Core Viewpoint - Shanxi Securities forecasts that SF Express City (09699) will achieve net profits attributable to the parent company of 309 million, 585 million, and 891 million yuan for the years 2025-2027, representing year-on-year growth of 133%, 89.4%, and 52.4% respectively. The company is given an "Overweight-A" rating for its first coverage [1]. Group 1: Company Performance - The projected net profits for SF Express City from 2025 to 2027 are 3.09 billion, 5.85 billion, and 8.91 billion yuan, with significant year-on-year growth rates [1]. - The company's price-to-earnings (PE) valuation for 2025-2027 is below the average of comparable companies [1]. - SF Express City benefits from being a leading independent third-party instant delivery service platform, with a unique combination of "third-party + full-scenario coverage + multi-channel compatibility" [1]. Group 2: Industry Outlook - The instant delivery industry is expected to experience rapid growth, driven by the acceleration of traffic decentralization, the coexistence of diverse instant retail businesses, and the expansion of food delivery supply [2]. - According to iResearch, the compound annual growth rate (CAGR) of the instant delivery industry from 2023 to 2028 is projected to be 18.9% [2]. - The order volume CAGR for the instant delivery industry from 2023 to 2028 is forecasted to be 14.5% according to Sullivan [2]. - Companies with independent third-party attributes and full-scenario business coverage in the instant delivery sector are rare, positioning SF Express City favorably for rapid growth [2].