%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨顺丰控股（ ） 002352.SZ [健Ta康bl经e_营Ti可tle持] 续增长， 分红提升注重股东回报 报告要点 [2T0a2b3leQ_4S，um公m司a实ry]现营收694.0 亿元，同比增长 1.5%；实现归母净利润 19.7 亿元，同比增长 15.8%；实现扣非净利润15.9亿元，同比增长7.8%。2023Q4，公司速运业务高基数下件量平 稳增长，产品结构调整单价下降。2023Q4，公司毛利为85.8亿元，盈利韧性尽显。主要因为： 1）多网融通助力将本；2）经济件效益改善盈利提升；3）多元业务经营改善。同时，2023年 ...

上 市 公 司 交通运输 2024年03月27日 顺丰控股 (002352) 公 司 研 究 —— 高质量增长，注重股东回报，看好长期价值 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持） ⚫ 事件：顺丰控股发布2023年年报。2023年实现营收2584亿元，同比下降3.4%；实现归母净利润 82.3亿元，同比增长33.4%；扣非归母净利润71.3亿元，同比增长33.7%。其中23Q4公司实现营 证 市场数据： 2024年03月27日 收694亿元，同比增长1.5%；归母净利润19.7亿元，同比增长15.8%。受国际空海运需求及价格 券 收盘价（元） 36.38 同比下降以及鄂州枢纽转场等因素影响，业绩略低于预期。 研 一年内最高/最低（元） 58.59/32.93 究 市净率 1.9 ⚫ 23年延续高质量增长态势，盈利能力持续改善。2023年改善业务完成量119.7亿件，同比增长16% 报 息率（分红/股价） - （不含丰网），其中时效件在 22年疫情高基数下实现了稳健增长，消费类贡献稳健增量，退货件保 告 流通A股市值（百万元） 177091 上证指数/深证成指 2993.14 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a 2023 revenue of approximately 258.4 billion yuan, a year-on-year decrease of 3.4%, while the net profit attributable to shareholders was about 8.23 billion yuan, an increase of 33.4% [2] - The company plans to distribute a cash dividend of 0.6 yuan per share for 2023, with a cash dividend rate of approximately 35%, higher than the levels from 2021 to 2022 [2] - The company sold its Fengwang business, leading to a slowdown in the growth rate of its express delivery business, with a total of approximately 11.9 billion parcels completed in 2023, a year-on-year increase of 7.5%, which is below the industry average growth rate of 19.4% [2] - The demand is gradually recovering, with the time-sensitive express business achieving a revenue of approximately 115.5 billion yuan in 2023, a year-on-year increase of 9.2% [2] - The company has effectively controlled costs, resulting in a significant increase in profitability, with the express and large parcel segment achieving a net profit of 8.45 billion yuan, a year-on-year increase of 55% [2] - The company aims to steadily increase dividends over the next five years, with a planned increase in the cash dividend ratio from the 2023 level [2] - The company has adjusted its net profit forecasts for 2024 and 2025 down by 6% and 7% respectively, to 10.3 billion yuan and 12.2 billion yuan, while introducing a new forecast for 2026 at 14.1 billion yuan [2] Summary by Sections Financial Performance - 2023 revenue: 258.4 billion yuan, down 3.4% year-on-year - 2023 net profit: 8.23 billion yuan, up 33.4% year-on-year - 2023 cash dividend: 0.6 yuan per share, cash dividend rate of 35% [2] Business Segments - Express delivery business volume: 11.9 billion parcels, up 7.5% year-on-year, below industry average - Time-sensitive express revenue: 115.5 billion yuan, up 9.2% year-on-year - Economic express revenue: 25.1 billion yuan, down 2.0% year-on-year - Freight business revenue: 33.1 billion yuan, up 18.5% year-on-year - Supply chain and international business revenue: 60 billion yuan, down 31.7% year-on-year [2] Profitability and Cost Control - Net profit for express and large parcel segment: 8.45 billion yuan, up 55% year-on-year - Gross margin for logistics main business (excluding Kerry Logistics): 13.7%, up 0.2 percentage points year-on-year [2] Future Outlook - Planned increase in cash dividend ratio over the next five years - Adjusted net profit forecasts for 2024 and 2025, with a new forecast for 2026 introduced [2]

