Core Viewpoint - The report from Credit Lyonnais indicates that SF Express's performance in the first half of the year was strong, with revenue and net profit increasing by 49% and 120% respectively, driven by key customer growth and enhanced cooperation with SF Holdings 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] Future Outlook - Credit Lyonnais raised the net profit forecast for SF Express for 2025 to 2027 by 4% to reflect expectations of faster revenue growth in urban and last-mile delivery 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 was increased from HKD 10.8 to HKD 16.2 [1] - The rating was maintained at "Outperform" [1]
大行评级｜里昂：顺丰同城上半年业绩表现强劲 目标价上调至16.2港元