yabo登录

但目前国内快递行业的竞争十分激烈，即便是疫情也丝毫没有降低竞争的激烈程度，中通快递要进一步扩大地盘难度不小。

guojiayouzhengjudeshujuxianshi，jinnianshangbannianquanguokuaidiyabodengluqiyeyewuliangleijiwancheng338.8yijian，tongbizengzhang22.1%，yewushouruleijiwancheng3823.8yiyuan，tongbizengzhang12.6%，zheiyiweizhekuaidixingyemeijianbaoguodepingjunshourutongbixiajianglejin10%，jiagezhanyuyanyulie。

yabo登录weilezhengqiangfene，gejiakuaidigongsidoubuxidajiagezhan，duigukehehezuohuobanjinxinggaoebutie，gejiademaolilvbuduanzoudi，pubiandiyu10%，zhiyoushunfenghezhongtongbaochile20%yishangdemaolilv。qizhong，zhongtongdemaolilvdadao27.6%，bishunfenghaiyaogao。

zhongtongzhisuoyinenggoubaochigaomaoli，yuqiyouxiaodechengbenkongzhiyouguan，erjidugongsidedanpiaoyingyechengbenzhong，yunshuchengbenjifenbochengben，fenbiexiajiangle21%he34%。

除了激烈的市场竞争，中通目前并不十分理想的财务状况，也对它扩大地盘形成制约。

yabo登录shouyiqingyingxiang，jinnianyijiduzhongtongkuaidideyingshouzhiyou39yi，xiahua14.39%。suizheguoneiyiqingdedaoyouxiaokongzhi，erjidugongsiqingkuangchuxianmingxiangaishan，wanchengyewuliang46yijian，tongbizengzhang48%，shichangfenetongbitisheng1.6gebaifendianzhi21.5%。dangongsishouruhejingdiaojinglirunjinfenbiezengzhang18%he5.6%，zhi64yihe14.5yiyuan，danchengbenjiaoquniantongqizengzhangle26.8%。

yabo登录jiezhi6yue30ri，zhongtongkuaidiyongyoudexianjinjixianjindengjiawu52.62yiyuan，xiangjiaoquniannianzhongde71.12yi，xiajianglejinsifenzhiyi。ertongqigongsidegexiangkaizhiqueyouzengwujian，jinerjidudezibenkaizhijiuda22.5yiyuan（yongyugouzhichangfang、shebeijitudishiyongquandeng），tongbibaozeng177%。

congzhaiwushangkan，shangbanniangongsixinzengduanqiyinxingdaikuanjin17yi，xinzengyingfupiaoju5yi，liudongzhaiwuzhengtizengzhanglejin22yi，gongsidezichanfuzhailvcongquniannianzhongde16.3%zengzhangzhi19.6%。

对急于扩大地盘的中通快递而言，尽快上市融资以应对不断上升的开支压力，进而实现扩张目标，就显得更加紧迫。而这次赴港上市融资的15亿美元，应该可以满足公司今后一段时间的资本支出需求。

定价或有折扣

jinnianzhonggaigujitihuigui，xianggangzibenshichangderengouchangmianyichanghuore。buguoyeyouyixieshangshidangrijiupofa，birujingdong、baishengzhongguodeng。

zhongtongkuaidizaiganggunengfadehaoma？

yabo登录zhongtongkuaidishi2016nian10yuezainiujiaoyisuoguapaishangshide，dangshirongziguimo14.5yimeiyuan。shangshihou，gongsigujiayidupofa，dansuihougujiaheshizhichixuhuisheng，daojinnian8yuedi，gujiayijingchaoguo33meiyuan，shizhidadao263yimeiyuan（jin2000yigangbi）。

yabo登录zheicizhongtongdaoxianggangshangshi，youyukuaidixingyeshichuantongxingye，ganggudewuliubankuaibingfeiremen，jinyoujialiwuliu（00636.hk）、yuantongsudiguoji（06123.hk）、huanyuwuliu（yazhou）（06083.hk）dengjizhigupiao，gujiaheshiyinglvdoubusuangao，shuyuxiaopangu。zhongtongkuaidishangshihou，wuyijiangshiganggushizhizuidadewuliugu。

有分析认为，考虑到中通美股的价格波动较大，以及物流板块在香港市场并非热门，中通快递的发行价相对美股的交易价格会有5%以上的折扣。但这不会影响其物流龙头股的地位。至于今后的股价走势，则视公司未来业绩而定。

