本报讯 （记者李雯珊）近日，多地街头出现端午节日装扮的杭州顺丰同城实业股份有限公司（以下简 称"顺丰同城"）骑士，他们头戴定制摇摇乐头盔，身挂粽子玩偶，化身"心意使者"为偶遇的路人随机派 发端午小礼物。 面对端午期间的多样化礼赠场景，顺丰同城通过"取送买办"等个性化服务，为企业和个人消费者商务礼 赠、亲友送礼提供可靠保障。此外，顺丰同城还提供"独享专送"服务，采用"1对1急送"专业服务模式， 凭借更高的安全性、时效性和个性化优势，有效契合重要物品急送场景进阶需求。 多个平台数据显示，今年粽子整体销售态势良好，艾草、菖蒲、香囊等节令商品销量也同步攀升。这一 消费热潮背后，即时零售功不可没，在多平台加码即时零售、"外卖大战"升级的当下，"线上下单、即 时送达"已成为消费者选购节日商品的首选方式。作为独立第三方即时配送平台，顺丰同城与抖音、微 信、阿里等平台深度合作，为商家提供全渠道订单履约支持，并在多个节日节点的订单量屡创新高。以 今年520为例，顺丰同城鲜花单量环比前日增长超9倍，抖音生态单量同比增长237%，帮助商家平稳应 对爆单高峰。 据悉，端午节前，顺丰同城在北京、上海、广州、深圳、武汉、成都、杭州等13 ...

汇丰降顺丰同城目标价至14港元 维持买入评级 金十数据5月28日讯，汇丰研究发表报告指，认为市场高估了顺丰同城(09699.HK)因食品配送市场激烈 竞争而引发的成本压力，同时低估了其收入增长势头。集团今年劳动节的订单量按年急升87%，当中尾 程运送（last-mileorders）按年升1.02倍。该行将2025至26年收入预测上调11%至15%，以反映自订派件 服务（on-demanddelivery）的渗透率改善和市场集中度提高。虽然国内的即时零售行业竞争加剧，但该 行相信集团每张订单的成本会相对维持稳定，或轻微下跌，并相信集团的盈利能力将持续上升，但预计 利润较低的尾程运送将占收入更大份额，因此将2025及26年净利润分别下调4%，新增2027年净利润预 测为4.52亿元；目标价由14.3港元降至14港元，维持买入评级。 ...

在表达爱意的重要日子里，鲜花、蛋糕向来需求旺盛。调研表明，520礼物的购买渠道以线上为主，并 在节日当天通过即时零售平台"即买即送"，或借助即时配送"点对点"传递心意。这一消费趋势直接推高 了节日当天的配送需求。顺丰同城数据显示，5月20日鲜花配送单量激增，环比前日增长超9倍，鲜花、 蛋糕配送订单总里程超600万公里。此外，凭借更高的安全性、时效性和个性化保障，顺丰同城"独享专 送"承接了大量鲜花、蛋糕、奢侈品的一对一配送业务，为消费者打造专属仪式感体验。 节日期间，多个即时零售平台推出鲜花专区活动。抖音推出"鲜花小时达"购物优惠，用户通过短视频、 直播等购物场景下单，可享受小时达的高效履约服务。作为抖音生态的即配服务伙伴，顺丰同城抖音生 态单量同比增长237%。 来源：环球网 刚刚过去的520，卡点送鲜花、"惊喜"分钟达等消费趋势点燃了浪漫经济，即时配送需求随之大幅增 长。据顺丰同城数据显示，5月20日当天，鲜花订单量环比前日增长超9倍；饮品单量同比增长143%， 快餐单量同比增长98%。值得一提的是，"独享专送"服务成为重要急送的新选择，全国单量同比增长 369%，深圳地区同比增幅更是超过8倍。 面对52 ...

面对520全场景需求，顺丰同城依托多元弹性网络及CLS系统智能调度提升配送效率，并针对鲜花、蛋 糕等易损品定制精细化配送方案，专业骑士通过轻拿稳放、匀速行驶、喷壶补水及蛋糕保温袋等措施， 保障配送服务品质。 此外，顺丰同城"取送买办"服务给个人用户提供了更多便利，热门餐厅提前取号排队、玫瑰花束卡点 13:14送达等服务满足更加定制化的配送需求。 在"万物皆可即时送"的消费浪潮下，520的浪漫表达正呈现全新图景：人们既热衷"奶茶+炸鸡"的幸福感 组合，也偏爱线上下单食材亲手烹制晚餐。即时配送为节日庆祝带来了既快又多的仪式感选择。作为中 立开放的第三方平台，顺丰同城在520期间承接了抖音、阿里等平台，以及霸王茶姬、山姆会员商店等 头部品牌的即配需求，帮助平台和商家抢抓节日营销契机，实现饮品单量同比增长143%，快餐订单增 长98%。值得注意的是，下沉市场同样热情高涨，商超百货单量同比增长99%，生动诠释着小城青年富 有"烟火气"的浪漫。 顺丰同城数据显示，520当天，18-19点迎来配送高峰，"准时下班+准时送达"给职场人带来双倍快乐。 在这场城市浪漫比拼中，深圳拿下鲜花和蛋糕配送单量"双料冠军"，成为当之无愧的 ...

