Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant profit increase in 2024, with total revenue reaching 15.746 billion yuan, a year-on-year growth of 27.1%, and a net profit attributable to shareholders of 1.3246 billion yuan, up 161.8% year-on-year [7] - The company is expected to continue its growth trajectory into 2025, with projected revenue of 19.602 billion yuan and net profit of 2.4734 billion yuan, reflecting an 86.73% increase [1][7] - The report highlights the company's strong performance in the 2B local delivery business, with revenue from this segment growing by 28.1% to 6.688 billion yuan, driven by an increase in active merchants and partnerships [7] - The last-mile delivery services also showed robust growth, with revenue increasing by 32.5% to 6.625 billion yuan, supported by enhanced operational efficiency and collaboration with major clients [7] Financial Summary - Total revenue projections for the company are as follows: 15.746 billion yuan in 2024, 19.602 billion yuan in 2025, 23.622 billion yuan in 2026, and 27.874 billion yuan in 2027, with respective year-on-year growth rates of 27.09%, 24.49%, 20.51%, and 18.00% [1][8] - The net profit attributable to shareholders is forecasted to be 1.3246 billion yuan in 2024, 2.4734 billion yuan in 2025, 3.6238 billion yuan in 2026, and 4.9145 billion yuan in 2027, with year-on-year growth rates of 161.80%, 86.73%, 46.51%, and 35.62% respectively [1][8] - The company's earnings per share (EPS) is projected to increase from 0.14 yuan in 2025 to 0.54 yuan in 2027, indicating a strong upward trend in profitability [1][8]
顺丰同城（09699）：2024年年报点评：利润稳健释放，看好2025年继续成长