Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a revenue of 86 million yuan in H2 2024, representing a year-on-year growth of 30%, and a net profit of 0.69 million yuan, with a year-on-year increase of 100% [7] - The company's revenue for 2024 is projected to be 155 million yuan, reflecting a year-on-year growth of 25%, and a net profit of 1.35 million yuan, indicating a year-on-year increase of 167% [7] - The company benefits from an increase in cooperative clients and maintains a competitive advantage in the KA same-city delivery business, which is expected to grow by 30% year-on-year in H2 2024 [7] - The last-mile delivery service is anticipated to see a 30% year-on-year revenue growth in H2 2024, driven by increased collaboration with major clients and enhanced service penetration [7] - The company is expanding into lower-tier markets, with county-level revenue growing by 51% year-on-year in H1 2024, and has entered the Hong Kong market under the "SoFast" brand [7] - The report adjusts the net profit forecast for 2024-2026 to 1.35 million yuan, 2.73 million yuan, and 4.53 million yuan respectively, while maintaining a "Buy" rating [7] Financial Summary - Total revenue for 2022 was 10,266 million yuan, with a year-on-year growth of 25.57%, and is projected to reach 22,130 million yuan by 2026 [1] - The company reported a net profit of (286.90) million yuan in 2022, expected to turn positive with 50.60 million yuan in 2023 and grow to 452.75 million yuan by 2026 [1] - The latest diluted EPS is projected to increase from (0.31) yuan in 2022 to 0.49 yuan in 2026 [1] - The P/E ratio is expected to decrease from 148.28 in 2023 to 16.57 by 2026, indicating improved profitability [1]
顺丰同城：2024H2业绩前瞻：行业需求向上，格局集中，看好公司业绩高增