证券时报记者 康殷 10月29日晚间，顺丰控股(002352)发布2024年第三季度报告，前三季度营收达到2068.61亿元，净利润达 到76.17亿元。 其中，第三季度业绩实现强劲增长，营业收入达到724.51亿元，同比增长12.07%；归母净利润28.10亿 元，同比增长34.59%，归母净利润率为3.88%，较上年同期提升0.65个百分点；扣非归母净利润达25.95 亿元，同比增长40.98%，扣非归母净利润率为3.58%，较上年同期提升0.73个百分点。 顺丰控股2024年第三季度总件量达成32.29亿票，同比增长14.37%。在时效服务方面，公司始终保持领 先于行业的服务竞争力、拓展新兴产业客群和新业务场景，同时以更高性价比服务渗透至更多生产和消 费领域的物流市场，做大业务规模，实现速运物流板块收入同比增长7.57%。 受益于国际海运运费上升且货量稳定，国际空运需求增加，顺丰国际货运及代理业务收入实现较高同比 增长；同时公司持续深化业务融通，不断开拓供应链及国际市场，实现供应链及国际板块收入同比增长 27.22%。 值得注意的是，顺丰控股坚持精益化资源规划与成本管控，实现业务增长与规模效益双提升的良 ...

证 券 研 究 报 告 顺丰控股（002352）2024 年三季报点评 强推（维持） 24Q3 归母净利同比增长 35%，业绩超预期，看好公 公司研究 物流 2024 年 10 月 29 日 目标价：53 元 当前价：43.05 元 司净利率可持续提升，持续强推 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|----------------------------------------------------------------------------- ...

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顺丰控股股份有限公司 2024 年第三季度报告 顺丰控股股份有限公司 2024 年第三季度报告 2024 年 10 月 1 顺丰控股股份有限公司 2024 年第三季度报告 总资产（千元） 214,021,553 221,490,655 -3.37% 归属于上市公司股东的所有者权 益（千元） 90,625,397 92,790,344 -2.33% 证券代码：002352 证券简称：顺丰控股 公告编号：2024-095 顺丰控股股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 2.公司法定代表人王卫、首席财务官（财务负责人）何捷及会计主管胡晓飞声明：保证季度报告中财务信息的真实、准 确、完整。 3.第三季度报告是否经过审计 是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | --- | --- | --- ...

C o m p a n y U p d a t e 公司基本信息 产业别 交通运输 A 股价(2024/10/10) 41.65 深证成指(2024/10/10) 10471.08 股价 12 个月高/低 49.38/32.41 总发行股数(百万) 4815.91 A 股数(百万) 4788.49 A 市值(亿元) 1994.41 主要股东 深圳明德控股 发展有限公司 (48.16%) 每股净值(元) 18.39 股价/账面净值 2.26 一个月 三个月 一年 股价涨跌(%) 11.9 18.9 3.4 近期评等 出刊日期 前日收盘 评等 2024-06-27 35.2 买进 2024-08-29 33.2 买进 机构投资者占流通 A 股比例 基金 10.5% 一般法人 72.8% C h i n a R e s e a r c h D e p t . 2024 年 10 月 11 日 赵旭东 H70556@capital.com.tw 目标价(元) 49 | --- | --- | |--------------|-------| | | | | 产品组合 | | | 时效 | 44.0% | | 经济 | ...

M Update S.F. Holding Co Ltd | Asia Pacific October 10, 2024 02:58 PM GMT Proposed Interim and Special Dividends What's new: On October 10, 2024, SF proposed: • Interim dividend: Rmb0.4/share, indicating 40% dividend payout in 1H24, vs. 35% in 2023 (MSe 2024: 40%). • Special dividend before HK listing: Rmb1/share. Total special dividend would be Rmb4.8bn, implying 2.4% yield on its latest close. • Both plans are pending shareholder approval on October 29, 2024. Our take - positive. We like SF's efforts to i ...

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 | --- | --- | |---------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

顺丰控股股份有限公司 投资者关系管理制度 第一章 总则 第一条 为进一步完善顺丰控股股份有限公司（以下简称"公司"）治理结构， 规范公司投资者关系管理，加强公司与投资者和潜在投资者（以下统称"投资者"） 之间的沟通，加深投资者对公司的了解和认同，促进公司和投资者之间长期、稳定 的良好关系，完善公司治理、规范运作、促进公司高质量发展，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司投资者关系管理工作指引》、公司股票上市地证 券交易所（包括深圳证券交易所、香港联合交易所有限公司，以下合称"证券交易 所"）相关规则等法律、法规、规章、规范性文件、证券交易所规则及《顺丰控股 股份有限公司章程》（以下简称"《公司章程》"）的规定，结合公司实际情况，制 定本制度。 第二条 投资者关系管理是指公司通过信息披露与交流，加强与投资者之间的 沟通，增进投资者对公司的了解和认同，提升公司治理水平，以实现公司整体利益 最大化和保护投资者合法权益的重要工作。 第三条 投资者关系管理由董事长领导，董事会秘书为投资者关系管理负责人， 董事会办公室负责具体承办和落实。 ...

