Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [17]. Core Insights - The company reported a significant improvement in its financial performance for 2024, achieving a total revenue of 284.42 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 10.17 billion yuan, up 23.5% year-on-year [2][4]. - The growth in the company's express logistics business volume reached 13.26 billion parcels, reflecting an 11.5% year-on-year increase, with a notable 15.3% growth rate excluding the Fengwang business [3]. - The company has successfully improved its profitability through cost control measures and operational efficiency, resulting in a gross profit margin of 13.9%, which is an increase of 1.1 percentage points year-on-year [4]. Financial Performance Summary - For 2024, the company achieved a net profit of 10.17 billion yuan, with a net profit margin of 3.6%, an increase of 0.4 percentage points from the previous year [4]. - The company's operating cash flow for 2024 was 32.19 billion yuan, representing a 21.1% increase compared to 2023 [4]. - The capital expenditure for 2024 was 10.71 billion yuan, a decrease of 38.9% year-on-year, indicating a focus on lean resource planning [4]. Earnings Forecast - The report adjusts the net profit forecasts for 2025 and 2026 to 12.22 billion yuan and 13.64 billion yuan respectively, with a new forecast for 2027 set at 15.4 billion yuan [4].

从中证全指运输指数持仓样本的行业来看，铁路运输占比18.18%、航运占比16.69%、航空运输占比 14.11%、快递占比13.27%、物流综合占比12.05%、高速公路占比9.70%、港口占比9.57%、机场占比 5.34%、公路运输占比1.09%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证全指指数调整样本时，中证全指行业指数样 本随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证全指行业指 数样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形 的处理，参照计算与维护细则处理。 跟踪运输指数的公募基金包括：华夏中证全指运输联接A、华夏中证全指运输联接C、华夏中证全指运 输ETF。 从指数持仓来看，中证全指运输指数十大权重分别为：京沪高铁（9.83%）、顺丰控股（9.29%）、中 远海控（8.23%）、大秦铁路（6.17%）、上海机场（3.74%）、 ...

Core Viewpoint - SF Holding (顺丰控股) is focusing on technological innovation and digital transformation to enhance operational efficiency and expand its logistics network, particularly in rural areas, while also committing to sustainability through green logistics initiatives. Group 1: Trading Information - As of April 11, 2025, SF Holding's stock closed at 41.88 yuan, down 3.55% from the previous week [1] - On April 10, there was a block trade where institutions net sold 12.69 million yuan [1][4] Group 2: Technological Innovation and Digital Transformation - The company has developed its own "Logistics Decision Big Model" and "Large Language Model" based on advanced large model technology [2][4] - In 2024, the company plans to achieve several international awards and national-level case certifications in logistics technology [2] Group 3: Rural Logistics Development - The company aims to enhance rural logistics services by increasing investment in rural terminal network construction, planning to develop over 100,000 village-level cooperative distribution stations by 2024 [2][4] Group 4: Green Logistics Initiatives - As of the reporting period, the company has deployed over 40,000 new energy vehicles covering 253 cities [3][4] - The company has completed the construction of rooftop photovoltaic power stations in 24 industrial parks, generating over 70 million kilowatt-hours of renewable energy [3]

以下文章来源于有数DataVision ，作者严张攀 有数DataVision . 数据表象与商业真相 作者： 严张攀 来源： 有数DataVision（lD： gh_dc4453e8feed） 2024年，极兔中国区平均客单价下滑了大约7%，但依靠对成本更加有效的管理措施，不仅公司 扭亏为盈，单票息税前利润也终于转正，来到了0.007美元。 作为中国快递史上的最强黑马，极兔的冲突性来自两点。 一是极兔在通达系厮杀最激烈的时期进入中国市场，但反而在高烈度的价格战中收获了最大的战 果。 二是极兔在中国扭亏为盈，反而凸显了快递公司在中国面临的残酷竞争。 2024年，极兔中国区的送件量比东南亚地区多出了足足152亿件，但东南亚市场的经调整息税前 利润，比国内高出一倍有余。 如果新能源车企业觉得自己在内卷，那么他可以看看快递。 01 增长的诅咒 快递创造了中国商业世界的两伊战争，两者的区别是两伊战争只打了八年。 一般来说，国内快递可以简单划分为两大类。 时效件 由顺丰和EMS主宰，上游是订单分散的个人和企业。由于建机场买飞机都需要行政审 批，顺丰有非常深的护城河。 电商件 则是通达系的天下，赚钱全靠低价走量。 相比时 ...

