The Huayuan Securities Research Report pointed out that Yuantong Express's profit in the off-season is still resilient, focusing on the increase in shareholder returns. The 2026Q3 company achieved net profit of 1,454 billion yuan, an increase of 39.06% over the previous year; the 2026Q1-3 company achieved net profit of 4.630 billion yuan, an increase of 60.94% over the previous year. The 2026Q3 off-season results are still resilient. Net profit from a single vote declined month-on-month, and market share expanded at an accelerated pace. In September 2026, single-ticket express revenue increased by 0.03 yuan month-on-month. Follow-up on the peak season price increase trend in the fourth quarter, the company's profitability is expected to pick up. The high-quality development of the industry combines the company's AI application to strengthen core competitiveness and focus on improving shareholder returns. Looking ahead to the whole year, the “anti-internal volume” of the industry continues to deepen, and express delivery price increases continue to be implemented in various regions. Combined with AI, the company's net profit to mother in 2026-2028 is estimated to be 63.89/72.85/8.0 billion yuan, respectively. The PE corresponding to the current stock price is 9.03/7.92/7.21 times, respectively, maintaining the “buy” rating.

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