Financial Performance - Revenue from continuing operations increased from RMB 5,749.2 million for the six months ended June 30, 2023, to RMB 6,878.5 million for the six months ended June 30, 2024, representing a growth of 19.6%[2] - Gross profit for the six months ended June 30, 2024, was RMB 473.3 million with a gross margin of 6.9%, compared to a gross profit of RMB 383.4 million and a gross margin of 6.7% for the same period in 2023[2] - Net profit attributable to owners of the company for the six months ended June 30, 2024, was RMB 62.2 million, reflecting a 105.1% year-on-year increase from RMB 30.3 million for the same period in 2023[2] - Basic and diluted earnings per share attributable to owners of the company for the six months ended June 30, 2024, were RMB 0.07, up from RMB 0.05 for the same period in 2023[4] - The company reported a total comprehensive income of RMB 50.5 million for the six months ended June 30, 2024, compared to RMB 38.6 million for the same period in 2023[4] - The company's profit attributable to owners for the six months ended June 30, 2024, was RMB 62,174,000, compared to RMB 30,314,000 for the same period in 2023, representing a 105.5% increase[22] - Net profit for the six months ended June 30, 2024, was RMB 62.2 million, with a net profit margin of 0.9%, compared to RMB 30.3 million and 0.5% for the same period in 2023[61] Cash Flow and Liquidity - Net cash generated from operating activities increased by 189.0%, reaching RMB 99.2 million for the six months ended June 30, 2024, compared to RMB 34.3 million for the same period in 2023[2] - Cash and cash equivalents, along with short-term investments, totaled RMB 1,452.7 million and RMB 912.5 million respectively, indicating a strong cash flow position[37] - Operating cash inflow reached RMB 99.2 million, a 189.0% increase compared to the previous year[37] - The company had no outstanding borrowings as of June 30, 2024, indicating a strong liquidity position[68] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 4,261.2 million, compared to RMB 4,199.7 million as of December 31, 2023[5] - Total liabilities increased to RMB 1,355.1 million as of June 30, 2024, from RMB 1,218.6 million as of December 31, 2023[7] - Trade receivables as of June 30, 2024, amounted to RMB 1,380,712,000, an increase from RMB 1,198,001,000 as of December 31, 2023, representing a 15.2% growth[27] - The provision for impairment losses on trade receivables increased to RMB 3,853,000 as of June 30, 2024, from RMB 2,802,000 as of December 31, 2023[29] Revenue Sources - Revenue from the urban instant delivery service for the six months ended June 30, 2024, was RMB 6,878,470 thousand, representing an increase of 19.6% compared to RMB 5,749,191 thousand for the same period in 2023[15] - Revenue from major customers, specifically subsidiaries of SF Holding, amounted to RMB 2,855,518 thousand for the six months ended June 30, 2024, up from RMB 2,355,281 thousand in the same period of 2023, reflecting a growth of 21.2%[17] - Same-city delivery service revenue rose by 19.2% from RMB 3,388.0 million in H1 2023 to RMB 4,038.0 million in H1 2024, driven by strong demand in non-food delivery scenarios, which grew by 32.4% to RMB 1,665.6 million[38] - Revenue from merchant-focused same-city delivery services increased by 18.8% to RMB 2,874.1 million during the reporting period[39] - Revenue from consumer-facing same-city delivery services reached RMB 1,163.9 million, a year-on-year increase of 20.1%[42] - Last-mile delivery service revenue amounted to RMB 2,840.5 million, reflecting a year-on-year growth of 20.3%[44] Expenses - The total expenses for continuing operations for the six months ended June 30, 2024, were RMB 6,835,667 thousand, compared to RMB 5,740,027 thousand for the same period in 2023, indicating an increase of 19.1%[17] - Operating costs increased by 19.4% to RMB 6,405.2 million for the six months ended June 30, 2024, from RMB 5,365.8 million in the same period of 2023[54] - Research and development expenses increased by 24.2% to RMB 51.2 million for the six months ended June 30, 2024, from RMB 41.2 million in the same period of 2023[57] - Sales and marketing expenses rose by 9.4% to RMB 101.6 million for the six months ended June 30, 2024, compared to RMB 92.8 million for the same period in 2023[56] Corporate