Group 1 - The core viewpoint of the report is that due to the growth in orders for SF Express (09699), the revenue forecasts for 2025 and 2026 have been raised by 4.7% and 5.5% to 20.343 billion and 25.711 billion respectively, while net profit forecasts remain unchanged at 250 million and 406 million [1] - The company reported a significant increase in order volume during the "May Day" period, with overall business volume up 87% year-on-year, including a 177% increase in supermarket and department store orders and a 106% increase in beverage orders [2] - The demand for instant delivery services is expected to exceed previous expectations due to the growth in the takeaway and last-mile delivery sectors, with the company’s To B business volume anticipated to perform better than expected [3] Group 2 - The last-mile delivery business is projected to continue contributing revenue beyond expectations, driven by increased demand from e-commerce platforms and improved penetration of the company's logistics network [4] - The company is expected to see a net profit margin increase of 0.4 percentage points to 1.2% by 2025, benefiting from economies of scale and an optimized cost structure [5]
中金：维持顺丰同城(09699)“跑赢行业”评级 目标价13.50港元