Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The report highlights that the company has achieved significant revenue growth and profit improvement, driven by its strong brand and market position in the local delivery sector [7][8]. - The company reported a revenue of 15.746 billion RMB for 2024, representing a year-on-year increase of 27%, and a net profit of 132 million RMB, which is a 161.8% increase year-on-year [4][10]. - The report anticipates continued growth in revenue and profit for the years 2025 to 2027, with projected revenues of 19.613 billion RMB, 23.502 billion RMB, and 27.502 billion RMB, reflecting growth rates of 25%, 20%, and 17% respectively [10]. Summary by Sections Recent Performance - In the second half of 2024, the company achieved a revenue of 8.868 billion RMB, a year-on-year increase of 33.6%, and a net profit of 70 million RMB, up 233.3% year-on-year [4][5]. Business Segments - The company's To B (business-to-business) segment saw a revenue increase of 36% in H2 2024, driven by new key account orders and a 39% increase in active merchants [5]. - The To C (business-to-consumer) segment experienced a slower growth rate of 6% in H2 2024 compared to 20% in H1 2024 [5]. Profitability and Cost Management - The overall gross margin for 2024 was 6.8%, an increase of 0.4 percentage points year-on-year, attributed to improved scale network effects [6]. - The adjusted net profit margin for the year was 0.9%, reflecting a 0.5 percentage point increase year-on-year [6]. Future Projections - The report projects a significant increase in net profit for the years 2025 to 2027, with expected figures of 208 million RMB, 320 million RMB, and 449 million RMB, corresponding to growth rates of 57%, 54%, and 40% respectively [10]. - The report emphasizes the potential for continued growth driven by the company's strong market position and operational efficiencies [8].
顺丰同城（09699）：高增长提盈利，即时配领军者成长持续兑现