Governance and Strategy - The board of directors proposed not to declare an interim dividend for the six months ended June 30, 2024, consistent with the previous period[2] - The company has adopted new accounting standards effective from January 1, 2024, but these are not expected to have a significant impact on the financial statements[11] - The company aims for "high-quality healthy growth" and plans to enhance service and expand market opportunities in local retail and logistics[47] - The company is actively optimizing brand marketing strategies to improve customer acquisition and retention rates[42] Employee and Rider Welfare - The company established a special fund of RMB 5 million for rider welfare, conducting over 5,000 offline care activities[45] - The number of active riders on the platform increased to over 970,000, with a year-on-year increase of 20% in the number of mid-to-high income riders[45] - As of June 30, 2024, the company had 2,005 full-time employees, reflecting its commitment to attracting and retaining qualified personnel[73] Market Recognition and Future Plans - The company was included in the Hang Seng Index series effective September 9, 2024, indicating market recognition of its business performance[47] - The company repurchased a total of 18,904,200 H-shares, demonstrating the board's long-term confidence in business development[47] - The timeline for utilizing the proceeds for expanding service coverage and potential acquisitions has been extended to the end of 2026[77]

Investment Rating - Buy rating with a target price of HKD 14.90, representing a potential upside of 31.1% from the current price of HKD 11.34 [2] Core Views - The company is deepening its cooperation with KA brands to explore the commercial potential of lower-tier markets, focusing on profit growth and sustainable development [5] - The company is entering the Hong Kong local life market as the first step towards internationalization, leveraging its strong brand influence and customer base from the mainland [9][10] - The company's scale effect is continuously being released, with profitability entering an upward trajectory, driven by external growth from KA cooperation and internal growth from SF Group's "last-mile" delivery demand [11] Financial Performance and Projections - Total revenue is expected to grow from HKD 10,265 million in 2022 to HKD 23,470 million in 2026, with a CAGR of 23.9% [7] - Net profit is projected to increase from a loss of HKD 286.9 million in 2022 to a profit of HKD 386.8 million in 2026, with a significant improvement in net profit margin from -2.79% to 1.65% [7] - Gross margin is expected to rise from 4.0% in 2022 to 7.5% in 2026, reflecting improved operational efficiency [12] Market Strategy and Expansion - The company is focusing on deepening cooperation with KA brands to expand coverage in lower-tier markets, ensuring stable order growth and enhancing brand strength [5][8] - The company is entering the Hong Kong market with its "SoFast" brand, targeting non-meal delivery to differentiate from competitors like Meituan, leveraging its full-scenario delivery model and high service standards [9][10] - The company is exploring new business scenarios, such as the supermarket sector, and plans to increase market penetration by establishing KA partnerships with well-known brands like Starbucks [8] Operational Efficiency and Cost Management - The company operates a light-asset model with outsourced labor costs, enabling continuous optimization of rider capacity and order efficiency, which supports the continuation of scale effects [11] - The company's cost management and technological empowerment have led to improved operational efficiency, with the expense-to-income ratio expected to decrease from 7.9% in 2022 to 5.7% in 2026 [12]

交银国际研究 公司更新 互联网 2024 年 7 月 12 日 收盘价 目标价 潜在涨幅 港元 11.50 港元 13.50↑ +17.4% 顺丰同城 (9699 HK) 同城即配/顺丰落地配双轮驱动;业绩持续改善趋势不变 业绩预览:我们预计 2024 上半年收入 71 亿元(人民币,下同),同比增 22%;净利润同比翻倍至 6700 万元,净利率 0.9%。预计全年收入同比增 22%至 151 亿元,毛利率提升 0.7 个百分点至 7.1%,得益于订单密度增加 和骑手人效等精细化管理带动单均成本下降及效率提升,但提升幅度有所 放缓(对比 2022/23 年提升 2.9 个/2.4 个百分点),预计全年净利润 1.43 亿元,净利率 0.9%,对比彭博一致预期收入 151 亿元/净利润 1.6 亿元。 分业务线来看,1)同城业务:持续深化与 KA 品牌布局合作,通过商圈产 品力打造获取中小商家增量。我们预计上半年收入同比增 25%,单量增速 快于收入,单均价格预计或有下降,主要受下沉市场客单价偏低及茶饮等 高增速品类配送距离较短影响。餐饮品类在去年到店消费旺盛的低基数下 有所恢复,非餐品类单量增速亦将维持高于 ...

