SF Holding(SZ:002352) Xinda Securities·2024-10-29 15:39Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report is optimistic about the company's transformation into a comprehensive logistics provider, highlighting its extensive logistics business development and positioning as Asia's largest integrated logistics service provider [1] - The company achieved a net profit attributable to shareholders of 7.617 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 21.59%, with a single-quarter net profit of 2.810 billion yuan, up 34.59% year-on-year [1] - Revenue is expected to grow steadily, with a year-on-year increase of 9.44% in the first three quarters and 12.07% in the third quarter [1] - Profit margins are anticipated to improve due to reduced capital expenditures and operational optimizations, with a net profit margin of 3.68% in the first three quarters, up 0.37 percentage points year-on-year [1] - The company is expected to enhance shareholder returns, with a proposed dividend payout ratio of 35.1% for 2023, an increase of 15.4 percentage points year-on-year [1] Summary by Sections Financial Performance - The company reported total revenue of 258.409 billion yuan in 2023, with a year-on-year decrease of 3.4%, and is projected to reach 284.124 billion yuan in 2024, reflecting a growth rate of 10.0% [2][4] - The net profit attributable to shareholders for 2023 was 8.234 billion yuan, with a year-on-year growth of 33.4%, and is expected to reach 9.726 billion yuan in 2024, growing by 18.1% [2][4] - The gross profit margin is projected to improve from 12.8% in 2023 to 13.1% in 2024 [2][4] Future Outlook - The company is expected to achieve net profits of 9.726 billion yuan, 11.729 billion yuan, and 14.194 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 21.32, 17.68, and 14.61 [2] - The establishment of the Ezhou Airport hub is anticipated to empower international business, significantly expanding the company's long-term value potential [1]