I put a day or two into a job application. (Which may be excessive, but it leads to a high conversion rate). Preparation includes researching the company, their products and projects, their history and my possible contribution – and tailoring my application package to their needs. If the company can’t be bothered to write me a short email “Nope, sorry. HR.” then that company is not worth my time.
In effect, “Only short-listed candidates will be contacted” tells me: “1) We are too lazy or incompetent to set up a mass email reply. 2) We don’t care about candidates enough to save them the time and stress of unnecessary follow-ups.” By extension, I will assume that company does not care about its employees either and has effectively disqualified itself from my becoming a part of their team.