SF Holding(SZ:002352) Huachuang Securities·2025-05-20 12:13Core Insights - The express delivery industry experienced a volume growth rate of 19.1% in April 2025, with SF Express leading the market with a 30% growth rate under its "Activate Operations" strategy [1][5][8] - The total business volume for the industry reached 16.32 billion pieces in April, with a cumulative volume of 61.45 billion pieces from January to April, reflecting a year-on-year growth of 20.9% [5][8] - The industry revenue for April was 121.28 billion yuan, marking a 10.8% year-on-year increase, while the cumulative revenue for the first four months was 466.92 billion yuan, up 10.9% year-on-year [5][8] Industry Performance - The express delivery industry saw a decline in average revenue per piece, with April's average at 7.43 yuan, down 7.0% year-on-year, and a cumulative average of 7.60 yuan, down 8.3% year-on-year [5][8] - The market share and growth rates of major companies in April were as follows: SF Express (30.0%), YTO Express (25.3%), Shentong Express (21.0%), and Yunda Express (13.4%) [5][8] - Cumulative growth rates for the first four months showed Shentong Express leading at 25.1%, followed by YTO Express (22.7%), SF Express (22.4%), and Yunda Express (20.3%) [5][8] Company Strategies - SF Express has implemented an "Activate Operations" strategy, focusing on organizational and mechanism reforms to enhance decision-making agility and market expansion capabilities [5][8] - The report emphasizes the resilience of demand in the express delivery sector, projecting a 21% growth rate for the entire industry in 2024 [5][8] - The report suggests that the overall industry is moving towards a "de-involution" trend, which is expected to benefit the performance elasticity of express delivery companies in the medium to long term [5][8]