SF Holding(002352) 新浪财经·2025-04-01 10:39Core Insights - The company achieved a revenue of 284.42 billion RMB in 2024, representing a year-on-year growth of 10.1% [1][2] - The gross profit reached 39.61 billion RMB, with a year-on-year increase of 19.5%, resulting in a gross margin of 13.9%, up by 1.1 percentage points [1] - The net profit attributable to shareholders was 10.17 billion RMB, marking a 23.5% year-on-year growth, with a net profit margin of 3.6%, an increase of 0.4 percentage points [1][2] Revenue Breakdown - The express and large parcel business generated revenue of 200.16 billion RMB, growing by 7.1% year-on-year [2] - The same-city on-demand delivery segment saw a revenue increase of 22.2%, totaling 9.01 billion RMB [2] - The supply chain and international business segments reported a revenue growth of 17.7%, amounting to 74 billion RMB [2] Shareholder Returns - The company has emphasized shareholder returns, planning to steadily increase the cash dividend ratio from the 2023 level [3] - In 2024, the company implemented a mid-term cash dividend of approximately 1.92 billion RMB, with a dividend payout ratio of 39.9% [3] - A special cash dividend of about 4.8 billion RMB was distributed prior to the H-share listing, with an expected year-end dividend of 2.19 billion RMB, leading to a total cash dividend of approximately 4.1 billion RMB for 2024, reflecting a payout ratio of around 40% [3] Future Projections - Revenue forecasts for 2025-2027 are projected at 314.67 billion RMB, 345.13 billion RMB, and 375.41 billion RMB respectively [3] - The net profit estimates for the same period are 11.83 billion RMB, 13.71 billion RMB, and 15.73 billion RMB [3] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 2.37 RMB, 2.75 RMB, and 3.15 RMB respectively, with corresponding dynamic PE ratios of 18x, 15x, and 13x [3]