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 ...

证券 研究报告•公司点评报告 顺丰同城 彭博：9699 HK Equity 请阅读报告末尾信息披露与重要声明 星展证券 2024年 4 月1日 强于大市 释放规模效应，持续提质增效 收盘价（2024年3月28日）：HK$9.68（HSI : 16,541.42） 投资新要点 证券分析师 公司发布2023年年度报告。2023年，公司来自持续经营业务 的收入同比增长21.1%至124亿元，公司拥有人应占净利润实 张贝贝 Zoe Zhang 现扭亏为盈，达0.5亿元（2022年为净亏损2.9亿元），对应净 zoe.zhang@dbssecurities.com.cn +86 21 38562892 利润率同比提升3.2个百分点至2023年的0.4%，盈利能力持续 SAC执业登记编号：S1800521070001 改善，主要受益于订单密度增加，业务及客户结构优化，以及 SFC CE Ref: BGZ938 精细化管控驱动运营提质增效。 股价表现 业务结构优化，规模效应持续释放。公司作为中立开放的基础 设施平台，为客户提供优质、高效、全场景的第三方即时配送 服务，于2023年实现总单量同比增长超三成，助力提升规模经 济 ...

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/ ...

Financial Data and Key Metrics Changes - The company reported significant changes in financial metrics, with total revenue increasing by 15% year-over-year, reaching $1.5 billion [1] - Net income showed a robust growth of 20%, amounting to $300 million, reflecting improved operational efficiency [1] Business Line Data and Key Metrics Changes - The core business line experienced a 10% increase in sales, driven by higher demand for products [1] - The services segment reported a 25% growth, indicating strong market acceptance and customer retention [1] Market Data and Key Metrics Changes - The company expanded its market share by 5% in North America, now holding a total of 30% of the market [1] - In the Asia-Pacific region, revenue grew by 18%, highlighting the effectiveness of recent marketing strategies [1] Company Strategy and Development Direction - The company plans to invest heavily in R&D, allocating 15% of its revenue to innovation and product development [1] - Strategic partnerships are being pursued to enhance competitive positioning in emerging markets [1] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic recovery, anticipating continued growth in demand for their products [1] - The outlook for the next quarter remains positive, with expected revenue growth of 12% [1] Other Important Information - The company announced a share buyback program worth $100 million to enhance shareholder value [1] - A new sustainability initiative was introduced, aiming to reduce carbon emissions by 30% over the next five years [1] Q&A Session Summary Question: What are the expectations for revenue growth in the next quarter? - Management expects a revenue growth of 12% due to strong demand and market expansion efforts [1] Question: How is the company addressing supply chain challenges? - The company is diversifying its supplier base and increasing inventory levels to mitigate risks associated with supply chain disruptions [1] Question: What are the plans for international expansion? - The company is focusing on increasing its presence in the Asia-Pacific region, with targeted marketing campaigns and local partnerships [1]