SF Holding(SZ:002352) Zhi Tong Cai Jing·2025-09-09 06:25Core Viewpoint - The report from Bank of America Securities indicates that the domestic express delivery industry in China lacks short-term catalysts, with mixed performance in Q2 earnings among express companies. SF Holding (06936) and JD Logistics (02618) show moderate growth in core profits, while the broader industry faces intense price competition [1] Group 1: Industry Performance - The core profits of the Tongda system's express companies fell by an average of 29% due to fierce price competition [1] - SF Holding and JD Logistics reported a year-on-year growth in core profits of 3% to 5% [1] - The Southeast Asian express business showed robust parcel volume, with Jitu Express-W (01519) experiencing a 66% year-on-year increase in parcel volume in Q2 [1] Group 2: Future Outlook - Bank of America Securities believes that the effects of price increases in the express delivery industry have already been realized, indicating a lack of positive catalysts in the short term [1] - The report maintains a "Buy" rating for SF Holding and JD Logistics, highlighting them as having particularly good entry points due to reset profit expectations for Q3 [1] - Yunda Express (002120.SZ) and Shentong Express (002468.SZ) are rated as "Underperform" due to weak execution and high valuations, respectively [1]