Financial Performance - In 2023, the company achieved a total business volume of nearly 12 billion parcels, with a year-on-year growth of 16.2% excluding Fengwang [1] - Revenue reached 258.4 billion CNY, a decrease of 2.5% year-on-year, primarily due to the decline in international shipping prices [1] - Domestic express logistics revenue amounted to 191.1 billion CNY, with a year-on-year increase of 11.3% [1] - The net profit attributable to shareholders was 8.23 billion CNY, reflecting a year-on-year growth of 33.4% and a net profit margin of 3.2%, up by 0.9 percentage points [1] Q1 2024 Performance - In Q1 2024, the company maintained steady growth, achieving a total volume of 2.97 billion parcels, with a year-on-year increase [2] - Revenue for Q1 2024 reached 65.3 billion CNY, with a year-on-year growth of 8.2% [2] - The net profit attributable to shareholders for Q1 2024 was 1.91 billion CNY, up 11.1% year-on-year, with a net profit margin of 2.9%, an increase of 0.1 percentage points [2] Business Segment Analysis - The domestic express logistics segment continues to expand, with revenue growth of 11.3% in 2023 and 7.9% in Q1 2024 [2] - The supply chain and international segments saw a revenue decline of 31.7% in 2023 due to normalized demand and pricing in international shipping [2] - In Q1 2024, the supply chain and international business segments achieved a year-on-year growth of 6.4% [2] Cost and Profitability - Gross profit margin improved from 12.5% in 2022 to 12.8% in 2023, driven by sustainable development and optimized revenue structure [2] - The net profit margin for 2023 was 3.2%, an increase of 0.9 percentage points from 2022, while Q1 2024 saw a net profit margin of 2.9% [3] Cash Flow and Capital Expenditure - The company maintained a stable cash flow, with a net operating cash flow increase of 10% year-on-year in Q1 2024 [3] - Capital expenditure in 2023 was 13.5 billion CNY, approximately 5% of revenue, with a focus on investment return rather than merely reducing investment amounts [6] Strategic Initiatives for 2024 - The company aims to enhance customer service and logistics market share through five strategic initiatives, including transitioning from product to industry solutions and strengthening international service capabilities [4] - Emphasis on technology integration and green solutions to create competitive advantages and meet diverse customer needs [4] Shareholder Returns - The cash dividend payout ratio was increased to 35% in 2023, with an expected dividend of 0.6 CNY per share, a 140% year-on-year increase [3] - The company plans to gradually increase the dividend payout ratio from 2024 to 2028 based on the 2023 level [3] Challenges and Responses - The company faces challenges in international market expansion, requiring tailored strategies for different countries and leveraging external partnerships [5] - The operational efficiency of the Ezhou hub is expected to improve as more clients recognize its value, enhancing inventory efficiency and transportation capabilities [5]

公司研 究 证 券研究 报 告 物流 2024年4月30日 顺丰控股（002352）2024年一季报点评 强 推 （维持） 24Q1 归母净利 19.1 亿元，同比增长 11.1%，再创当 目标价：49.6元 季新高，公司继续推出回购计划 当 前价：36.42元  公司公告2024年一季报：实现归母净利19.1亿元，同比增长11.1%，扣非净 华创证券研究所 利16.6亿元，同比增9.2%。 1）收入：24Q1实现收入653.41 亿元，同比增长 7.03%，（不含丰网增长8.2%）； 证券分析师：吴一凡 速运物流收入484亿，同比增长6.3%，不含丰网增长7.87%；供应链及国际板 电话：021-20572539 块收入同比增长6.40%。 邮箱：wuyifan@hcyjs.com 2）利润：Q1实现归母净利19.1亿元，同比增长11.1%，扣非净利16.6亿元， 执业编号：S0360516090002 同比增9.2%。分季度看：23Q1-24Q1归母净利分别为17.2、24.6、20.9、19.7、 19.1亿，扣非归母净利分别为15.2、21.9、18.4、15.9、16.6亿，同比分别增长 证券分析 ...

