SF Holding(SZ:002352) Huafu Securities·2025-04-14 11:27Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [17]. Core Insights - The company reported a significant improvement in its financial performance for 2024, achieving a total revenue of 284.42 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 10.17 billion yuan, up 23.5% year-on-year [2][4]. - The growth in the company's express logistics business volume reached 13.26 billion parcels, reflecting an 11.5% year-on-year increase, with a notable 15.3% growth rate excluding the Fengwang business [3]. - The company has successfully improved its profitability through cost control measures and operational efficiency, resulting in a gross profit margin of 13.9%, which is an increase of 1.1 percentage points year-on-year [4]. Financial Performance Summary - For 2024, the company achieved a net profit of 10.17 billion yuan, with a net profit margin of 3.6%, an increase of 0.4 percentage points from the previous year [4]. - The company's operating cash flow for 2024 was 32.19 billion yuan, representing a 21.1% increase compared to 2023 [4]. - The capital expenditure for 2024 was 10.71 billion yuan, a decrease of 38.9% year-on-year, indicating a focus on lean resource planning [4]. Earnings Forecast - The report adjusts the net profit forecasts for 2025 and 2026 to 12.22 billion yuan and 13.64 billion yuan respectively, with a new forecast for 2027 set at 15.4 billion yuan [4].