本报讯 （记者李春莲）在巨头掀起的外卖补贴大战中，市场最初担忧价格战会挤压产业链利润，拖累 相关企业表现。杭州顺丰同城实业股份有限公司（以下简称"顺丰同城"，9699.HK）却逆势走强，股价 自5月8日以来累计涨幅超30%，期间最大涨幅超41%，成为即时配送板块的领涨标的。 这场始于外卖，实则争夺即时零售万亿市场的大战，为顺丰同城这类第三方即时配送平台创造机遇。它 不依附任何商流平台，可全生态承接抖音、微信、阿里等平台订单同时，为外卖平台"削峰填谷"。此 外，支持商家一键接入全渠道，保障商家跨平台订单高效履约。数据显示，顺丰同城KA客户市占率稳 居行业首位，与包括麦当劳、肯德基、必胜客、瑞幸咖啡、霸王茶姬、山姆会员店等各行业头部品牌都 建立了合作，2024年其KA客户新增门店数超7500家，印证商家对独立运力的青睐。未来，平台流量竞 争势必加剧，中立运力或将持续受益。 从业绩来看，顺丰同城也展现出强劲且持续的盈利能力。2024年财报显示，公司营收同比增长27%至 157亿元，净利润翻倍增长，毛利率提升至6.8%，是自2023年中领先同行实现盈利后唯一连续盈利的企 业。 国海证券有关分析师认为，本地生活市场流量 ...

顺丰同城近期的股价表现，反映了市场对第三方即时配送价值的重新定价。国海证券认为，本地生活市 场流量多极化趋势显著，多场景高履约诉求驱动下，公司依托顺丰强品牌力，以第三方定位和即时配领 军者地位强履约提份额，叠加规模网络效应持续降本，往后看B端KA、下沉市场、多元场景等均有看 点，公司高增长提盈利持续兑现。 中金公司则指出，据Questmobile数据，4月顺丰同城骑手端日均使用次数同比增长40%，公司在外卖与 最后一公里配送需求增长催化下，即时配送行业需求或好于预期，上调25年、26年收入预测，并维 持"跑赢行业"评级及目标价于13.50港元，较现价存26%的上行空间。 （文章来源：北京商报） 北京商报讯（记者赵述评）即时配送赛道，价格战正在挤压产业链利润，从业者积极应对。自5月8日以 来，港股顺丰同城（9699.HK）逆势走强，累计涨幅超30%，期间最大涨幅超41%，成为即时配送板块 的领涨标的。这一现象背后，或是市场对第三方即时配送平台稀缺价值的重新审视，流量多极化的竞争 下，中立的运力基础设施反而成受益者。 外卖价格竞争暴露了实即时零售万亿市场的现状，平台自有运力难以满足全品类、全时段的配送需求； 在流 ...

顺丰同城（9699.HK）深度报告 京东入局开启即时消费市场"三国杀"，看好即时配送第三 方龙头顺丰同城 2025 年 05 月 16 日 ➢ 顺丰同城作为第三方即配龙头，收入加速增长，盈利拐点已现。1）顺丰同 城是国内规模最大的第三方即时配送服务平台，全面覆盖新消费时代的四大主要 场景-餐饮外卖、同城零售、近场电商和近场服务。截止 2024 年末，2）公司活 跃商家达到 65 万，相较 2021 年增长约 1.5 倍；活跃消费者达 2341 万，相较 2021 年增长 1.2 倍；业务范围已覆盖全国 2300 多个市县，县域收入同比提升 121%。3）营收快速增长，2024 年增长提速；盈利拐点确立，规模效应显著提 升。2024 年营收增速为 27%，2021-2024 年营收 CAGR 为 24%。公司毛利于 2020 年转正，2024 年实现 10.7 亿元，同比增 35%，毛利率连续 7 年提升， 2024 年毛利率为 6.8%，规模效应显著提升。2023 年首次扭亏为盈，实现归母 净利润 0.51 亿元，2024 年实现归母净利润 1.3 亿元，同比大增 159%。4）公 司账上现金储备充裕，债务结 ...

