Investment Rating - Buy rating with a target price of HKD 14.9, implying a 55.6% upside from the current price of HKD 9.57 [1][16] Core Views - The company's revenue grew 19.6% YoY to RMB 6.87 billion in H1 2024, with order volume increasing over 30% YoY [3][7] - Net profit reached RMB 62 million, a 105.1% YoY increase, with net profit margin improving to 0.9% [3][7] - Same-city delivery revenue grew 19.2% YoY to RMB 4.04 billion, while last-mile delivery revenue increased 20.3% YoY to RMB 2.84 billion [3][9] - The company benefits from the rapid growth of the tea beverage market in lower-tier cities, with registered tea-related enterprises up 6.1x YoY [3][10][12] - The company's scale effect continues to drive profitability, supported by its extensive delivery network and efficient data algorithms [3][14][16] Business Performance - Non-meal delivery scenarios grew rapidly, with revenue up 32.4% YoY in H1 2024 [8] - Coverage in county-level markets expanded to over 1,200 counties, with revenue from these areas growing 51% YoY [8] - The company added over 6,000 new partner stores and increased its active merchant base to 550,000, up 45% YoY [8] - Revenue from consumer delivery grew 20.1% YoY to RMB 1.163 billion, driven by an expanding active user base and higher repurchase rates [8] Market Position - The company is a leading independent third-party instant delivery platform, with a strong position in the tea beverage delivery market [12] - During the 2024 Double 11 shopping festival, the company's daily delivery orders increased 43% YoY, with categories like beauty, beverages, and convenience stores seeing over 100% growth [13] - Last-mile delivery orders during Double 11 grew 160% YoY, and external cooperation orders increased 149% YoY [13] Growth Drivers - Deepening cooperation with key accounts (KA) and leveraging synergies with SF Holding for last-mile delivery [14][16] - Expanding commercial scenarios in lower-tier cities to further enhance scale effects [14][16] - The company's PS ratio for 2024 is estimated at 0.9x, reflecting its strong market position and commercial potential [16]
顺丰同城：下沉市场渗透率提升，盈利规模效应持续