Core Viewpoint - The company is committed to enhancing its logistics services, particularly in rural areas, while also focusing on technological innovation and sustainable development to improve operational efficiency and profitability [1][2][3]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 284.4 billion RMB, representing a year-on-year growth of 10.1% [4]. - The net profit attributable to shareholders reached 10.2 billion RMB, with a year-on-year increase of 23.5%, resulting in a net profit margin of 3.6%, up by 0.4 percentage points [4][5]. - The company plans to distribute a cash dividend of 4.4 RMB per 10 shares for the 2024 fiscal year, pending approval at the annual shareholders' meeting [1]. Group 2: Rural Logistics Development - The company is enhancing its logistics network in rural areas, aiming to establish over 100,000 village-level distribution points by the end of 2024, achieving coverage rates of 98.9% at the county level, 95.1% at the town level, and 96.8% at the village level [1][2]. - Specific initiatives include optimizing parcel transfer modes, improving service quality through training, and providing diverse delivery options [1]. Group 3: Competitive Strategy - The company emphasizes that true competition lies in creating value for customers rather than merely competing on price, focusing on service capability and resource investment [1][3]. - Future strategies include leveraging technological innovation and expanding international business to build long-term competitive advantages [1][3]. Group 4: Technological Innovation - The company has developed proprietary logistics decision-making and language models to enhance operational efficiency and customer service across various scenarios [4][5]. - It has also implemented automation technologies, such as AGV and unmanned vehicles, to improve operational processes [4][5]. Group 5: Environmental Sustainability - The company has invested in over 40,000 new energy vehicles and completed solar power projects in 24 industrial parks, generating over 70 million kWh of renewable energy [4][5]. - Efforts to reduce packaging waste include the use of recyclable packaging solutions, resulting in a reduction of over 47,200 tons of greenhouse gas emissions [4][5]. Group 6: Market Outlook - The express delivery industry is projected to see significant growth, with an expected volume of 1.9 trillion packages and revenue surpassing 1.5 trillion RMB by 2025 [6]. - The demand for high-precision and high-efficiency logistics services is anticipated to rise due to national industrial upgrades [6].

Core Viewpoint - SF Holding (顺丰控股) reported a revenue of 284.42 billion RMB in 2024, marking a year-on-year growth of 10.07%, and a net profit of 10.17 billion RMB, up 23.51% from the previous year [2][3] Financial Performance - The company plans to distribute a cash dividend of 4.4 RMB per 10 shares for the 2024 fiscal year, with the distribution expected to be completed within two months after the annual shareholders' meeting [2] - SF Holding's total market capitalization is approximately 210.98 billion RMB, with a stock price increase of about 10% from 38.40 RMB in January 2024 to 42.30 RMB in April 2025 [3] International Business and Losses - In 2024, overseas revenue accounted for 11.31% of total income, with significant losses reported in the international and supply chain segments, totaling approximately 1.32 billion RMB [3] - The supply chain and international division has experienced consecutive losses, with a loss of 535 million RMB in 2023 and an increased loss of 1.32 billion RMB in 2024, attributed to restructuring and business adjustments [3] Share Buyback and Market Strategy - The company has repurchased shares worth 4.86 billion RMB from 2022 to April 2025, with an additional 860 million RMB in the second phase of the buyback plan initiated in 2024 [4] - SF Holding emphasizes its competitive edge through differentiated service capabilities and plans to enhance service competitiveness and operational efficiency through technology innovation and customized solutions [5] Market Performance and Valuation - The company faces a 20% discount in its H-shares compared to A-shares, a common phenomenon among A+H listed companies influenced by various market factors [5]

Group 1: Financial Performance and Cost Management - The company aims to improve gross profit margins through operational optimization and resource efficiency [1] - Cost reduction is achieved not only through external resource price fluctuations but also through structural optimization of operations [2] Group 2: Technological Innovation and Digital Transformation - The company has developed proprietary logistics decision-making and language models to enhance operational efficiency and customer service across over 20 scenarios [2] - Automation technologies such as AGV, unmanned vehicles, and RPA are implemented to optimize business processes and improve network efficiency [2] Group 3: Rural Logistics Development - In 2024, the company plans to enhance rural logistics networks, aiming for a county-level service coverage rate of 98.9%, town-level of 95.1%, and village-level of 96.8% [3] - Initiatives include increasing rural service points and improving the quality of service through staff training and standardized service images [3] Group 4: Environmental Sustainability and Green Logistics - The company has deployed over 40,000 new energy vehicles across 253 cities and completed solar power projects in 24 industrial parks, generating over 70 million kWh of renewable energy [4] - Efforts to reduce packaging waste include a reduction of approximately 42,000 tons of paper and 15,500 tons of plastic, along with the introduction of 19.18 million reusable packaging containers [4]

