顺丰控股：时效件护城河较为稳固，国际业务有望加速

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6]. Core Insights - The company is a leading global logistics service provider, focusing on the mid-to-high-end market with a robust moat in timely delivery services. The recent operational launch of Ezhou Huahu Airport is expected to enhance international business growth [4][5]. - The company's valuation is currently at a historical low, presenting an opportunity for investment [4][5]. Summary by Relevant Sections Company Overview - The company operates in the transportation industry, with a current A-share price of 35.22 RMB as of June 27, 2024. The market capitalization stands at 168.65 billion RMB, with a total share count of approximately 4.82 billion [2]. Financial Performance - The company is projected to achieve net profits of 9.15 billion RMB, 10.23 billion RMB, and 12.03 billion RMB for the years 2024, 2025, and 2026, respectively, reflecting year-over-year growth rates of 11%, 12%, and 18% [5][7]. - Earnings per share (EPS) are expected to be 1.87 RMB, 2.09 RMB, and 2.46 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 19x, 17x, and 14x [5][7]. Business Segments - The company's product mix includes express delivery, freight, cold chain, same-city delivery, and supply chain services, with significant capital investments ensuring a competitive edge in service quality and delivery speed [4]. - The international business segment has shown signs of recovery, with a reported 8.5% year-over-year revenue growth from January to May 2024, driven by increased demand and improved pricing in international air and sea freight [4]. Market Position - The company has a strong market position, with substantial capital expenditures totaling 64.54 billion RMB from 2019 to 2023, significantly higher than competitors [4]. - The company has a fleet of 87 dedicated cargo aircraft, leading the market compared to its competitors, which positions it well for future growth in international logistics [4].