公司研 究 证 券研究 报 告 物流 2024年3月28日 顺丰控股（002352）2023年报点评 强 推 （维持） 23 年归母净利 82.3 亿元，同比增长 33.4%，公司重 目标价：50.5元 视股东回报，拟提升分红比例至 35% 当 前价：36.38元  公司公告2023年报：实现归母净利82.3亿元，同比增长33.4%，扣非净利71.3 华创证券研究所 亿元，同比增33.7%。1）收入：23年实现收入2584亿，同比下降3.4%，（不 含丰网下降2.5%）。其中，时效快递实现收入1155亿元，同比增长9.2%，经 证券分析师：吴一凡 济快递收入251亿，同比下降2%（不含丰网为增长8.6%），快运收入331亿， 同比增长18.5%，冷运及医药收入103亿，同比增长19.7%，同城收入72亿， 电话：021-20572539 同比增长12.6%，国际及供应链收入600亿，同比下降31.7%。2）利润： 23 邮箱：wuyifan@hcyjs.com 年归母净利82.3亿元，同比增长33.4%；扣非净利71.3亿元，同比增长 33.7%； 执业编号：S0360516090002 分季度看：23Q1 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.94 CNY, while the current price is 36.38 CNY [1]. Core Insights - In 2023, the company achieved a revenue of 258.41 billion CNY, a year-on-year decrease of 3.39%, while the net profit attributable to shareholders was 8.23 billion CNY, an increase of 33.38% [4]. - The express logistics segment showed stable growth, with revenue of 191.15 billion CNY, a year-on-year increase of 9.7%, while the supply chain and international business saw a decline in revenue of 31.74% [5]. - The company improved its net profit margin, which rose to 3.2%, an increase of 0.9 percentage points year-on-year, and reduced capital expenditures by 12.07% to 12.47 billion CNY [6]. - The dividend per share was 0.6 CNY, with a payout ratio of approximately 35.3%, indicating a commitment to returning value to shareholders [7]. - Revenue projections for 2024-2026 are estimated at 291.18 billion CNY, 327.83 billion CNY, and 368.31 billion CNY, with corresponding growth rates of 12.68%, 12.58%, and 12.35% [8]. Financial Data Summary - Total share capital is 4,895.20 million shares, with a circulating market value of 177,091.16 million CNY [2]. - The company's asset-liability ratio stands at 53.37% [2]. - The earnings per share (EPS) for 2024 is projected to be 2.14 CNY, with a price-to-earnings (P/E) ratio of 21 [8].

2024 年 03 月 28 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 稳增长 盈利改善，业绩有保障，多角度提升股 + 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 东回报 ——顺丰控股（ ） 年年报点评 002352 2023 最近一年走势 事件 : 2024年3月26日，顺丰控股发布2023年年度报告： 2023年，顺丰控股实现营业收入2584.09亿元,同比减少3.39%；实现 归母净利润82.34亿元，同比增长33.38%；扣非归母净利润71.34亿元， 同比增长33.67%。速运物流全年业务量完成119.0亿票，同比增长7.5%， 单票收入16.06元，同比上升2.1%。 2023年Q4，顺丰控股实现营业收入693.98亿元，同比增长1.54%；归 母净利润19.70亿元，同比增长15.76%；扣非归母净利润15.88亿元， 相对沪深300表现 2024/03/28 同比增长7.76%；速运物流业务量完成32.56亿票，同比增长3.30%。 表现 1M 3M 12M 顺丰控股 -4.4% -9.1% -31.7% 沪深 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2024-035 顺丰控股股份有限公司 关于回购公司股份的进展公告 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。 二、其他说明 2、公司未在下列交易时间进行回购股份的委托：（1）开盘集合竞价；（2） 收盘集合竞价；（3）股票价格无涨跌幅限制的交易日内。 3、公司回购股份的价格低于公司股票当日交易涨幅限制的价格。 一、回购进展 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"）自 2024 年 1 月 31 日起开始实施回购，截至 2024 年 3 月 27 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 14,209,907 股，回购总金额约为 5.04 亿元（不含交易费用），回购股数占公司目 前总股本 0.29%，平均成交价为 35.48 元/股（最高成交价为 36.53 元/股，最低成 交价为 32.95 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。 2024 年 1 月 30 日，公司召开第六届董事会第十一次会议审议通过了《关于 ...

