Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][8]. Core Insights - The growth path of the company is clear, with continued improvement in profitability [2][4]. - The company achieved a revenue of 6.902 billion yuan in H1 2024, representing a year-on-year increase of 20.05%, and a net profit attributable to shareholders of 62 million yuan, up 105.10% year-on-year [3][4]. - The report highlights the deepening of KA cooperation and rapid revenue growth across various segments [4][6]. Summary by Sections Revenue Performance - In H1 2024, the company's same-city delivery revenue reached 4.038 billion yuan, a year-on-year increase of 19.2%, with To B revenue at 2.874 billion yuan, up 18.83% [4]. - The last-mile delivery revenue was 2.841 billion yuan, growing 20.3% year-on-year, with daily average package volume exceeding one million [4][5]. Profitability Improvement - The gross margin for H1 2024 was 6.9%, an increase of 0.2 percentage points year-on-year, while the overall expense ratio decreased by 0.28 percentage points to 6.26% [5]. - The net profit margin attributable to shareholders improved by 0.38 percentage points to 0.90% due to expense optimization [5]. Growth Forecast - The company is expected to achieve revenues of 14.962 billion yuan, 17.856 billion yuan, and 20.968 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21%, 19%, and 17% [8][9]. - The net profit attributable to shareholders is projected to be 142 million yuan, 273 million yuan, and 418 million yuan for the same years, with growth rates of 181%, 92%, and 53% respectively [8][9].
顺丰同城：2024年半年报点评：成长路径清晰，盈利改善延续