competition. Single ticket gross profit and single ticket net profit improved year on year, and fluctuated less from month to month. In 2026Q3, the company's market share reached 15.0%, +1.9pct year-on-year, and the share is expected to continue to increase. The continuation of the industry's “anti-internal roll” trend will resonate with its own cost optimization, and the company's profit flexibility will be released in 2026. Referring to comparable company valuations, and considering the continuous improvement of the company's operating quality and simultaneous increase in net share profit, Shentong Express was given a 15 times PE valuation in 2026, corresponding to a reasonable valuation of about 22.87 yuan, maintaining a “buy” rating.

According to the Guosheng Securities Research Report, Shentong Express's 2026Q3 performance slightly exceeded expectations by 79% year-on-year, benefiting from Danniao's sharp loss reduction and continued “reverse internal volume.” Single ticket revenue increased year-on-year due to “anti-domestic sales” and declined month-on-month due to off-season price competition. Single ticket gross profit and single ticket net profit improved year on year, and fluctuated less from month to month. In 2026Q3, the company's market share reached 15.0%, +1.9pct year-on-year, and the share is expected to continue to increase. The continuation of the industry's “anti-internal roll” trend will resonate with its own cost optimization, and the company's profit flexibility will be released in 2026. Referring to comparable company valuations, and considering the continuous improvement of the company's operating quality and simultaneous increase in net share profit, Shentong Express was given a 15 times PE valuation in 2026, corresponding to a reasonable valuation of about 22.87 yuan, maintaining a “buy” rating.