证券代码：002352 证券简称：顺丰控股 顺丰控股股份有限公司投资者关系活动记录表 编号：2024-01 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □其他 （请文字说明其他活动内容） 大成基金、淡水泉投资、交银施罗德基金、嘉实基金、南方基金、 参与单位名称及 平安养老保险、天堂硅谷资管、易方达基金、中荷人寿保险等众多 人员姓名 机构，总计373位投资者。 时间 2024年3月26日星期二 20:00—21:20 地点 电话会议 上市公司接待人 顺丰控股董事兼CFO何捷先生、顺丰控股董事兼CMO张栋先生、 员姓名 顺丰控股董事会秘书兼副总经理甘玲女士 第一部分：公司已于 2024 年 3月 26 日晚间在巨潮资讯网披 露2023年年度报告，会上公司管理层对业务进行概述，并对2023 年度业绩进行解读。 ...

业绩简评 2024年 3月 26 日，顺丰控股发布2023 年年度报告。2023年公司 实现营业收入2584.1 亿元，同比下降 3.4%；实现归母净利润82.34 亿元，同比增长33.4%。其中Q4 公司实现营业收入694.0 亿元， 同比增长1.5%；实现归母净利润19.7 亿元，同比增长15.8%。 经营分析 速运物流业务同比增长，供应链及国际业务拖累收入。2023 年公 司营业收入同比下降 3.4%，主要系供应链及国际业务收入同比下 降所致。（1）速运物流业务不含丰网收入同比增长11.3%，不含丰 网业务量同比增长16.2%，主要由于中高端线上消费复苏支撑公司 业务量增长。按经营业务划分看，公司同城业务首次实现全年盈利， 2023 年分部实现净利润5059.5 万元，同比增长3.4 亿元。（2）供 应链及国际业务收入同比下降31.7%，主要受到国际空海运需求及 价格均同比下降的影响。 运营优化效果显现，归母净利率同比上升。2023 年公司实现毛利 率 12.8%，同比上升 0.33pct，主要系燃油成本下降及公司调优采 人民币(元) 成交金额(百万元) 购定价策略带来运输成本下降。费用率方面，2023 ...

Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The company's operational efficiency continues to improve, and its long-term growth logic remains unchanged. In 2023, the company achieved a revenue of 258.41 billion yuan, a year-on-year decrease of 3.4%, while the net profit attributable to shareholders was 8.234 billion yuan, an increase of 33.4% year-on-year [1][6] - The express delivery revenue showed steady growth, with a 9.2% year-on-year increase in express delivery business revenue, reaching 115.46 billion yuan in 2023 [1][8] - The company has focused on high-margin logistics by divesting unprofitable businesses and enhancing operational efficiency through lean resource planning and cost control [1][9] Financial Performance Summary - In 2023, the company reported a total revenue of 258.41 billion yuan, with a net profit of 8.234 billion yuan and a non-recurring net profit of 7.13 billion yuan [6][9] - The fourth quarter of 2023 saw a revenue of 69.4 billion yuan, a year-on-year increase of 1.5%, and a net profit of 1.97 billion yuan, up 15.8% year-on-year [1][6] - The company's net profit margin for the full year and the fourth quarter of 2023 was 3.2% and 2.8%, respectively, both showing year-on-year improvements [9] Capital Expenditure and Growth Potential - The company maintained a trend of reduced capital expenditure, with a total of 12.47 billion yuan in 2023, a decrease of 1.71 billion yuan year-on-year [1][9] - The company is optimistic about the development potential of the Ezhou Airport and its international business, having opened 45 domestic routes and 10 international routes by the end of 2023 [1][9] Shareholder Returns - The company has increased its dividend payout ratio to 35% in 2023, up 15 percentage points year-on-year, resulting in a dividend yield of 1.6% [1][9] - The company has repurchased shares worth approximately 3 billion yuan from 2022 to 2023 and plans to steadily increase the cash dividend ratio from 2024 to 2028 [1][9] Earnings Forecast - The earnings forecast for 2024-2026 predicts net profits of 10.459 billion yuan, 13.545 billion yuan, and 16.515 billion yuan, representing year-on-year growth rates of 27%, 30%, and 22%, respectively [1][11]