好的那各位投资人大家下午好啊我这里是广发交运的徐可和周渊宇啊今天我们两个呢一起给大家汇报一下啊我们现在这个啊看多顺丰控股的啊这个推荐逻辑啊那顺丰控股的深度报告呢其实我们是发发在这个三天以前刚好发在呢 这个市场片底部的这样的一个位置啊但整天报告的一个一个筹备呢其实已经有一段时间啊那么我们这个虽然看到最近公司呢是在跟着整个顺周期的一个板块在反弹啊但其实呢这个反弹之外呢啊这个我们也已经看到公司在基本面上啊有了更多的支撑那么这种反弹的延续为反转啊他是有更多种的可能性啊这是我们推荐顺风的一个大的前提 好,那我今天的话呢,主要还是先简单介绍一下我们现在推荐顺风的三个核心思路和逻辑。第一个思路是转型,我们看到顺风它是一个利空促进的这样的一个逻辑,会极大地受益于整个顺周期板块的这样的一个反弹,以为顺风的一个十条街业务,它是和我们国家的经济周期、产业周期高度相关的。 第二个就是中期去看的话我认为顺丰的一个管理优化和降本增效依然是有空间的换句话说就是顺丰的不仅在收入端有体现为正周期的属性在成本端的顺丰体现为物流公司的主流它具备向管理提交利润的这样一个能力不管收入接下来向上向下发生什么样的变化顺丰的利润率在过去三年一直延续着一个不 ...

Investment Rating - The report assigns an "Overweight" rating to SF Holdings (002352 SZ) with a target price of 41 13 yuan per share [4] Core Views - SF Holdings is a leading integrated logistics company in China with a 30-year history and a strong brand presence The company has diversified into express delivery cold chain and international logistics achieving a 23% CAGR in revenue over the past five years [2] - The company's time-sensitive express delivery business is positioned in the high-end market with a steep pricing curve supported by its advanced infrastructure including Ezhou Airport and a large fleet of aircraft [2] - SF's international business is in its early stages but has shown promising growth through strategic acquisitions such as Kerry Logistics and the integration of aviation resources The company is transitioning from a light to a heavy asset model expanding its global coverage [2] - The report forecasts EPS for 2024-2026 to be 2 06 2 37 and 2 68 yuan per share respectively with a 20x PE valuation for 2024 [2] Financial Performance - Revenue is expected to grow from 267 49 billion yuan in 2024E to 350 57 billion yuan in 2026E with a CAGR of 11 4% [3] - EBITDA is projected to increase from 28 14 billion yuan in 2024E to 35 02 billion yuan in 2026E [3] - Net profit attributable to shareholders is forecasted to grow from 6 17 billion yuan in 2024E to 12 90 billion yuan in 2026E with a CAGR of 13 2% [3] - ROE is expected to improve from 7 2% in 2022A to 12 2% in 2026E [3] Business Segments Time-Sensitive Express Delivery - SF's time-sensitive express delivery business is the core of its operations contributing 60% of the express logistics revenue in 2023 The company has refined its product offerings to cater to high-end customers with a focus on improving pricing power [47] - The company has achieved a leading position in the domestic time-sensitive express market with a 63 5% market share in 2022 [45] - SF's pricing strategy is becoming more sophisticated with a steeper pricing curve similar to international players like UPS [54][55] International Business - SF's international business has grown rapidly with revenue increasing from 13 42 billion yuan in 2020 to 62 86 billion yuan in 2023 representing a CAGR of 67 3% [30] - The acquisition of Kerry Logistics has strengthened SF's presence in Southeast Asia and expanded its international logistics capabilities [27] - The company is transitioning from a light to a heavy asset model in its international operations aiming to capture a larger share of the global logistics market [2] Cost Optimization and Efficiency - SF has implemented a multi-network integration strategy to optimize costs and improve efficiency The company has achieved significant cost reductions in transportation and labor costs with a 7 75% decrease in transportation costs as a percentage of revenue in 2023 [36] - The company's net profit margin has improved from 1 93% in 2022H1 to 3 19% in 2023 driven by cost optimization and operational efficiency [47] Strategic Assets - Ezhou Huahu Airport a key strategic asset for SF has been operational since 2022 and serves as a major hub for the company's logistics network The airport is expected to enhance SF's time-sensitive delivery capabilities and support its international expansion [61][62] - SF's fleet of aircraft is a critical asset enabling the company to maintain its competitive edge in the time-sensitive express delivery market [40] Market Position and Future Outlook - SF is the largest integrated logistics service provider in Asia and the fourth largest globally The company has established a leading position in multiple logistics segments including express delivery cold chain and international logistics [13] - The company's long-term growth is expected to be driven by its international business which offers significant market potential in global logistics [30] - SF's focus on cost optimization and efficiency improvements is expected to support its profitability in the medium term while its international expansion will drive long-term growth [33]