交通运输 | 证券研究报告 — 调整盈利预测 2024年4月30日 002352.SZ 顺丰控股 增持 精益化经营管理支撑业绩创新高，静待国内消费 原评级：增持 复苏与国际市场拓展 市场价格:人民币 36.42 公司发布 2023年度报告：2023年公司营收 2584.09亿元，同比减少 3.39%；归 板块评级:强于大市 母净利润82.34亿元，同比增加33.38%；扣非归母净利润71.34亿元，同比增长 33.67%。公司坚持可持续健康发展的经营基调，实施精益化经营管理，在收入端 本报告要点 呈现下降的情况下，业绩实现超三成增长。我们认为，公司物流网络设施竞争优  公司发布2023年度报告：2023年公司营收 势明显，服务品质保持行业领先水平，未来随着国内消费逐步复苏有望拉动物流 2584.09亿元，同比减少3.39%；归母净利 需求，同时公司积极拓展国际市场寻求增量空间，看好公司中长期投资价值，预 润82.34亿元。公司坚持可持续健康发展的 测公司2024-2026年实现归母净利润101.25/118.65/133.79亿元，维持增持评级。 经营基调，实施精细化经营管理，在收入端 呈现下降的情况下，业 ...

Financial Performance - Total revenue for Q1 2024 reached CNY 65.34 billion, a year-on-year increase of 7.03% compared to CNY 61.05 billion in the same period last year[4] - Net profit attributable to shareholders was CNY 1.91 billion, reflecting an 11.14% increase from CNY 1.72 billion year-on-year[4] - Gross profit for Q1 2024 amounted to CNY 8.60 billion, a 1.69% increase year-on-year[7] - Operating profit for the quarter was CNY 2,651,002, up from CNY 2,362,284, reflecting a growth of 12.2% year-over-year[21] - Basic earnings per share for the quarter were CNY 0.39, up from CNY 0.35, reflecting an increase of 11.4%[21] - The net profit margin for Q1 2024 was 2.93%, an improvement of 0.11 percentage points year-on-year[8] Cash Flow - Cash flow from operating activities was CNY 4.73 billion, an increase of 9.97% compared to CNY 4.31 billion in the same period last year[9] - The cash inflow from operating activities was CNY 94,567,798, an increase of 6.5% compared to CNY 89,205,533 in the previous period[22] - The net cash flow from operating activities was CNY 4,734,437, up from CNY 4,305,202, reflecting a growth of 9.9%[22] - The cash inflow from financing activities was CNY 14,698,711, an increase of 31.9% compared to CNY 11,225,518 in the previous period[22] - The net cash flow from financing activities was CNY 3,641,197, significantly up from CNY 839,993 in the previous period[22] - The cash outflow from investment activities totaled CNY 15,771,061, a decrease of 57.8% from CNY 37,441,625 in the previous period[22] - The net cash flow from investment activities was -CNY 8,130,095, an improvement from -CNY 14,161,366 year-over-year[22] Shareholder Information - The total number of common shareholders at the end of the reporting period was 208,521[10] - Shenzhen Mingde Holdings Co., Ltd. held 47.38% of the shares, totaling 2,319,497,139 shares[10] - The top ten shareholders collectively held 54.38% of the total share capital[11] - The company had no preferred shareholders at the end of the reporting period[14] - The largest shareholder, Shenzhen Mingde Holdings, had 783,600,000 shares pledged[10] - The second-largest shareholder, Huatai Securities, held 242,430,000 shares, all of which were pledged[10] - The company did not report any changes in the top ten shareholders due to securities lending or repayment[14] Asset and Liability Management - The company’s total assets increased by 1.56% to CNY 224.94 billion compared to CNY 221.49 billion at the end of the previous year[4] - Total liabilities increased to CNY 122,915,082, up from CNY 118,206,995, indicating a rise of 6.0%[19] - The company’s total current assets reached RMB 95,228,727,000, up from RMB 90,990,680,000 at the beginning of the period[18] - The company’s cash and cash equivalents were RMB 41,823,061,000 as of March 31, 2024, slightly down from RMB 41,974,505,000 at the beginning of the period[18] - The company’s short-term borrowings increased to RMB 24,603,388,000 from RMB 18,221,977,000 at the beginning of the period[18] Investment and Research - Investment income surged by 83.01% to CNY 200.70 million, primarily due to increased gains from the disposal of subsidiaries[9] - Research and development expenses for the quarter were CNY 633,224, an increase of 6.1% from CNY 596,600 in the previous year[20] Share Repurchase Activities - The company launched a share repurchase plan in January 2024, with a total amount between RMB 500 million and RMB 1 billion, at a maximum price of RMB 55 per share[15] - As of April 26, 2024, the company repurchased 28,240,207 shares for a total amount of RMB 999.92 million, averaging RMB 35.41 per share, representing 0.58% of the total share capital[15] - The company approved a change in the purpose of previously repurchased shares to be canceled, reducing registered capital by RMB 79,291,153[15] - A second share repurchase plan was approved on April 29, 2024, with a total amount between RMB 500 million and RMB 1 billion, at a maximum price of RMB 53 per share, with a 12-month duration[15] Other Financial Metrics - The company reported a decrease in other income to CNY 286,038 from CNY 397,315, a decline of 28.0%[21] - The total cost of operations was CNY 63,130,086, which is a 6.4% increase from CNY 59,265,630 year-over-year[20] - The total equity attributable to shareholders of the parent company decreased to CNY 91,262,889 from CNY 92,790,344, a decline of 1.6%[19]

