Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company reported a revenue of RMB 69.85 billion for Q1 2025, representing a year-on-year growth of 6.90%, and a net profit attributable to shareholders of RMB 2.23 billion, an increase of 16.87% year-on-year. The performance indicates a steady growth trend, supported by the gradual recovery of domestic consumption and the company's active expansion into international markets [1][4][5] - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 11.72 billion, RMB 13.41 billion, and RMB 15.28 billion, respectively, reflecting growth rates of 15.2%, 14.4%, and 14.0% [5][7] Summary by Sections Financial Performance - In Q1 2025, the company achieved a total express volume of 3.56 billion parcels, a year-on-year increase of 19.7%. The revenue of RMB 69.85 billion and net profit of RMB 2.23 billion were primarily driven by the continuous improvement of the product matrix and enhanced service competitiveness [4][5] - The gross profit for Q1 2025 was RMB 9.29 billion, with a gross margin of 13.3%, up by 0.1 percentage points year-on-year [4] Business Segments - The express logistics segment saw a revenue growth of 7.2% year-on-year, while the supply chain and international segments grew by 9.9% year-on-year. The growth in traditional business is attributed to the company's penetration into various logistics scenarios in manufacturing and consumer sectors [4][5] - The emerging business segments are benefiting from strengthened international network capabilities and deeper business integration [4] Valuation - The company's future performance is expected to be driven by the recovery of domestic consumption and the progress of international market expansion. The earnings per share (EPS) estimates for 2025-2027 are RMB 2.35, RMB 2.69, and RMB 3.06, corresponding to price-to-earnings (PE) ratios of 18.7, 16.3, and 14.3, respectively [5][7]

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [7]. Core Views - The report recommends focusing on the improving supply-demand dynamics in the aviation, oil shipping, and highway sectors while advising caution in container shipping, cross-border logistics, express delivery, and railways [1]. Aviation - The aviation sector is expected to benefit from a slowdown in supply growth, with demand for domestic and international flights increasing by 1.7% and 26.9% respectively in March [2][14]. - The report highlights that the overall passenger load factor remains high at 83.3%, with a notable reduction in the year-on-year decline of ticket prices [14][17]. - Recommended stocks include China National Aviation, China Eastern Airlines, and Huaxia Airlines, which are expected to benefit from the improving market conditions [29]. Airports - Airports have seen a steady increase in passenger traffic, with Shanghai's two airports experiencing a 7.5% year-on-year increase in passenger throughput in Q1 2025 [30]. - The report emphasizes the need for airports to enhance their non-aeronautical revenue streams to improve profitability [30][34]. Shipping and Ports - The report notes that the international freight market has been volatile due to tariff policies, with expectations of a decline in container volumes in April and May [3][37]. - Oil shipping rates are projected to improve in May due to OPEC+ production increases, while refined oil shipping rates may remain stable [39]. Highways - The highway sector demonstrated strong performance in Q1 2025, with a notable increase in net profits, making it a favorable sector for dividend plays [4]. - The report suggests that the current low interest rates and risk-averse sentiment support the valuation of dividend-paying stocks in this sector [4]. Logistics and Express Delivery - The express delivery sector is facing intensified price competition, with a significant year-on-year increase in parcel volume but a corresponding decline in average prices [5][61]. - The report advises caution regarding franchise-based express delivery companies while maintaining a positive long-term outlook for well-capitalized and service-oriented leaders in the sector [5][61].

Key Points - The report highlights a selection of stocks for May, including companies such as SF Holding (顺丰控股) and Guizhou Moutai (贵州茅台) as part of the recommended investment portfolio [1] - The macroeconomic analysis discusses the implications of the US tariff policy, emphasizing that the long-term trade deficit is primarily due to the dollar's status as the world's reserve currency, which has led to structural economic issues in the US [2][4][5] - The tourism sector shows strong recovery during the May Day holiday, with domestic travel reaching 314 million trips, a year-on-year increase of 6.4%, and total spending of 180.27 billion yuan, up 8.0% [6][7][8] - The report on Zhongke Electric (中科电气) indicates significant growth in net profit, with a projected net profit of 303 million yuan for 2024, representing a 626.56% increase year-on-year, driven by the expansion of its negative electrode business [10][11]