Group 1 - The company received a notification from its controlling shareholder, Shenzhen Mingde Holdings Development Co., Ltd., regarding the release of a portion of its A-share pledges on April 8, 2025 [1] - Mingde Holdings holds a total of 2,661,927,139 shares in the company, accounting for 53.37% of the total share capital, with 2,561,927,139 shares held directly and 100,000,000 shares held through its wholly-owned subsidiary [1] - The pledged shares do not involve any frozen shares, indicating a stable situation regarding the pledged and unpledged shares [1] Group 2 - As of the announcement date, Mingde Holdings has a good credit status and repayment capability, with no risks of forced liquidation or transfer of pledged shares [2] - The company will be notified promptly if any risks related to the pledged shares arise, and Mingde Holdings will comply with relevant disclosure obligations [2]

顺丰控股股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日收到控股 股东深圳明德控股发展有限公司（以下简称"明德控股"）的通知，获悉其所持 有的公司部分 A 股股份解除质押，具体事项如下： 二、股东股份累计质押情况 证券代码：002352 证券简称：顺丰控股 公告编号：2025-021 顺丰控股股份有限公司 关于控股股东部分 A 股股份解除质押的公告 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。 1 股东名 称 是否为控股股东 或第一大股东及 其一致行动人 本次解除质押 A 股股份数量 （股） 占其所持 股份比例 占公司总 股本比例 注 2 质押起始日 质押解除日 质权人 明德控 股 注 1 是 70,000,000 2.63% 1.40% 2022 年 10 月 24 日 2025 年 4 月 7 日 东亚银行 （中国）有 限公司北京 分行 一、 股东股份解除质押的基本情况 注 1：明德控股合计持有公司 A 股股份 2,661,927,139 股，占公司总股本比例为 53.37%：其中直接持股 2,561,927,139 股，通过全资子公司 ...

Domestic Financial Market - The Ministry of Foreign Affairs emphasizes China's commitment to true multilateralism and the protection of the multilateral trading system centered around the WTO [4] - The Ministry of Commerce held a roundtable meeting with representatives from over 20 US-funded enterprises [4] - The Ministry of Industry and Information Technology hosted a seminar on AI terminal benchmarks and intelligent classification [4] Industry Updates - As of the end of March, China's gold reserves reached 73.7 million ounces, with the central bank expanding its reserves for five consecutive months, impacting related stocks such as Zijin Mining and Chifeng Jilong Gold [5] - The first cross-provincial and cross-border freight station in the country has been officially launched, reducing costs by approximately 30%, affecting stocks like Baoshai Technology and SF Holding [5] - Display panel manufacturers maintained a capacity utilization rate above 80% in Q1 2025, influencing stocks such as BOE Technology Group and TCL Technology [5] Company Focus - Lianhua Holdings reported a significant increase in product sales and revenue in Q1 2025, with net profit expected to grow by 103% to 144% year-on-year [6] - Beijing-Shanghai High-Speed Railway signed a strategic cooperation framework agreement with the China Railway Economic Planning Research Institute [6] - Huaneng Hydropower achieved a power generation of 21.292 billion kWh in Q1 2025, a year-on-year increase of 31.22%, with grid-connected power reaching 21.104 billion kWh, up 31.42% year-on-year [6] - Heng Rui Medicine licensed its self-developed SHR7280 project to Merck KGaA, which will pay an upfront fee of €15 million [6] Market Review and Outlook - On April 7, the Shanghai and Shenzhen markets opened significantly lower due to US tariff policies and declines in external markets, with the Shanghai Composite Index closing down 7.34% at 3096 points and the ChiNext Index dropping 12.5%, marking its largest single-day decline [7] - The market faced accelerated declines due to sudden trade conflicts, but technical analysis suggests that the market may rebound after filling previous gaps [8] - The A-share market remains in a low valuation zone, with the manufacturing PMI returning above the growth line, and expectations for more favorable policies to be introduced [8]