顺丰控股股份有限公司 关于全资子公司深圳顺丰泰森控股（集团）有限公司 2024年度第一期中期票据发行结果公告 证券代码：002352 证券简称：顺丰控股 公告编号：2024-038 本 次 中期票据 发行情况的有关文件详见在中国货币网 （www.chinamoney.com.cn）和上海清算所（www.shclearing.com.cn）网站上披露 的公告。 特此公告。 顺丰控股股份有限公司 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。 根据顺丰控股股份有限公司（以下简称"公司"）2021 年年度股东大会的 授权，公司全资子公司深圳顺丰泰森控股（集团）有限公司（以下简称"泰森控 股"）向中国银行间市场交易商协会申请注册多品种债务融资工具。2022 年 6 月 30 日，泰森控股收到中国银行间市场交易商协会颁发的《接受注册通知书》（中 市协注[2022]DFI14 号），具体内容详见公司于 2022 年 7 月 1 日在《证券时报》、 《证券日报》、《上海证券报》、《中国证券报》和巨潮资讯网（www.cninfo.com.cn） 上披露的公告。 泰森控股于 20 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2024-037 顺丰控股股份有限公司 2024年3月快递物流业务经营简报 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。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》的 规定，顺丰控股股份有限公司（以下简称"公司"）现披露 2024 年 3 月业务经 营简报情况如下： | 项目 | 年 2024 | 月 3 | 年 2023 | 月 3 | 同比变动 | 同比变动 （不含丰网） | | --- | --- | --- | --- | --- | --- | --- | | 1、速运物流业务 | | | | | | | | 营业收入（亿元） | | 161.80 | | 156.56 | 3.35% | 5.05% | | 业务量（亿票） | | 10.33 | | 10.33 | - | 10.84% | | 单票收入（元） | | 15.66 | | 15.16 | 3.30% | -5.26% | | 2、供应链及国际业务 | | | | | | | | 营业收入（亿元） | ...

