China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

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China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>ZTO guided at least 1.5ppt market share gain in 2023, which exceeds our previous expectation. </li>
<li>ZTO, leveraging its highest market share, is the most likely to expand its own end-to-end ecosystem, which leads to improvement in operating efficiency, increase of doorstep delivery, and pricing power.</li>
<li>Maintain BUY and TP due to share gain, efficiency improvement, and early-mover advantage in expanding ecosystem. Our TP implies 23x P/2023E.</li>
</ul>


ZTO guided at least 1.5ppt market share gain in 2023, which exceeds our previous expectation. 
ZTO, leveraging its highest market share, is the most likely to expand its own end-to-end ecosystem, which leads to improvement in operating efficiency, increase of doorstep delivery, and pricing power.
Maintain BUY and TP due to share gain, efficiency improvement, and early-mover advantage in expanding ecosystem. Our TP implies 23x P/2023E.


[ZTO Express (ZTO US) Earnings Review]: Striding Towards Ecosystem Development

ZTO Express Cayman

[ZTO Express (ZTO US) Earnings Review]: Striding Towards Ecosystem Development