证券代码：002352 证券简称：顺丰控股 公告编号：2024-077 公司本次发行上市尚需取得香港证券及期货事务监察委员会和香港联交所 等相关政府机关、监管机构的核准和/或批准，该事项仍存在不确定性。公司将 根据该事项的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 顺丰控股股份有限公司 董 事 会 二○二四年九月十四日 1 顺丰控股股份有限公司 关于香港联交所审议公司发行 H 股的公告 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。 顺丰控股股份有限公司（以下简称"公司"）正在进行申请发行境外上市 外资股（H股）股票并在香港联合交易所有限公司（以下简称"香港联交所"） 主板挂牌上市（以下简称"本次发行上市"）的相关工作，香港联交所上市委 员会于2024年9月12日举行上市聆讯，审议公司本次发行上市的申请。 公司本次发行上市的联席保荐人已于2024年9月13日收到香港联交所向其发 出的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该信函 不构成正式的上市批准，香港联交所仍有对公司的上市申请提出进一步意见的 权力。 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨顺丰控股（002352.SZ） [Table_Title] 精益管理促进降本，盈利能力稳步提升 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 2024Q2 ，公司实现营业收入 690.7 亿元，同比增长 9.1% ；实现归母净利润 29.0 亿元，同比增 | | | 长 17.9% 。二季度公司件量实现稳健增长，单价同比下降。多元业务中，大件货量增速亮眼， 国际及供应链营收同 ...

Investment Rating - The report maintains a "Buy" rating for SF Holding (002352 SZ) [3][5] Core Views - SF Holding achieved revenue of 134 41 billion yuan in 2024H1, up 8 1% YoY, with net profit attributable to shareholders of 4 81 billion yuan, up 15 1% YoY [2] - The company's express delivery volume grew 6 3% YoY to 6 24 billion pieces in 2024H1, with adjusted growth of 14 3% after excluding Fengwang [2] - SF Holding's profitability improved significantly, with gross profit up 10 8% YoY to 18 63 billion yuan and gross margin increasing by 0 4 percentage points to 13 9% [2] - The company's capital expenditure decreased by 26 0% YoY to 6 17 billion yuan in 2024H1, indicating a peak has passed [2] Business Segment Performance - Time-sensitive express business revenue grew 5 6% YoY to 59 19 billion yuan in 2024H1 [2] - Economy express business revenue increased 9 3% YoY to 13 25 billion yuan [2] - Freight business revenue rose 16 1% YoY to 17 55 billion yuan [2] - Cold chain and pharmaceutical business revenue declined 5 2% YoY to 5 06 billion yuan [2] - Intra-city delivery business revenue surged 18 5% YoY to 3 96 billion yuan [2] - International and supply chain business revenue grew 8 1% YoY to 31 20 billion yuan [2] Financial Projections - Revenue is expected to grow from 291 46 billion yuan in 2024E to 368 52 billion yuan in 2026E [4] - Net profit attributable to shareholders is projected to increase from 9 45 billion yuan in 2024E to 12 92 billion yuan in 2026E [4] - EPS is forecasted to grow from 1 96 yuan in 2024E to 2 68 yuan in 2026E [4] - ROE is expected to improve from 9 1% in 2024E to 10 5% in 2026E [8] Valuation Metrics - Current P/E ratio stands at 21 2x for 2023A, expected to decrease to 13 5x by 2026E [8] - P/B ratio is 1 9x for 2023A, projected to decline to 1 5x by 2026E [8] - The stock's current price is 36 68 yuan with a market capitalization of 176 65 billion yuan [5]

