SF Holding(002352) 长江商报·2025-03-31 00:20Core Insights - SF Holding achieved record-high operating performance in 2024, with revenue reaching approximately 284.4 billion yuan, a year-on-year increase of over 10%, and net profit surpassing 10 billion yuan for the first time, reaching 10.17 billion yuan, a growth of over 20% [1][3][4] Financial Performance - In 2024, SF Holding's revenue increased by 26.01 billion yuan compared to the previous year, marking a growth rate of 10.07% [3] - The net profit attributable to shareholders grew by 1.93 billion yuan, with a year-on-year increase of 23.51% [3] - The company plans to distribute cash dividends exceeding 8.9 billion yuan, setting a historical high [2] Business Segments - The express delivery business generated 122.21 billion yuan in revenue, up 5.8% year-on-year, with a business volume increase of 11.8% [5] - The economic express segment reported 27.25 billion yuan in revenue, a growth of 8.8%, with a business volume increase of 17.5% [5] - The freight business achieved 37.64 billion yuan in revenue, reflecting a 13.8% increase, with cargo volume growing over 20% [5] - The cold chain and pharmaceutical segment saw a revenue decline of 4.9% to 9.81 billion yuan, primarily due to climate factors affecting seasonal fresh produce [5] - The same-city instant delivery business grew by 22.4%, generating 8.87 billion yuan [5] - Supply chain and international business revenue exceeded 70.49 billion yuan, with a growth rate of 17.5%, indicating a solid second growth curve [5] Cost Management - Structural cost reduction has been a significant factor in the net profit growth, with continuous optimization of the network and a decrease in average operating costs [6] - The comprehensive gross margin and net margin for 2024 were 13.93% and 3.59%, respectively, both showing year-on-year increases [7] Technological Innovation - SF Holding emphasizes technological empowerment, integrating advanced logistics technology to enhance operational efficiency and customer service [8] - The company has developed proprietary models for logistics decision-making and large language models, improving demand forecasting and operational decision-making [8][9] - The application of automation technologies, such as AGV and RPA, has optimized business processes and enhanced network efficiency [8][9] R&D Investment - Since 2020, SF Holding has invested over 3 billion yuan annually in research and development [10] - As of the end of 2024, the company holds 4,180 active and pending patents, with 2,505 software copyrights, of which 61.5% are invention patents [10] - The company aims to accelerate industry transformation by shifting from a "product-selling" model to a "solution-selling" model, expanding its supply chain capabilities [10]