Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company has shown strong growth in multi-scenario demand, with significant scale efficiency being released [1] - The company achieved a revenue of RMB 15.746 billion in 2024, representing a year-on-year growth of 27.11% [4] - The last-mile delivery service revenue grew by 32.5% to RMB 6.625 billion in 2024, driven by increased demand and operational efficiency [4] - The company has expanded its KA customer base and enhanced its presence in lower-tier markets, with a 121% increase in county-level revenue [4] - The company is expected to maintain steady growth in its same-city delivery business due to its strong logistics capabilities and customer partnerships [4] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: RMB 12.4 billion - 2024: RMB 15.746 billion - 2025E: RMB 19.375 billion - 2026E: RMB 23.752 billion - 2027E: RMB 28.978 billion - Net profit projections are as follows: - 2023: RMB 51 million - 2024: RMB 132 million - 2025E: RMB 256 million - 2026E: RMB 461 million - 2027E: RMB 594 million - The company’s earnings per share are projected to increase from RMB 0.06 in 2023 to RMB 0.65 in 2027 [2][5] Market Data - As of March 31, 2025, the closing price of the company's stock was HKD 8.99, with a market capitalization of HKD 82.47 billion [3]
顺丰同城（09699）：多场景需求高增，规模效益持续释放