Investment Rating - The report assigns a "Buy" rating for the company, SF Express City (9699 HK) [3][5][8] Core Views - The company is expected to see continuous improvement in performance, driven by its dual business model of same-city delivery and SF Express's last-mile delivery services. Revenue for the first half of 2024 is projected to reach 7.1 billion RMB, a year-on-year increase of 22%, with net profit expected to double to 67 million RMB, maintaining a net profit margin of 0.9% [1][2][9] - The company has launched the "SoFast" service in Hong Kong, focusing on document, flower, and digital product deliveries, differentiating itself from competitors like KeeTa and Foodpanda [2][9] - The valuation has been adjusted to reflect a revenue growth forecast of 22% for 2024 and 19% for 2025, with an updated target price of 13.5 HKD, corresponding to a 33x price-to-earnings ratio [2][9] Financial Summary - Revenue is expected to grow from 10.23 billion RMB in 2022 to 15.16 billion RMB in 2024, with a compound annual growth rate (CAGR) of 22.4% [3][9] - Net profit is projected to improve from a loss of 287 million RMB in 2022 to a profit of 143 million RMB in 2024, with a net profit margin increasing from -2.8% to 0.9% [3][9] - The company’s gross margin is expected to rise from 4.0% in 2022 to 7.1% in 2024, driven by increased order density and improved operational efficiency [2][9]
顺丰同城：同城即配/顺丰落地配双轮驱动；业绩持续改善趋势不变