[ T able_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：10.86 港元 顺丰同城（9699.HK）交通运输 目标价：12.89 港元 净利同比翻倍增长，预计 9 月进入港股通 基础数据 [Table_BaseData] 52 周区间(港元) 6.37-12.6 3 个月平均成交量(百万) 0.51 流通股数(亿) 9.17 市值(亿) 99.63 [Table_Summary 事件：顺丰同城公布 ] 2024年半年报。2024年上半年公司实现营收 68.8亿元， 同比增长 19.6%。公司毛利及毛利率分别为 4.7亿及 6.9%，较去年同期毛利率 6.7%上涨 0.2pp。净利润及净利润率分别为 0.6亿元及 0.9%，较去年同期净利 润同比翻倍增长，增速达 105.1%，公司盈利能力持续提升。 业务凸显良好韧性，实现核心业务健康可持续增长。公司订单量与去年同期相 比实现强劲增长超过三成，同城配送服务的收入从 2023 年上半年 33.9 亿元增 长 19.2%至 2024 年上半年 40.4 亿元。充分发挥运力网络的弹性和成本 ...

[ T able_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：10.86 港元 顺丰同城（9699.HK）交通运输 目标价：12.89 港元 净利同比翻倍增长，预计 9 月进入港股通 基础数据 [Table_BaseData] 52 周区间(港元) 6.37-12.6 3 个月平均成交量(百万) 0.51 流通股数(亿) 9.17 市值(亿) 99.63 [Table_Summary 事件：顺丰同城公布 ] 2024年半年报。2024年上半年公司实现营收 68.8亿元， 同比增长 19.6%。公司毛利及毛利率分别为 4.7亿及 6.9%，较去年同期毛利率 6.7%上涨 0.2pp。净利润及净利润率分别为 0.6亿元及 0.9%，较去年同期净利 润同比翻倍增长，增速达 105.1%，公司盈利能力持续提升。 业务凸显良好韧性，实现核心业务健康可持续增长。公司订单量与去年同期相 比实现强劲增长超过三成，同城配送服务的收入从 2023 年上半年 33.9 亿元增 长 19.2%至 2024 年上半年 40.4 亿元。充分发挥运力网络的弹性和成本 ...

Investment Rating - The report maintains a **Buy** rating for SF Intra-City (9699 HK) with a target price of HKD 13.50, implying a potential upside of **+24.3%** [1] Core Views - Revenue growth momentum is expected to continue, driven by an expanding merchant and consumer base, deeper penetration into county-level markets, and broader service scenarios [1] - Full-year revenue is projected to grow **20% YoY to RMB 14.9 billion**, with adjusted net profit revised upward by **9.2% to RMB 156 million**, reflecting a net margin of **1.0%** [1] - The company is set to be included in the Hang Seng Index on September 9 and is expected to be added to the Stock Connect program in September [1] 2024 H1 Performance - Revenue reached **RMB 6.9 billion**, up **20% YoY**, slightly below the expected **22%** [1] - Net profit doubled YoY to **RMB 67 million**, with a net margin of **1%**, driven by strong order volume growth (**+30% YoY**), improved business structure, and operational efficiency gains [1] - Gross profit increased **23% YoY**, with gross margin slightly improving to **6.9%** [1] Business Highlights Intra-City Business - Revenue grew **19% YoY**, with merchant and consumer segments increasing by **19%** and **20%**, respectively [1] - Expansion into retail scenarios, including partnerships with KA clients (adding **6,000+ stores**), and growth in active merchants (**+45% YoY**) and consumers (**+18% YoY**) [1] - County-level revenue surged **50%+ YoY**, with non-meal revenue (e.g., beverages, supermarkets, baked goods, pharmaceuticals, and cosmetics) growing **32%**, now accounting for **58%** of total revenue (vs. **52%** last year) [1] Last-Mile Delivery - Revenue increased **20% YoY**, with further penetration into SF Express's order volume [1] - E-commerce parcels continue to drive demand, with same-day and half-day delivery scenarios seeing revenue double YoY [1] Financial Forecasts - Revenue for 2024E is revised down by **-1.6% to RMB 14.9 billion**, while 2025E and 2026E forecasts remain unchanged at **RMB 17.97 billion** and **RMB 21.11 billion**, respectively [3] - Gross margin for 2024E is adjusted to **6.8%** (from **7.1%**), with 2025E and 2026E margins stable at **7.3%** and **8.1%**, respectively [3] - Adjusted net profit for 2024E is raised by **9.2% to RMB 156 million**, with net margins of **1.0%**, **2.0%**, and **3.3%** for 2024E, 2025E, and 2026E, respectively [3] Industry Coverage - The report covers multiple companies in the internet and education sectors, with **Buy** ratings for companies like Baidu (BIDU US), Bilibili (BILI US), and Tencent Music (TME US) [6] - SF Intra-City is categorized under the logistics sector, with a **Buy** rating and a target price of HKD 13.50 [6] Financial Ratios and Metrics - Gross margin is expected to improve from **6.4% in 2023** to **8.1% in 2026E** [7] - ROE is projected to increase from **1.7% in 2023** to **17.0% in 2026E**, reflecting improved profitability [7] - The company's liquidity remains strong, with a current ratio of **2.7** in 2024E, improving to **2.9** by 2026E [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Hangzhou SF Intra-city Industrial Co., Ltd. 杭州順豐同城實業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9699） 中期業績公告 截至2024年6月30日止六個月 杭州順豐同城實業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公 司及其附屬公司（統稱「本集團」）於截至2024年6月30日止六個月（「報告期間」）的 業績連同截至2023年6月30日止六個月的比較數字。除另有界定者外，本公告所 用詞彙與本公司所刊發日期為2021年11月30日的招股章程（「招股章程」）所界定 者具有相同涵義。 於本公告中，「我們」指本公司及（除非文義另有規定）本集團。 | --- | --- | |-------|------------------------------------------------------------------- ...

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 ...

杭 州 順 豐 同 城 實 業 股 份 有 限 公 司 HANGZHOU SF INTRA-CITY INDUSTRIAL CO., LTD. ( 於中華人民共和國註冊成立的股份有限公司 ) 股份代號 : 9699 2023 年度報告 目錄 公司簡介2 公司資料3 財務摘要5 董事會主席兼首席執行官報告6 管理層討論與分析 10 企業管治報告 27 董事、監事及高級管理層 48 董事會報告 55 監事會報告 78 獨立核數師報告 80 綜合全面收益表 84 綜合財務狀況表 86 綜合權益變動表 88 綜合現金流量表 90 綜合財務報表附註 91 財務概要 166 釋義 167 公司簡介 我們最初為順豐控股集團旗下的一個事業部，專注於把握同城即時配送服務的新興商機。2019年6月21日，本公司 於中國註冊成立為股份有限公司，實現獨立化、公司化運作，以把握新消費趨勢帶來的增長機會。2021年12月14 日，本公司於香港聯交所主板上市。我們(i)為商家及消費者提供同城配送服務及(ii)主要為物流公司提供最後一公里 配送服務。我們已迅速成長為中國最大的第三方即時配送服務平台1。 我們採用全場景業務模式，對各類產品和服 ...

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]

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 ...

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 ...