Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 13.80 [7][8]. Core Insights - The company reported a revenue of RMB 15.7 billion for 2024, representing a year-on-year growth of 27%, and a net profit of RMB 132 million, which is a significant increase of 162% year-on-year [1]. - The growth is attributed to breakthroughs in new KA merchants, optimization of business structure, and expanded network economies of scale [1][2]. - The company has successfully partnered with major brands and expanded its active merchant base to 650,000, a 39% increase year-on-year [2]. - The last-mile delivery revenue grew by 32.5% in 2024, benefiting from the overall growth in the express delivery industry [3]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of RMB 15.7 billion, with a year-on-year growth of 27% and a net profit of RMB 132 million, reflecting a 162% increase [1]. - The revenue for 2025 is projected to be RMB 19.5 billion, a 12% increase from previous estimates, and the net profit is expected to be RMB 270 million [4][6]. Market Position and Growth Drivers - The company has made significant inroads in the KA customer segment, partnering with brands like Sam's Club and Kenyue Coffee, and has added over 7,500 new stores in 2024 [2]. - The county-level revenue saw a remarkable growth of 121% year-on-year, indicating strong demand in lower-tier markets [2]. Valuation and Price Target - The target price has been adjusted to HKD 13.80 based on a segmental PS valuation, reflecting a 40% discount compared to the median valuation of comparable companies [4][13]. - The valuation considers the growth potential and profitability advantages of the company, with a focus on the last-mile delivery and same-city delivery services [4][13].
顺丰同城（09699）：商家侧获得突破，成长属性凸显