顺丰控股：Q3业绩同增35%，盈利能力稳步提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 206.861 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 9.44%. In Q3 alone, revenue reached 72.451 billion yuan, up 12.07% year-on-year [2][6] - The net profit attributable to shareholders for the first three quarters was 7.617 billion yuan, a year-on-year increase of 21.59%, with Q3 net profit at 2.810 billion yuan, growing 34.59% year-on-year [2][6] - The company is experiencing steady growth in express logistics revenue, with supply chain and international business showing high growth rates [6] - The company has implemented lean management practices, resulting in an increase in net profit margin by 0.65 percentage points year-on-year in Q3 [6] - The company emphasizes shareholder returns, having announced a mid-term dividend of 4 yuan per 10 shares and a special dividend of 10 yuan per 10 shares, totaling approximately 6.714 billion yuan in cash dividends [6] - Revenue forecasts for 2024-2026 are projected at 283.385 billion yuan, 313.693 billion yuan, and 347.661 billion yuan, with corresponding growth rates of 9.67%, 10.69%, and 10.83% [6] Summary by Sections Financial Performance - For 2024, the company expects revenue of 283.385 billion yuan, with a growth rate of 9.67% [7] - The net profit for 2024 is projected to be 10.096 billion yuan, reflecting a growth rate of 22.61% [7] - The earnings per share (EPS) for 2024 is estimated at 2.10 yuan [7] Business Segments - In Q3 2024, the total volume of express logistics and international express reached 3.229 billion pieces, a year-on-year increase of 14.37% [6] - The revenue from the express logistics segment grew by 7.57% year-on-year, while the supply chain and international segments saw a growth of 27.22% [6] Shareholder Returns - The mid-term dividend distribution plan includes a cash dividend of 4 yuan per 10 shares, with a total distribution rate of approximately 39.91% [6] - The special dividend plan proposes an additional 10 yuan per 10 shares, leading to a total cash dividend of 14 yuan per 10 shares [6]