Core Viewpoint - The company is positioned to benefit from the rapid growth of the instant delivery industry, driven by multiple factors including the diversification of demand, expansion of food delivery services, and the digital retail boom in lower-tier markets [1][2]. Industry Summary - The instant delivery industry is expected to experience a CAGR of 18.9% from 2023 to 2028, with order volume projected to grow at a CAGR of 14.5% during the same period [1]. - The demand for high-quality instant delivery services is increasing as merchants seek better logistics solutions amid the rapid growth of the instant retail sector [3]. Company Summary - The company, as the largest independent third-party instant delivery service platform in China, has achieved comprehensive coverage of four main consumption scenarios: food delivery, local retail, near-field e-commerce, and near-field services [2]. - The company reported a net profit of 0.51 billion yuan in 2023, marking its first profit after losses, and is projected to achieve a net profit of 1.3 billion yuan in 2024, representing a year-on-year growth of 159% [2]. - The company is leveraging its independent third-party status and collaboration with SF Group to expand its customer base and enhance profitability through scale effects [3]. - The company is investing in smart delivery solutions, including unmanned delivery and AI technologies, to improve delivery efficiency and service quality, which is expected to optimize cost structures and enhance profitability [3]. Financial Projections - The company is expected to achieve net profits of 3.09 billion yuan, 5.85 billion yuan, and 8.91 billion yuan from 2025 to 2027, with year-on-year growth rates of 133%, 89.4%, and 52.4% respectively [4]. - The company's PE valuation for 2025-2027 is projected to be below the average of comparable companies, indicating potential for investment [4].
顺丰同城(09699.HK)：即时配送大平台 打造消费新基建