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 Holding (002352) in last-mile delivery [1] Financial Performance - Revenue increased by 49% year-on-year [1] - Net profit surged by 120% year-on-year [1] - Net profit margin improved from 0.9% in the same period last year to 1.3% [1] Growth Drivers - Growth attributed to an increase in key customers and strong order volume driven by competitive pricing in the food delivery sector [1] - Enhanced collaboration with SF Holding in last-mile delivery services [1] Future Outlook - Credit Lyonnais raised the net profit forecast for SF Express for 2025 to 2027 by 4% to 34% [1] - Anticipation of faster revenue growth in same-city delivery and last-mile services [1] - Target price increased from HKD 10.8 to HKD 16.2, maintaining an "outperform" rating [1]
里昂：维持顺丰同城跑赢大市评级 料需求持续增长