Financial Performance - Total revenue for 2023 reached RMB 12,387.4 million, representing a year-on-year growth of 21.1%[29] - Gross profit from continuing operations was RMB 794.7 million, with a gross margin of 6.4%, an improvement from 4.0% in the previous year[29][33] - The company achieved a net profit of RMB 64.9 million from continuing operations, a significant turnaround from a loss of RMB 237.6 million in 2022[29][33] - Revenue from continuing operations increased by 21.1% from RMB 10,228.8 million in 2022 to RMB 12,387.4 million in 2023, with total order volume growing over 30% year-on-year[41] - Net profit for the year ended December 31, 2023, was RMB 50.6 million, a significant recovery from a loss of RMB 286.9 million in the previous year[58] - Adjusted net profit for the year ended December 31, 2023, was RMB 57.4 million, compared to a loss of RMB 286.9 million for the year ended December 31, 2022[75] Operational Efficiency - The company became the first third-party instant delivery service provider in the industry to achieve profitability in the first half of 2023[33] - The net profit margin improved significantly to 0.5%, reflecting effective cost management and operational efficiency[33] - The company achieved operating cash inflow of RMB 266.3 million in 2023, reflecting improved operational efficiency[42] - The average delivery time for orders within 3 kilometers was 22 minutes, with a service timeliness achievement rate of approximately 95%[47] - The company enhanced its operational efficiency in key business districts, resulting in a 27% year-on-year increase in business scenario order volume[49] Market Expansion - Total order volume increased by over 30% year-on-year, reinforcing the company's leading position in China's third-party instant delivery market[33] - The company aims to expand its coverage in lower-tier markets and support the development of new economic infrastructures[38] - The company expanded its coverage in lower-tier cities, achieving a coverage rate of 60% across over 1,000 counties, with county revenue growing by 147% year-on-year in 2023[47] - The personal business segment experienced a compound annual growth rate (CAGR) of 34% over three years, driven by the demand for same-city delivery services[35] - Revenue from last-mile delivery services surged by 35.9% to RMB 5,000.2 million, reflecting the company's operational resilience[42] Customer and Service Development - The company continues to expand its service offerings, particularly in last-mile delivery and non-food categories, enhancing its revenue streams[33] - The company has introduced satisfaction surveys and tools for store managers to improve service standards and customer satisfaction[35] - The company is focused on expanding its service capabilities across all scenarios, channels, and time periods[38] - The company established strategic partnerships with major platforms like Douyin and Alibaba, enhancing service integration and user insights across over 200 cities[47] - The company emphasizes the importance of rider welfare and aims to provide income opportunities and long-term development for its couriers[38] Financial Position - Cash and cash equivalents amounted to RMB 1,901.7 million as of December 31, 2023, indicating a strong liquidity position[30][33] - Total assets increased to RMB 4,199.7 million, while total liabilities rose to RMB 1,218.6 million, indicating a solid financial foundation[30] - The company had no outstanding borrowings as of December 31, 2023[83] - The company has no significant interest rate risk as it does not hold any long-term interest-bearing debt as of December 31, 2023[89] - The company has no significant contingent liabilities or off-balance sheet arrangements as of December 31, 2023, suggesting a strong financial position[90] Governance and Management - The board of directors has proposed not to declare a final dividend for the year ended December 31, 2023, reflecting a conservative approach to capital allocation[94] - The board consists of 11 members, including 3 executive directors, 4 non-executive directors, and 4 independent non-executive directors, ensuring diverse governance[97] - The company emphasizes the importance of independent non-executive directors in its governance structure, with a focus on their independence and qualifications[119] - The company has established a series of reporting policies to address significant financial, legal, or reputational risks[152] - The company has adopted strict internal procedures to ensure compliance with relevant laws and regulations in its operations[147] Employee and Rider Welfare - The company has implemented several safety and welfare policies for riders to ensure compliance with recent laws and regulations[180] - The company is committed to providing career development opportunities for female employees and ensuring gender diversity in senior management recruitment[130] - The company has established over 3,000 rider stations