编辑｜李勤 36氪独家获悉，低速无人驾驶公司白犀牛近日完成了2亿元B轮融资，本轮由顺丰领投，鑫源汽车与老 股东线性资本跟投。据悉，本轮融资主要用于新的低速无人车产品开发，以及现有产品的市场推广。 白犀牛成立于 2019 年 4 月，由前百度自动驾驶团队成员朱磊和夏添共同创立，是一家致力于研发全栈 式无人配送解决方案，并提供无人车常态化运营的自动驾驶公司。今年3月，白犀牛官宣原东风商用车 公司总经理黄刚加盟白犀牛，出任总裁一职。 低速无人驾驶，是自动驾驶行业中最早开启商业化的细分赛道。白犀牛CEO朱磊观察到，前几年，低速 无人车创业公司所涉足的商业场景较为分散，涵盖了校园配送、无人零售、社区团购等多个不同方向。 直至 2024 年初，该行业的商业模式逐渐变得清晰明朗。"主要的落地场景已经集中收敛到了物流行业， 特别是快递网点到驿站这一段路程。" 朱磊向 36 氪记者表示，在这一特定领域，物流订单对应的无人 配送车往返里程大致在 10-30 公里之间不等。 据朱磊介绍，目前行业里 80%-90% 的无人配送都集中在这一场景，而且在未来1-2年内，这一场景依然 是无人配送车能够实现大规模落地的主要方向。 在这一赛道 ...

Core Points - The launch of the "Nanjing Bus - SF Express Same-City Express Line" 503 route connects urban and rural areas, facilitating the delivery of agricultural products with a model of "early morning harvesting, morning dispatch, and lunchtime delivery" [1][3] - The collaboration addresses challenges in the last-mile delivery of traditional express services, such as high costs, low efficiency, and traffic congestion, by utilizing existing bus resources [3][4] - The 503 route operates daily between Liuhe North Station and Gulou Bus Station, covering over 60 stops, and integrates express delivery with public transport [4] Industry Impact - The partnership allows express companies to reduce costs while optimizing bus company capacity, leading to faster delivery for citizens and alleviating urban traffic pressure [4] - A dynamic adjustment mechanism is established for the express line, enabling real-time monitoring and planning based on delivery demand and passenger flow [4] - Future plans include optimizing bus routes and increasing delivery nodes in response to changes in express business distribution and public transport usage [4]

Core Viewpoint - The performance of major express delivery companies in China shows growth in revenue and net profit for 2024, but a divergence in Q1 2025 results, indicating varying strategies and market conditions among the companies [1][2]. Group 1: Company Performance - SF Express (顺丰控股) achieved a total revenue of 284.42 billion yuan in 2024, 1.7 times that of its competitors, with a net profit surpassing 10 billion yuan for the first time at 10.17 billion yuan [2]. - YTO Express (圆通速递) ranked second with a revenue of 69.03 billion yuan and a net profit of 4.01 billion yuan, while Yunda Express (韵达股份) and Shentong Express (申通快递) followed with revenues of 48.54 billion yuan and 47.17 billion yuan, and net profits of 1.91 billion yuan and 1.04 billion yuan respectively [2]. - In Q1 2025, SF Express continued to lead with a revenue of 69.85 billion yuan, a year-on-year increase of 6.9%, and a net profit of 2.33 billion yuan, up 16.87% [2]. Group 2: Competitive Dynamics - YTO Express maintained a high profit level in Q1 2025 with a revenue of 17.06 billion yuan, a 10.58% increase, but its net profit decreased by 9.15% to 857 million yuan [3]. - Shentong Express reported a significant net profit growth of 24.04% to 236 million yuan, driven by a low base effect and increased business volume [3][6]. - Yunda Express faced a decline in net profit by 22.15% to 321 million yuan, indicating a disconnect between revenue growth and profitability [3]. Group 3: Cost and Efficiency - YTO Express led in single-package net profit with 0.16 yuan, outperforming Yunda Express at 0.07 yuan and Shentong Express at 0.04 yuan, attributed to its digital management [4]. - In 2024, YTO Express's single-package transportation cost was 0.42 yuan, down 9.41%, and its operational efficiency improved significantly due to automation and technology [5]. - Shentong Express's business volume grew by 29.83% to 22.73 billion packages in 2024, but its net profit margin remained low at under 2%, highlighting ongoing challenges in profitability despite volume growth [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In the first quarter of 2025, the company achieved a business volume growth of 19.7% year-on-year, with a notable acceleration in growth to 25% in March [2][12]. - The company's revenue for the first quarter of 2025 reached 69.85 billion yuan, reflecting a year-on-year increase of 6.9%, driven by deeper penetration into various industry logistics scenarios and active international market expansion [6][12]. - The company reported a net profit attributable to shareholders of 2.23 billion yuan, up 16.9% year-on-year, with a net profit margin increase of 0.3 percentage points to 3.2% [2][6]. - Excluding tax incentives and subsidiary disposal gains, the company's non-recurring net profit grew by 19.1% year-on-year [2][12]. Summary by Sections Revenue and Profitability - The company’s revenue for Q1 2025 was 69.85 billion yuan, a 6.9% increase year-on-year, with express and international supply chain revenues growing by 7.2% and 9.9% respectively [2][12]. - The gross profit margin increased by 0.1 percentage points to 13.3%, demonstrating resilience amid global economic uncertainties [12]. - The company effectively managed its expenses, resulting in a 0.8% decrease in period expenses year-on-year, with a corresponding decline in expense ratio by 0.7 percentage points [12]. Shareholder Returns - The company announced a new share repurchase plan for 2025, intending to buy back 500 million to 1 billion yuan of A-shares, aimed at future employee stock ownership or incentive plans [12]. - The cash dividend payout ratio is set to increase to 40% in 2024, with total dividends reaching 8.9 billion yuan, reflecting a commitment to enhancing shareholder returns [12]. Cost Management and Competitive Position - The company continues to implement lean management practices to reduce costs, with capital expenditures in Q1 2025 dropping to 1.91 billion yuan, while free cash flow shows an improving trend [12]. - The new share repurchase plan indicates confidence in future growth, with projected net profits for 2025-2027 estimated at 11.7 billion, 13.55 billion, and 15.49 billion yuan respectively, corresponding to P/E ratios of 18.6, 16.0, and 14.0 times [12].

