Core Viewpoint - The report from Credit Lyonnais indicates that SF Express (09699) has shown strong performance in the first half of the year, with revenue and net profit increasing by 49% and 120% respectively, driven by key customer growth and enhanced cooperation with SF Holdings (06936) in last-mile delivery [1] Financial Performance - Revenue increased by 49% and net profit surged by 120% in the first half of the year [1] - Net profit margin improved from 0.9% in the same period last year to 1.3% [1] Market Outlook - Credit Lyonnais has raised the net profit forecast for SF Express for 2025 to 2027 by 4% to reflect expectations of faster revenue growth in urban delivery and last-mile services [1] - The company is expected to capture ongoing market demand due to its robust logistics capabilities [1] Target Price Adjustment - The target price for SF Express has been increased from HKD 10.8 to HKD 16.2 [1] - The rating remains "Outperform" [1]
里昂：维持顺丰同城(09699)跑赢大市评级 料需求持续增长