SF Holding(SZ:002352) Xin Lang Cai Jing·2025-08-26 06:36Core Viewpoint - SF Holding has achieved record high performance in 2024, with a net profit of 10.17 billion yuan, representing a year-on-year growth of 23.51%, driven by steady development in express delivery, diversified strategies, and significant cost reduction efforts [1] Group 1: Competitive Advantages - The company possesses a unique business model that includes direct operation, comprehensive logistics, and independent third-party services, leading to superior service quality and customer satisfaction [2] - The company has established a robust logistics infrastructure over 30 years, creating a resource moat that is difficult to replicate, with strategic assets like the Ezhou freight hub enhancing operational efficiency [2] - The combination of direct operation, comprehensive logistics, and independent third-party services provides a differentiated competitive edge, with over 2.3 million active monthly customers and more than 730 million individual members expected by the end of 2024 [2] Group 2: Cost Reduction and Management Transformation - The company has implemented a multi-network integration strategy, achieving significant cost reductions, with cumulative savings exceeding 3.8 billion yuan from 2021 to 2024 [3] - Operational changes have simplified end-stage processes, with over 3,400 sites adopting new sorting and delivery methods, and automation in short-distance transport being introduced [3] Group 3: Business Expansion - The express delivery business has seen an 11.8% year-on-year growth in 2024, driven by increasing demand in consumer and industrial sectors, with e-commerce returns also showing significant growth [4] - The supply chain and international business segment generated 70.5 billion yuan in revenue in 2024, a 17.5% increase, benefiting from cross-border e-commerce and logistics demand in Southeast Asia [5] - The KEX subsidiary is undergoing a strategic shift towards high-margin segments, with expectations for improved profitability despite a projected net loss of 1.32 billion yuan in 2024 [5] Group 4: Profit Forecast and Investment Outlook - The company is projected to achieve revenues of 312.49 billion yuan, 339.27 billion yuan, and 370.38 billion yuan from 2025 to 2027, with net profits of 11.86 billion yuan, 14.01 billion yuan, and 16.22 billion yuan respectively [6] - The expected earnings per share for the same period are 2.35 yuan, 2.78 yuan, and 3.22 yuan, indicating strong growth potential and investment opportunities [6]