四通一达日子都急需输血

shishishang，yiqingyinsudiejiaxingyeyuyanyuliedejiagezhan，shidegejiakuaidigongsiderizidoubutaihaoguo，yedoujiyurongzi。

yabo登录tongyangzaimeishangshidekuaidigongsibaishi，yexianggangjiaosuodijiaoleshangshishenqing，erqietazai5yuehaixiangdagudongalifaxingle1.5yimeiyuandekezhuanzhai；ertongshucainiaotongdaxideyuantongsudi，qichuangshirenheshijikongzhirenyuhuijiaojizhangxiaojuanfufu，zai9yue1riganggangxiangergudongalizhuanrang12%deguquan，ronglaizijin66yiyuanrenminbi（chigubilizecong53.65%jiangzhi41.65%），bingcongsimushichangrongzi45yiyuan。

jinnianyijidu，yuantongyeshouyiqingyingxiang，yingshou（55.3yiyuan）tongbixiahuale14.12%，jingguoerjidushichanghuinuan，cairangzhengge2020shangbanniandeyingshouzengsuhuizheng（tongbiweizeng4.5%），shixian146yiyuandeyingshou，shitongdaxi5jiagongsizhongzuigaode。lingyijiayingshouzengsuweizhengdejiushizhongtong，yingshou103.2yi，tongbizengzhang3.21%。ershentongkuaidi、bestbaishi、yundagufensanjiazeshangbannianquanbufuzengzhang。

yabo登录qizhong，shentongkuaidishangbannianyingshou92.6yi，zengsuxiahua6.21%，shitongdaxizhongyingshouzuidide；baishiyingshou139yi，xiahua11.36%，shitongdaxizhongxiahuafuduzuigaode；yundagufenlude143yiyuanyingshou，tongbixiahua7.95%，qizhongyijiduyingshou56.2yiyuan，xiahua15.86%，erjiduyingshou87yi，danyijiufuzengzhang2%。

各家快递公司不仅营收承压，毛利和净利润的情况也不理想。

shangbannian，zhongtongshixianmaoli25.88yiyuan，biquniantongqi（30.28yi）xiahua14.54%；xiaoshoumaolilv27.6%，quniantongqiwei30.29%，yechuxianyidingxiahua。guimujinglirun18.21yiyuan，quniantongqiwei20.40yiyuan，xiahua10.64%；xiaoshoujinglilv17.68%，quniantongqiwei20.47%。

yuantongqudemaoli16.5yiyuan，quniantongqiwei16.8yiyuan；maolilv11.63%，quniantongqiwei12.33%，junyousuoxiahua。guimujinglirun9.71yiyuan，tongbizengzhang12.55%；jinglilvwei6.87%，jiaoquniantongqide6.19%，lveyouzengzhang。

shentongshangbannianmaoliwei3.81yiyuan，erquniantongqiyou13.4yiyuan；maolilvjinyou4.11%，quniantongqizewei13.78%，liangxiangzhibiaodouyanzhongxiahua。zhiyuguishujinglirungengjiacanburendu，jinwei7068wanyuan，tongbixiahuagaoda91.51%，jinglilvzhiyou0.84%。dangran，shentongquniantongqiguishujinglirunyeshixiahuade，weifu4.04%，jinglilvwei8.48%。

baishishangbannianmaoli3.93yiyuan，quniantongqiwei8.13yiyuan，xiahua51.6%。xiaoshoumaolilvjinwei2.83%，erqunianshangyou5.19%。guimujinglirunkuisun7.8yiyuan，quniantongqiweikuisun2.5yiyuan，guimujinglirunfuzengzhang206%；xiaoshoujinglilv-5.63%，quniantongqiwei-1.63%。

yabo登录yundagufenzaishangbannianshixianmaoli14.4yi，quniantongqiwei23.3yi；maolilv10.25%，quniantongqiwei15.14%，liangxiangdexiahuafududouhenda。guimujinglirunwei6.81yi，quniantongqiwei13yi，tongbixiahua47.47%；jinglilv4.73%，quniantongqizewei8.15%。

yabo登录zongtilaikan，baokuositongyidazaineidealixikuaidi，shangbanniandeshichangbiaoxianjunbulixiang。

buguo，jiexialaishichanghaiyaoqiang，jiagezhanhaiyaoda，gejiadecaiwuyaliyouzengwujian，yincihaishixuyaoduofangrongzi。

chulezhongtong、baishifugangercishangshi，xiangyiguquanhuanrongzi、faxingkezhuanzhaizhileidecaozuokongpabuhuishao，kuaidishichangderongzidazhanyejiangyufajilie。

声明: 该文观点仅代表作者本人，搜狐号系信息发布平台，搜狐仅提供信息存储空间yabo登录。