一、回购进展 继 2024 年 4 月 26 日完成 2024 年内第 1 期人民币 10 亿元的回购方案后， 基于对未来发展前景的信心和对自身价值的高度认同，顺丰控股股份有限公司 （以下简称"公司"）于 2024 年 4 月 29 日召开第六届董事会第十三次会议审议 通过了《关于 2024 年第 2 期回购股份方案的议案》，本次回购的资金总额不低 于人民币 5 亿元且不超过人民币 10 亿元，回购价格不超过人民币 53 元/股，回 购期限为自公司董事会审议通过回购方案之日起 12 个月内。 公司自 2024 年 4 月 30 日起开始实施回购。截至 2024 年 8 月 31 日，公司通 过股份回购专用证券账户以集中竞价方式累计回购公司股份 15,425,458 股，回购 总金额约为人民币 563,265,108.66 元（不含交易费用），回购股数占公司目前总 股本 0.32%，平均成交价为 36.52 元/股（最高成交价为 37.88 元/股，最低成交价 为 33.79 元/股）。本次回购符合相关法律法规的要求，符合既定的回购方案。 二、其他说明 证券代码：002352 证券简称：顺丰控股 公告编号：20 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Insights - The company reported a total parcel volume of 6.24 billion pieces in H1 2024, representing a year-on-year increase of 6.3% [1]. - In H1 2024, the company achieved operating revenue of 134.4 billion yuan, up 8.1% year-on-year, and a net profit attributable to shareholders of 4.81 billion yuan, an increase of 15.1% year-on-year [1]. - The company continues to implement a sustainable development strategy, with steady revenue growth across all business segments [1]. - The gross profit margin improved to 13.9% in H1 2024, reflecting operational optimization and cost reduction efforts [1]. - The company has opened 55 domestic and 13 international cargo routes at the Ezhou hub, enhancing its supply chain service capabilities [2]. - The company has executed two share repurchase programs in H1 2024, demonstrating confidence in its long-term development [2]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected at 2.03, 2.41, and 2.76 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17.94X, 15.11X, and 13.19X [2][6]. Financial Summary - In H1 2024, the company reported operating costs of 115.78 billion yuan, a year-on-year increase of 7.65% [1]. - The company’s sales, management, and financial expenses were 1.47 billion yuan, 8.97 billion yuan, and 0.893 billion yuan, respectively, with year-on-year changes of +5.61%, +0.29%, and -9.92% [1]. - The company’s total assets are projected to reach 2,901.7 billion yuan by 2026, with a net profit forecast of 13.28 billion yuan [7].

证券研究报告 非金融公司|公司点评|顺丰控股（002352） 深化高质量经营，Q2 业绩同增 18% glzqdatemark1 证券研究报告 |报告要点 公司发布 2024 年半年报。20242024H1，公司实现营收 1344.10 亿元，同比增长 8.08%，实现 归母净利润 48.07 亿元，同比增长 15.10%。其中 2024Q2 公司实现营收 690.69 亿元，同比增 长 9.08%，实现归母净利润 28.95 亿元，同比增长 17.87%。 |分析师及联系人 SAC：S0590522120002 李蔚 李天琛 请务必阅读报告末页的重要声明 1 / 5 顺丰控股(002352) 深化高质量经营，Q2 业绩同增 18% 股价相对走势 -30% -17% -3% 10% 2023/9 2023/12 2024/4 2024/8 顺丰控股 沪深300 相关报告 1、《顺丰控股（002352）：经营提质增效，分 红率有望持续提升》2024.03.28 2、《顺丰控股（002352）：Q3 单价同环比双 升，业绩保持稳健增长》2023.10.31 扫码查看更多 事件 公司发布 2024 年半年报。202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's cost reduction and efficiency improvement through multi-network integration and operational model transformation are continuously being realized, leading to a positive outlook on profit margin recovery and performance elasticity [1][8] Summary by Relevant Sections Recent Performance - In H1 2024, the company achieved an operating revenue of 134.41 billion yuan, a year-on-year increase of 8.08%, and a net profit attributable to shareholders of 4.81 billion yuan, up 15.10% year-on-year [3][4] - The business volume reached 6.214 billion parcels, a year-on-year increase of 14.55% (excluding Fengwang), with an average revenue per parcel of 15.93 yuan, down 4.96% year-on-year [2][3] Profitability Analysis - The company's gross margin improved to 13.86%, an increase of 0.34 percentage points year-on-year, while the net profit margin rose to 3.58%, up 0.22 percentage points year-on-year [4][6] - In Q2 2024, the gross margin was 14.51%, reflecting a year-on-year increase of 1.32 percentage points, with a net profit margin of 4.19%, up 0.31 percentage points year-on-year [5][6] Business Segments - Revenue from various business segments in H1 2024 included: - Timely express: 59.19 billion yuan (+5.6% YoY) - Economic express: 13.25 billion yuan (+9.3% YoY) - Freight: 17.55 billion yuan (+16.1% YoY) - Same-city instant delivery: 3.96 billion yuan (+18.5% YoY) - Supply chain and international: 3.12 billion yuan (+8.1% YoY) [6][7] Future Outlook - The company is expected to maintain steady growth with projected revenues of 285.08 billion yuan, 314.05 billion yuan, and 345.36 billion yuan for 2024, 2025, and 2026 respectively, each reflecting a 10% year-on-year growth [8][9] - The net profit attributable to shareholders is forecasted to be 9.91 billion yuan, 11.27 billion yuan, and 12.87 billion yuan for the same years, indicating a growth rate of 20%, 14%, and 14% respectively [8][9]

