SF Holding(SZ:002352) 智通财经网·2025-11-03 06:14Core Viewpoint - The report from Huachuang Securities expresses optimism about the express delivery industry, highlighting a rebound in pricing elasticity and improved financial metrics for major players in Q3 2025 [1] Group 1: Business Volume - The express delivery industry shows resilient growth, with a projected volume growth rate of 17.2% for the first three quarters of 2025 [2] - In terms of business volume and market share for the first three quarters of 2025: YTO Express (22.6 billion pieces, 15.6%) > Yunda Express (19.1 billion pieces, 13.2%) > Shentong Express (18.9 billion pieces, 13.0%) > Jitu Express (16.2 billion pieces, 11.1%) > SF Express (12.1 billion pieces, 8.3%) [2] - SF Express leads in growth rate at 33.4%, followed by YTO Express at 15.0%, while the industry average is 13.3% [2] Group 2: Pricing - The express delivery industry generated revenue of 1,085.74 billion yuan in the first three quarters of 2025, marking an 8.9% year-on-year increase, while the average ticket price decreased by 7.1% to 7.5 yuan [3] - For Q3 2025, the average ticket prices were: YTO Express (2.14 yuan, -2.4% year-on-year, +0.026 yuan quarter-on-quarter) > Shentong Express (2.05 yuan, +2.1% year-on-year, +0.082 yuan quarter-on-quarter) > Yunda Express (1.95 yuan, -2.1% year-on-year, +0.035 yuan quarter-on-quarter) > SF Express (13.57 yuan, -14.4% year-on-year, +0.079 yuan quarter-on-quarter) [3] Group 3: Performance Overview - In the first three quarters of 2025, SF Express led the industry in net profit with 8.31 billion yuan, a 9.1% increase, followed by YTO Express (2.88 billion yuan, -1.8%) and Shentong Express (760 million yuan, +15.8%) [4] - For Q3 2025, net profits were: SF Express (2.57 billion yuan, -8.5%) > YTO Express (1.05 billion yuan, +11.0%) > Shentong Express (300 million yuan, +40.3%) > Yunda Express (200 million yuan, -45.2%) [4] - The non-GAAP net profit for Q3 2025 showed similar trends, with SF Express at 2.23 billion yuan, down 14.2%, while Shentong Express saw a significant increase of 59.6% [4][5] Group 4: Single Ticket Analysis - The non-GAAP net profit per ticket increased for all major players in Q3 2025, with Shentong Express showing the highest year-on-year growth [5] - The non-GAAP net profit per ticket for Q3 2025 was: Shentong Express (0.049 yuan) > YTO Express (0.131 yuan) > Yunda Express (0.031 yuan) [5] Group 5: Asset Analysis - Capital expenditures for the first three quarters of 2025 were as follows: SF Express (6.7 billion yuan, -2.6%) > YTO Express (6.3 billion yuan, +34.1%) > Yunda Express (1.9 billion yuan, +51.9%) > Shentong Express (2.1 billion yuan, -10.5%) [5]