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 2025 年 4 月 28 日召开第六届董事会第二十次会议审 议通过了《关于 2025 年第 1 期 A 股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，本次回购股份的种类为公司发 行的 A 股社会公众股，回购价格不超过人民币 60 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。关于回购事项具体内容详见公司于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn）上披露的《回购报告书》（公 告编号：2025-030）。 一、回购进展 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等规 定，公司在回购期间应当在每个月的前 3 个交易日内公告截至上月末的回购进展 情况，现将公司回购进展情况公告如下： 截至 2025 年 4 月 30 日，公司暂未通过股份回购专用证券账户以集中竞价方 式回购公司 A 股股份。 证券代码：002352 证券简称：顺丰控股 公告编号：2025-032 顺丰控股股份有限公司 关于回购 ...

FF301 本月底法定/註冊股本總額： RMB 4,988,091,951 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 002352 | 說明 | | A股 (於深圳證券交易所上市) | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,817,646,658 | RMB | | 1 RMB | | 4,817,646,658 | | 增加 / 減少 (-) | | | 445,293 | | | RMB | | 445,293 | | 本月底結存 | | | 4,818,091,951 | RMB | | 1 RMB | | 4,818,091,951 | I. 法定/註冊股本變動 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 06936 說明 H股 法定/註冊股份數目 面值 法 ...

Investment Rating - The report rates the transportation industry as "Outperform the Market" [1] Core Insights - COSCO Shipping Specialised Carriers reported a revenue of 5.196 billion yuan in Q1 2025, a year-on-year increase of 51.47%, with a net profit of 345 million yuan, up 1.56% [2][12] - HNA Holding achieved a revenue of 65.236 billion yuan in 2024, reflecting an 11.25% increase, while Guangzhou Baiyun Airport's net profit doubled [2][14] - YTO Express reported a business volume growth of 25.32% in 2024, with a total logistics value of 91 trillion yuan in Q1 2025, marking a 5.7% year-on-year increase [2][18] Summary by Sections 1. Industry Hot Events - COSCO Shipping Specialised Carriers maintained steady growth despite global shipping market volatility, with a Q1 revenue of 5.196 billion yuan, a 51.47% increase year-on-year [12] - HNA Holding's 2024 revenue reached 65.236 billion yuan, an 11.25% increase, while Guangzhou Baiyun Airport's net profit surged by 109.51% [14][16] - YTO Express's business volume grew by 25.32% in 2024, with a logistics total of 91 trillion yuan in Q1 2025, up 5.7% year-on-year [18][19] 2. Industry High-Frequency Data Tracking - In April 2025, domestic air cargo flights decreased by 1.67% year-on-year, while international flights increased by 25.08% [33] - The SCFI index for container shipping reported a decrease of 1.66% week-on-week, while the PDCI index for domestic shipping increased by 0.67% [40] - In March 2025, express delivery volume rose by 20.30% year-on-year, with total revenue reaching 124.6 billion yuan [51] 3. Company Performance - COSCO Shipping Specialised Carriers added 13 new vessels in Q1 2025, increasing total capacity to 691.5 thousand deadweight tons, a 12.53% increase from the end of 2024 [13] - HNA Holding's passenger transport volume exceeded 68 million in 2024, a 14.36% increase, with international passenger transport volume growing by 132.68% [15] - YTO Express's capital expenditure exceeded 6.7 billion yuan in 2024, focusing on automation upgrades and expanding its logistics network [19]