顺丰控股（002352.SZ） 优于大市 持续降本增效，盈利能力提升 2024 年二季度公司业绩实现较快增长。2024 年上半年营收 1344.1 亿元（同 比+8.1%），归母净利润 48.1 亿元（同比+15.1%），扣非归母净利润 41.5 亿元（同比+12.0%）；2024 年二季度单季营收 690.7 亿元（同比+9.1%）， 归母净利润 29.0 亿元（同比+17.9%），扣非归母净利润 24.9 亿元（同比 +13.8%）。 时效快递增长稳健，经济快递及快运业务实现较快增长。2024 年上半年，虽 然宏观经济增长承压，但是公司不断拓展更多新兴产业客群和新场景，促使 时效快递件量实现了 10%的稳健增长，时效快递收入实现了 5.6%的增长。此 外，上半年经济快递业务和快运业务收入增长表现较优，剔除掉丰网业务的 影响，公司经济快递收入同比增长达到 15.6%，高于快递行业整体增速；得 益于直营和加盟"双品牌"同步发力，公司快运业务收入同比增速达到 16.1%。 精益管理推动降本增效，公司盈利能力稳步提升。公司二季度盈利能力同比 实现提升，主要得益于，1）公司 23 年二季度剥离了短期无法盈利的丰网业 ...

Investment Rating - The report maintains a "Strong Buy" rating for SF Holding (002352) with a target price of 49.7 yuan, implying a 50% upside potential from the current price [1][3] Core Views - SF Holding's Q2 2024 net profit attributable to shareholders reached 2.9 billion yuan, up 18% YoY, exceeding expectations [1] - The company's H1 2024 revenue grew 8.1% YoY to 134.4 billion yuan, with Q2 revenue increasing 9.1% YoY to 69.1 billion yuan [1] - SF Holding's express delivery business showed resilience, with time-sensitive express revenue growing 5.6% YoY to 59.2 billion yuan, outpacing GDP growth [1] - The company's logistics and heavy goods division contributed 4.8 billion yuan in net profit, up 16.4% YoY, with a net profit margin improving to 5% [1] Financial Performance - SF Holding's H1 2024 net profit margin improved to 3.6%, with Q2 net profit margin reaching 4.2% [1] - The company's gross margin in Q2 2024 increased by 1.3 percentage points YoY and QoQ to 14.5% [1] - SF Holding's H1 2024 operating cash flow reached 26.6 billion yuan, with free cash flow of 13.5 billion yuan [11] Business Segments - Time-sensitive express delivery: 59.2 billion yuan revenue, +5.6% YoY [1] - Economy express delivery: 13.3 billion yuan revenue, +9.3% YoY [1] - Freight: 17.6 billion yuan revenue, +16.1% YoY [1] - Cold chain: 5.1 billion yuan revenue, -5.2% YoY [1] - Same-city delivery: 4.0 billion yuan revenue, +18.5% YoY [1] - Supply chain and international business: 31.2 billion yuan revenue, +8.1% YoY [1] Strategic Outlook - SF Holding aims to optimize its domestic product matrix, enhance cost efficiency, and improve customer experience [1] - The company is accelerating its international network layout, leveraging its Asian advantages to build a second growth curve [1] - The Ezhou hub has opened 55 domestic and 13 international routes, serving over 30 clients across high-end industries [1] Valuation and Forecast - The report raises SF Holding's 2024-2026 net profit forecasts to 9.86 billion, 11.71 billion, and 13.91 billion yuan respectively [1] - The company's 2024-2026 EPS is projected at 2.1, 2.4, and 2.9 yuan, with P/E ratios of 16x, 14x, and 12x [1] - SF Holding's target market capitalization is estimated at 239.5 billion yuan based on 2024 forecasts [1]

业绩 2024 年 8 月 28 日，顺丰控股发布 2024 年半年度报告。2024H1 公 司实现收入 1344 亿元，同比上升 8.1%；归母净利为 48.1 亿元， 同比增长 15.1%；其中 Q2 公司实现收入 691 亿元，同比上升 9.1%； 归母净利为 29.0 亿元，同比增长 17.9%。 经营分析 坚持可持续健康发展，速运物流业务票均收入提升。2024H1 公司 收入为 1344 亿元，同比上升 8.1%，完成件量 62.4 亿票，同比增 长 6.3%，分业务看：（1）速运物流业务收入 990 亿元，同比增长 7.6%，其中业务量同比增长 6.5%，票均收入同比增长 1.1%，主要 系公司 2023 年 6 月出售丰网，促进票均收入同比回升；（2）供应 链及国际分部收入为 312 亿元，同比上升 8.1%，主要得益于国际 空海运需求回稳及运价同比提升，公司不断开拓供应链及国际市 场。（3）其他非物流业务收入 42 亿元，同比增长 19.7%，主要系 公司提供端到端供应链服务链条中涉及采购环节业务增长。 降本增效效果显著，H1 盈利能力同比改善。2024H1 公司持续优化 营运模式，调优网络结 ...