across different regions to provide rest, charging, and emergency assistance[52] - The company has a strong commitment to maintaining good relationships with employees, riders, customers, and suppliers as a key factor for sustainable business growth[179] - The company emphasizes a people-oriented management culture, focusing on fair recruitment policies and providing training opportunities for employees[179] Strategic Initiatives - The company is focusing on enhancing rider experience and optimizing dispatch and route planning to improve efficiency and personal income[54] - The company is testing drone and unmanned vehicle delivery solutions in urban commercial areas and closed campuses, achieving preliminary success[54] - The company aims to leverage market opportunities in multi-polarized traffic, local retail development, and the penetration of third-party instant delivery services[55] - The company has a robust management team with extensive experience in finance, technology, and operations, ensuring effective oversight and strategic direction[167] - The company is actively involved in mergers and acquisitions, with Li Qiuyu leading the investment and mergers department since June 2018[167]

Investment Rating - The report initiates coverage with an "Outperform" rating for SF Intra-City (9699 HK) [4][10] Core Views - SF Intra-City is a leading third-party on-demand delivery platform with improving profitability, achieving its first profit since IPO in 2023 [4][7] - The company adopts a full-scene business model, covering food delivery, local retail, local e-commerce, and local services, benefiting from economies of scale and network effects [4][7] - The on-demand delivery industry is driven by new consumption models, with clear competition patterns and the rising value of third-party platforms due to private domain traffic construction [4][8] - SF Intra-City leverages the SF brand, with its last-mile business ensuring a stable revenue base and non-catering scenarios contributing more to its order structure [4][9] - The company's tea drink delivery revenue grew 75% YoY in 2023, with deepened cooperation with brands like Luckin, CHAGEE, and McDonald's [4][9] Financial Projections - Revenue is expected to reach RMB 14 94 billion in 2024, RMB 17 57 billion in 2025, and RMB 20 30 billion in 2026 [4][10] - The current market cap implies PS multiples of 0 57x for 2024E, 0 48x for 2025E, and 0 42x for 2026E, with a 17% upside potential based on a fair PS valuation of 0 66x for 2024 [4][10] Industry Analysis - The on-demand delivery industry is entering a mature phase, with high-value-added scenarios like local retail and near-field e-commerce becoming future growth drivers [35][36] - Demand is driven by rising disposable income, expanding local consumer markets, and changing consumer habits, with the industry's order volume expected to reach 957 8 billion by 2026 [44][46] - The rapid growth of instant tea drink stores and the IPO wave among new tea drink brands create opportunities for delivery platforms [51][57] - Third-party on-demand delivery platforms are gaining traction due to their independent order sources, diversified service scenarios, and comprehensive delivery capabilities [62][63] Company Positioning - SF Intra-City benefits from the SF brand, leveraging its parent company's resources and customer base to secure stable orders and ensure revenue growth [69][70] - The company's last-mile business accounts for a significant portion of its revenue, providing a stable income base [71][73] - As an independent third-party platform, SF Intra-City is not constrained by platform competition, making it a preferred choice for merchants seeking diversified traffic channels [74][75] - The company is optimizing its order structure, with non-catering scenarios contributing 40% to its intra-city delivery revenue in 2023, driven by growth in local retail, near-field e-commerce, and near-field services [77]

e p y T t r o p e R _ e l b a T | t s r i F _ e l bT able_First a T Table_First|Table_Summary Table_First|Table_ReportDate 华福证券 港股 2024年04月01日 公 司 Table_First|Table_Rating 报 顺丰同城（9699.HK）2023 业绩点评 买入(维持评级) 告 当前价格： 9.68港元 23 年全面同比扭亏，盈利能力持续提升 目标价格： 12.78港元 T基able_First|Table_Marke本tInfo 数据 副➢标 题事件 ：顺丰同城公布2023年全年业绩情况，公司2023年实现营业收入123.9亿元，同 总股本/流通股本（百万股） 933/762 比+21.1%；公司全年实现扭亏为盈，实现持续经营业务之年内净利润6486万元，净利 总市值/流通市值（百万元） 9036/7373 每股净资产（元） 3.19 率为0.5%，公司2023年盈利全面扭亏。 资产负债率（%） 29.02 ➢ 深化大客户合作，收入稳健增长。公司2023年实现营业收入123 ...

证券研究报告 ＃industryId＃ 消费行业 ＃09699.HK ＃顺dy丰Com同pa城ny＃ ＃title＃ ＃inve 增stSu 持ggestion＃ 维＃ 持 2023 年净利润扭亏为盈，2024 年利润率有望持续提升 ( ） ＃createTime1＃ 2024年4月3日 投资要点 ＃市场ma数rk据etData＃ ＃ sum 2m 0a 2ry 3＃ 年净利润扭亏为盈：公司2023年收入123.87亿元人民币，同比增长 日期 2024.4.2 21.1%，总单量同比增长超过30%，其中同城配送服务/最后一公里配送服 收盘价(港元) 10.14 务收入分别为73.87/50.00亿元人民币，分别同比增长12.8%/35.9%。2023 总股本(亿股) 9.33 年年度活跃骑手95万人，同比增长21%。录得毛利率6.4%，同比增加2.4 总市值(亿港元) 95 个百分点。录得净利润0.65亿元人民币，净利润率0.5%，净利润转正主要 总资产(亿元) 42 受益于规模效应及网络效应作用、运营效率提升、毛利率及费用率改善。 归母净资产(元） 30 录得经营活动现金净额0.27亿元人民币。 每股净资 ...