公 司 研 证券研究报告 究 ＃industryId＃ 交通运输 ＃investSuggestion＃ ＃ ＃d 顺yCo 丰mp 控any＃股 （ 002352 ） investSug 增持 ( 维ges持tion ）Ch 00 速00 运0 本9 部收入 增长 10%，保 持＃ 耐tit心le＃ 关 注供给 端进化引领需求破局 ange＃ ＃ createTime1＃ 2024年 03月 29 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布 2023 年年报，实现营业收入 2584.1 亿元（同比-3.4%）、归 司 市场数据日期 2024-03-28 母净利润 82.3亿元（同比+33.4%），对应净利率3.2%、扣非归母净利71.3亿 点 收盘价（元） 36.34 元（同比+33.7%）。其中嘉里物流贡献扣非净利1.5亿元、速运本部扣非净利 评 总股本（百万股） 4895.20 估算约69.8亿元，对应净利率约3.7%。 报 流通股本（百万股） 4867.82 净资产（百万元） 92790.34 ⚫ 速运本部扣非净利：估算23Q1为15.0亿元（净 ...

证券 研究报告•公司点评报告 顺丰控股 彭博：002352 CH 请阅读报告末尾信息披露与重要声明 星展证券 2024年 4 月2日 强于大市 盈利能力改善，重视股东回报 收盘价（2024年4月1日）：RMB36.52（CSI300 : 3,596） 投资新要点 证券分析师 公司发布2023年年度报告。公司2023年总收入同比下降3.4% 至2,584亿元，其中时效快递业务收入同比增长9.2%至1,155亿 张贝贝 Zoe Zhang 元（占总收入比例达45%），同期供应链及国际业务收入同比 zoe.zhang@dbssecurities.com.cn +86 21 38562892 下降31.7%至600亿元（占总收入比例为23%），主要由于国 SAC 执业登记编号：S1800521070001 际空海运需求及运价有所下行。公司2023年实现归母净利润同 比增长33.4%至82亿元，对应归母净利润率从2022年的2.3% SFC CE Ref：BGZ938 提升0.9个百分点至2023年的3.2%，盈利能力改善。 深化精益管理，布局全球市场。从业务分部看，公司2023年速 股价表现 运及大件分部净利率提升1 ...

Table_First|Table_Summary 华福证券 交通运输 2024年4月1日 公 司 Table_First|Table_Rating 报 顺丰控股（002352.SZ）2023 业绩点评 买入(维持评级) 告 当前价格： 36.40元 2023 归母净利 82.3 亿元，经营韧性仍在 目标价格： 46.34元 Table_First|Table_MarketInfo 基本数据 副➢标 题事 件：顺丰控股公布2023年业绩情况，顺丰控股2023年全年实现营业 总股本/流通股本（百万股） 4895/4868 收入2584亿元（同比-3.4%），实现归母净利润82.3亿元（同比 总市值/流通市值（百万元） 178185/177189 +33.4%），实现扣非归母净利润71.3亿元（同比+33.7%）。单看2023 每股净资产（元） 18.96 年第四季度，公司实现营收694亿元（同比+1.5%），实现归母净利润 资产负债率（%） 53.37 公 19.7亿元（同比+15.8%），实现扣非归母净利润15.9亿元（同比 一年内最高/最低（元） 57.71/34.08 司 +7.7%）。 财 Table_ ...

速运分部提质增效，提升分红回报股东 ——顺丰控股 23Q4 季度点评 顺丰控股（002352.SZ）/物流 证券研究报告/公司点评 2024 年3月 31日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：36.40元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 267,490 258,409 289,474 322,609 352,050 分析师：苏畅 营业收入增速 29.1% -3.4% 12.0% 11.4% 9.1% 执业证书编号：S0740523110001 归母净利润（百万元） 6,174 8,234 9,574 11,571 13,110 电话：021-20315125 净利润增长率 45% 33% 16% 21% 13% 摊薄每股收益（元） 1.26 1.68 1.96 2.36 2.68 Email：suchang@zts.com.cn 每股现金流量（元） 1.17 0.19 1.21 2.69 4.03 分析师：王旭晖 净资产收益率 7.2% 8.9% ...