SF Holding(002352) 中银国际·2025-04-02 06:58Investment Rating - The report maintains a rating of "Buy" for the company [1][3][5] Core Views - The company reported a revenue of RMB 284.42 billion for 2024, representing a year-on-year growth of 10.07%, and a net profit attributable to shareholders of RMB 10.17 billion, an increase of 23.51% year-on-year [1][4][5] - The recovery of domestic consumption is expected to drive logistics demand, while the company is actively expanding into international markets to seek additional growth opportunities [1][4][5] - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 11.78 billion, RMB 13.61 billion, and RMB 15.67 billion, respectively, with year-on-year growth rates of 15.9%, 15.5%, and 15.1% [1][5][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 284.42 billion and a net profit of RMB 10.17 billion, marking a significant milestone as the net profit exceeded RMB 10 billion for the first time [4][3] - The gross margin improved to 13.9%, up by 1.11 percentage points, and the net profit margin increased to 3.59%, up by 0.53 percentage points [4][5] Business Segments - The express logistics segment generated revenue of RMB 205.78 billion, growing by 7.66% year-on-year, while the supply chain and international segments saw a revenue increase of 17.53% to RMB 70.49 billion [4][5] - The growth in traditional business segments was supported by the expansion of express delivery services and the penetration into county-level markets for same-city delivery [4][5] Future Outlook - The company's future performance is expected to be driven by the gradual recovery of domestic consumption and the progress of international market expansion [5][4] - The earnings per share (EPS) for 2025-2027 are projected to be RMB 2.36, RMB 2.73, and RMB 3.14, respectively, with corresponding price-to-earnings (P/E) ratios of 18.2, 15.8, and 13.7 [5][4]