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 strong order volume from competitive pricing in the food delivery sector [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 [1] - Strong order volume growth driven by competitive pricing in the food delivery market [1] - Enhanced collaboration with SF Holdings 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] - The company is expected to capture ongoing market demand due to its robust logistics capabilities [1] - Target price increased from HKD 10.8 to HKD 16.2, maintaining an "outperform" rating [1]
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