ZTO Express reports Q1 adjusted EPS RM2.95, consensus RMB3.07

Reports Q1 revenue RMB13.282B, consensus RMB12.8B. Meisong Lai, Founder, Chairman and CEO Officer of ZTO, commented, “During the Q1, ZTO maintained focus on quality of services and customer satisfaction, and well executed our key strategies to improve operating cost efficiencies and strengthening network pricing policy fairness and transparency. Our parcel volume reached 9.7B, which grew 13.2%, or 7.4 points above industry average, mainly attributable to strong key accounts growth. Our adjusted net income was 2.4 billion, as the daily average retail volume continued to expand at a faster rate than traditional ecommerce volume resulting in improved revenue structure that not only contributed to volume increase as well as positive contribution to overall margin.”