IPO点评：顺丰控股

Investment Rating - The report assigns a score of 5.6 for the IPO of SF Holding, suggesting investors to subscribe to the offering [3]. Core Insights - SF Holding is a leading global integrated logistics service provider, with services including express delivery, freight services, cold chain logistics, same-city delivery, supply chain services, and international logistics. It ranks as the largest integrated logistics provider in China and Asia, and the fourth largest globally based on 2023 revenue [1]. - The company achieved revenues of 207.2 billion, 267.5 billion, and 258.4 billion yuan in 2021, 2022, and 2023 respectively, with a compound annual growth rate (CAGR) of 11.7%. The net profit attributable to shareholders was 4.74 billion, 6.3 billion, and 8.23 billion yuan for the same years, with a CAGR of 31.9% [1]. - The IPO price range is set at 32.3-36.3 HKD per share, with total issuance expected to be between 5.491-6.171 billion HKD, leading to a post-issue market capitalization of 161.054-180.999 billion HKD [3]. Company Overview - SF Holding operates the largest air cargo fleet in Asia with 99 cargo aircraft and the largest ground transportation fleet globally with 186,000 vehicles, covering 202 countries and regions [1]. - The company has a market share of 2.6% in the Chinese market, with specific shares in express delivery (11.7%), time-sensitive express (63.9%), less-than-truckload (1.7%), cold chain logistics (2.2%), same-city delivery (13.8%), and end-to-end supply chain (3.2%) [2]. Industry Status and Outlook - The global third-party logistics market was valued at 5.24 trillion USD in 2023 and is projected to reach 6.7 trillion USD by 2028, with a CAGR of approximately 5.2%. The Asian market is the largest and fastest-growing segment [2]. - The logistics industry is characterized by a fragmented competitive landscape, with the top five global logistics service providers holding only 6.2% market share [2].