Core Viewpoint - The report from Shanxi Securities projects that SF Express (09699) will see significant growth in net profit from 2025 to 2027, with estimates of 309 million, 585 million, and 891 million yuan respectively, reflecting year-on-year growth rates of 133%, 89.4%, and 52.4% [1] Company Summary - SF Express is positioned as a leading independent third-party instant delivery service platform in China, benefiting from the booming instant delivery industry and the decentralization of online traffic [1][2] - The company is expected to leverage its collaboration with SF Group in traditional express delivery and supply chain sectors to expand its customer base and enhance business scale, thereby improving profitability through economies of scale and advancements in unmanned delivery and AI [1] Industry Summary - The instant delivery industry is anticipated to experience rapid growth driven by multiple factors, including the acceleration of traffic diversification, the coexistence of various instant retail businesses, the expanding supply of food delivery services, and the fast development of digital retail in lower-tier markets [2] - According to iResearch, the CAGR for the instant delivery industry from 2023 to 2028 is projected to be 18.9%, while the order volume CAGR is expected to be 14.5% according to Sullivan [2] - Companies with independent third-party attributes and comprehensive business coverage in the instant delivery sector are rare, positioning SF Express favorably to capitalize on industry trends and achieve rapid growth [2]