SF Holding(SZ:002352) Xin Lang Cai Jing·2025-03-31 02:39Core Viewpoint - The company reported strong financial performance in 2024, with significant growth in revenue and net profit, driven by effective operational strategies and business segment performance [1][2][3]. Financial Performance - The company achieved a total revenue of 284.4 billion yuan in 2024, marking a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 10.2 billion yuan, up 23.5% [1]. - In Q4 2024, revenue reached 77.56 billion yuan, reflecting an 11.8% year-on-year growth, with a net profit of 2.55 billion yuan, increasing by 29.6% [1]. Business Segment Performance - The express logistics segment handled 1.326 billion packages, growing by 11.5% year-on-year, with revenue from express services reaching 122.21 billion yuan, a 5.8% increase [2]. - The economic express segment saw a revenue increase of 11.8% year-on-year, with a volume growth of 17.5% [2]. - The freight business experienced over 20% growth in volume, with revenue of 37.64 billion yuan, up 13.8% [2]. - The cold chain and pharmaceutical segments faced a decline in revenue to 9.81 billion yuan, down 4.9% due to adverse weather conditions affecting fresh produce [2]. - The same-city instant delivery service reported a revenue of 8.87 billion yuan, growing by 22.4% year-on-year [2]. Supply Chain and International Business - The company capitalized on opportunities in cross-border e-commerce and international markets, achieving a revenue of 70.49 billion yuan in this segment, up 17.5% [3]. - The company improved operational efficiency, with total operating costs of 244.81 billion yuan, a growth of 8.7%, which was lower than the revenue growth rate [3]. - The gross profit margin increased to 12.93%, up 1.11 percentage points year-on-year [3]. Cost Management and Profitability - The company effectively managed expenses, with sales, management, R&D, and financial expense ratios at 1.09%, 6.52%, 0.89%, and 0.65%, respectively, showing a decrease in most categories [3]. - The net profit margin reached 3.58%, an increase of 0.39 percentage points year-on-year, indicating significant improvement in profitability [3]. Investment Outlook - The company announced a cash dividend rate of 40% for 2024, an increase of 5 percentage points, reflecting a commitment to shareholder returns [4]. - Projections for 2025-2027 indicate expected revenues of 310.52 billion yuan, 335.96 billion yuan, and 360.08 billion yuan, with respective year-on-year growth rates of 9.2%, 8.2%, and 7.2% [4]. - Net profits for the same period are forecasted to be 11.69 billion yuan, 12.95 billion yuan, and 14.20 billion yuan, with growth rates of 15.0%, 10.8%, and 9.6% respectively [4].