SF Holding(002352) 国信证券·2025-03-31 08:44Investment Rating - The investment rating for the company is "Outperform the Market" [6][18]. Core Views - The company achieved a significant milestone with its annual net profit exceeding 10 billion yuan, indicating strong potential for continued improvement in profitability [1][4]. - The company's revenue for 2024 is projected to be 284.42 billion yuan, reflecting a year-on-year growth of 10.1%, while the net profit is expected to reach 10.17 billion yuan, up 23.5% year-on-year [1][5]. - The company has successfully focused on high-margin express delivery services after divesting from unprofitable segments, leading to improved profitability metrics [2][15]. Revenue and Profitability - The express delivery segment generated revenue of 122.21 billion yuan in 2024, growing 5.8% year-on-year, despite macroeconomic pressures [2][15]. - The company has implemented cost control measures and operational efficiency improvements, resulting in a net profit margin increase to 3.58% for the year [2][16]. - The fourth quarter of 2024 saw a revenue of 77.56 billion yuan, with a net profit of 2.55 billion yuan, marking a year-on-year increase of 29.6% [1][10]. Capital Expenditure and Financial Health - The company reduced its capital expenditure to 9.9 billion yuan in 2024, a decrease of 27% year-on-year, which is expected to further enhance profitability [3][16]. - The company is well-positioned to navigate economic cycles due to its robust operational framework and resource management strategies [3][16]. Long-term Outlook - The company’s net profit forecasts for 2024-2026 are 11.77 billion yuan, 13.73 billion yuan, and 15.60 billion yuan, respectively, indicating a strong growth trajectory [4][18]. - The company plans to increase its dividend payout ratio to 40% in 2024, up by 5 percentage points from the previous year, reflecting its commitment to shareholder returns [3][16].