Investment Rating - The report maintains a "Outperform" rating for the company, expecting total returns to exceed the benchmark index by more than 10% over the next 12 months [10]. Core Insights - The company reported a 21.1% year-on-year increase in revenue from continuing operations, reaching 12.4 billion RMB in 2023, with a net profit of 51 million RMB, marking a turnaround from a net loss of 290 million RMB in 2022 [4][5]. - The company is benefiting from increased order density, optimized business and customer structure, and enhanced operational efficiency through meticulous management [4]. - The company achieved a total order volume growth of over 30% in 2023, enhancing economies of scale [4]. - The company is focusing on digitalization and AI-driven decision-making to improve order matching and reduce delivery costs [5]. Financial Summary - Revenue projections for FY 2024 and FY 2025 are 15.4 billion RMB and 18.3 billion RMB, respectively, with a forecasted net profit of 161 million RMB and 294 million RMB for the same years [2][5]. - The EBITDA for FY 2023 is reported at 177 million RMB, with projections of 190 million RMB and 287 million RMB for FY 2024 and FY 2025, respectively [2][5]. - The company’s net profit margin improved to 0.4% in 2023, up by 3.2 percentage points from the previous year [4]. - The company’s operating cash flow turned positive in 2023, with a net cash inflow of 270 million RMB [5]. Business Structure and Strategy - The company operates as a neutral and open infrastructure platform, providing high-quality, efficient, and all-scenario third-party instant delivery services [4]. - The revenue from same-city delivery services to businesses grew by 12.3% to 5.2 billion RMB, accounting for 42.1% of total revenue [4]. - The company expanded its personal delivery services into business scenarios, achieving a 14.2% increase in revenue to 2.2 billion RMB, representing 17.5% of total revenue [4]. - The last-mile delivery service revenue increased by 35.9% to 5.0 billion RMB, making up 40.4% of total revenue [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 12.44 billion yuan in 2023, representing a year-on-year increase of 21.1%, and recorded a net profit of 64.9 million yuan, marking a net profit margin of 0.5%, compared to a net loss margin of -2.8% in 2022 [2][3] - The company has successfully turned profitable for the first time in 2023, with improved profitability driven by economies of scale, network effects, and optimized business structure [3] - The company's last-mile delivery revenue showed significant recovery, reaching 5 billion yuan in 2023, a year-on-year increase of 35.9% [3] Financial Performance Summary - Total revenue (in million yuan): - 2022: 10,266 - 2023: 12,437 - 2024E: 14,892 - 2025E: 17,226 - 2026E: 19,104 - Year-on-year growth rates: - 2023: 21.15% - 2024E: 19.74% - 2025E: 15.67% - 2026E: 10.91% [2] - Net profit (in million yuan): - 2022: -286.90 - 2023: 64.86 - 2024E: 157.79 - 2025E: 304.47 - 2026E: 411.04 - Year-on-year growth rates for net profit: - 2023: 122.61% - 2024E: 143.29% - 2025E: 92.96% - 2026E: 35.00% [2][4] - Earnings per share (EPS): - 2023: 0.07 - 2024E: 0.17 - 2025E: 0.33 - 2026E: 0.44 [2][4] Business Segment Performance - The company's same-city delivery service revenue reached 7.4 billion yuan in 2023, with a year-on-year growth of 12.8% [3] - The number of active merchants increased to 470,000, a year-on-year growth of 42.4% [3] - The company expanded its market presence, with over 50% of new stores coming from lower-tier markets, and county-level revenue growing by 147% [3]

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年3月27日 港元9.33 港元11.30↓ +21.1% 顺丰同城 (9699 HK) 首次实现全年盈利，长期利润率 3 倍提升空间 个股评级  2023年首次实现全年盈利。2023年全年收入同比增21%至124亿元（人民 币，下同），利润扭亏为盈达5100 万元，对应净利率0.4%。对比我们/市 买入 场预期的132亿元/134亿元收入及4800万元/-100万元利润。全年毛利润 7.9亿元，同比提升93%（约3.8亿元），毛利率提升2.4个百分点，毛利 1年股价表现 增速明显快于收入，得益于通过对商圈及订单的精细化管理、技术算法升 9699 HK 级提升骑手人效等有效降低成本，以及业务量增长（30%+同比增速）带 5% MSCI中国指数 来规模效应。 0% -5% -10%  2023年运营亮点：1）同城业务收入73.9亿元，同比增13%，其中商户端 -15% -20% （2B）/客户端（2C）收入增速分别为12%/14%，受商户品类扩充拉动， -25% -30% 尤其是茶饮商家需求提升。2023年全年商户数增加14万（上半年增5万/ ...