Company Updates - The company announced that during the "May Day" period, the total business volume for SF Same City increased by 87% year-on-year, with supermarket and department store volume up by 177%, beverage volume up by 106%, and last-mile delivery volume up by 102% [1] - According to Questmobile data, the average daily usage of the rider app in April increased by 40% year-on-year, indicating strong demand in the instant delivery sector [1] Industry Commentary - The growth in the takeaway industry is driving demand for last-mile delivery, suggesting that the company's same-city delivery B2B business volume may exceed previous expectations [1] - Questmobile data shows that the average daily usage of KFC and McDonald's increased by 31% and 30% year-on-year, respectively, indicating a positive trend in the takeaway sector [1] - The company is expected to benefit from its refined operational capabilities and flexible logistics network, leading to increased order volumes from key accounts (KA) [1] - The company anticipates that its revenue from merchants will exceed 24% by 2025, with KA business growth expected to be even higher [1] - The company's B2C business is expected to grow steadily alongside macroeconomic demand, supported by synergies with its express delivery services [1] Last-Mile Delivery Insights - The last-mile delivery business is projected to continue contributing revenue beyond expectations due to increased demand from e-commerce returns and the delivery of national subsidy products [2] - The integration of the company's logistics network with its parent company's express network is expected to enhance penetration rates and collaborative effects, further boosting profitability [2] - The company anticipates that its last-mile delivery volume will contribute significantly to revenue growth [2] Profitability Forecast and Valuation - The company has raised its revenue forecasts for 2025 and 2026 by 4.7% and 5.5%, respectively, to 20.343 billion and 25.711 billion [2] - Despite uncertainties in pricing trends within the takeaway industry, the net profit forecasts for 2025 and 2026 remain unchanged at 250 million and 406 million [2] - The company maintains an outperform rating and a target price of HKD 13.50, which corresponds to 0.6x and 0.4x P/S for 2025 and 2026, respectively, indicating a 26% upside potential from the current price [2]

Core Viewpoint - The market is witnessing a shift in perception towards third-party instant delivery platforms, with SF Express (顺丰同城) emerging as a key beneficiary amidst the competitive landscape of food delivery giants like JD, Meituan, and Alibaba [1][2] Group 1: Market Dynamics - The ongoing battle for the instant retail market, initially focused on food delivery, has revealed two main issues: the inability of self-owned logistics from platforms to meet diverse delivery demands and the need for merchants to avoid being tied to a single delivery platform [2] - SF Express, as a neutral third-party delivery platform, is positioned to capitalize on these challenges by providing services across multiple platforms, thus enhancing operational efficiency for merchants [2] Group 2: Competitive Landscape - The market for neutral logistics has been disrupted in 2024, with Dada Group being privatized by JD and Flash Delivery facing significant losses, highlighting the scarcity of leading third-party players [3] - In contrast, SF Express has demonstrated strong and sustained profitability, with a 27% year-on-year revenue increase to 15.7 billion yuan and a doubling of net profit, solidifying its position as the only consistently profitable player in the sector [3] Group 3: Future Outlook - The stock performance of SF Express reflects a market re-evaluation of the value of third-party instant delivery services, driven by the increasing demand for multi-scenario fulfillment and the company's strong brand presence [3] - Analysts predict continued growth for SF Express, with expectations of increased revenue in 2025 and 2026, supported by a 40% year-on-year increase in daily usage of its rider platform [4]

Core Viewpoint - The Hong Kong stock market has experienced a rally, with SF Express (09699.HK) showing significant performance, rising over 33% since May 9, 2023, and reaching a market capitalization of HKD 9.8 billion, driven by increased transaction volumes and a competitive landscape in the instant delivery sector [1][2]. Group 1: Market Performance - SF Express has seen a substantial increase in its stock price, with a cumulative rise of over 33% since May 9, 2023, and a single-day transaction volume of nearly HKD 350 million on May 13, 2023 [1]. - The company's business data during the "May Day" holiday indicates a year-on-year growth of 87% in overall order volume, with significant increases in specific categories such as supermarket orders (up 177%) and beverage orders (up 106%) [1]. Group 2: Competitive Landscape - The competition among major platforms like Meituan, Alibaba, and JD.com in the instant retail sector has intensified, leading to an increase in order volumes for third-party delivery platforms [1][2]. - Leading chain brands are increasingly opting for independent third-party delivery platforms to ensure service stability and reduce reliance on traffic platforms, as exemplified by Luckin Coffee's standardized delivery service provided by SF Express across various platforms [2]. Group 3: Financial Performance - SF Express reported a revenue of CNY 15.746 billion for 2024, representing a year-on-year growth of 27.1%, and a net profit of CNY 132 million, marking a significant increase of 161.8% [3]. - The company is recognized as the only third-party delivery enterprise in the industry that has achieved high revenue growth while maintaining continuous profitability [3].