Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.89, based on a current price of HKD 10.86 [1][3]. Core Insights - The company reported a revenue of RMB 6.88 billion for the first half of 2024, representing a year-on-year growth of 19.6%. The net profit doubled compared to the same period last year, with a growth rate of 105.1% [2][3]. - The company's core business shows resilience, with a strong order volume growth exceeding 30% year-on-year. Revenue from same-city delivery services increased from RMB 3.39 billion in the first half of 2023 to RMB 4.04 billion in the first half of 2024, a growth of 19.2% [2][3]. - The company has optimized its business structure, achieving significant improvements in revenue from same-city delivery to merchants, which reached RMB 2.87 billion, up 18.8% year-on-year [2][3]. - The company is focusing on understanding consumer needs and capturing new market opportunities, with revenue from consumer-oriented same-city delivery growing by 20.1% year-on-year to RMB 1.16 billion [2][3]. Summary by Sections Financial Performance - The company achieved a gross profit of RMB 470 million and a gross margin of 6.9%, up 0.2 percentage points from the previous year. The net profit margin was 0.9% [2]. - The average delivery time for orders within 3 kilometers was 22 minutes, with a service quality achievement rate of approximately 95% [2]. Revenue Projections - The company expects to continue benefiting from market opportunities in local retail and third-party instant delivery services, projecting revenues of RMB 10.27 billion, RMB 12.40 billion, and RMB 15.15 billion for 2024, 2025, and 2026, respectively [4][9]. - The projected net profits for the same years are RMB 0.51 billion, RMB 1.50 billion, and RMB 2.80 billion, with EPS expected to be RMB 0.06, RMB 0.16, and RMB 0.31 [4][9]. Valuation - The report suggests that a price-to-sales (P/S) valuation is more appropriate, with the company's 2024 valuation at 0.6 times, compared to an average of 1.01 times for comparable companies [3][10]. - The report anticipates further profit elasticity release as the company focuses on high-quality growth and profitability enhancement [3][10].
顺丰同城：2024年半年报点评：净利同比翻倍增长，预计9月进入港股通