Investment Rating - The investment rating for the company is "Buy" [6][7]. Core Views - The company is a leading global express delivery enterprise, with a double-digit growth in parcel volume since 2025, driving rapid profit growth. The expansion of the product matrix enhances competitiveness, ensuring future development and a focus on shareholder returns [7]. - In Q1 2025, the company achieved a net profit growth of nearly 20% year-on-year, with a total of 4.876 billion parcels delivered, representing a year-on-year increase of 22.36%, outperforming the industry average [7]. - The company is expanding its presence in various supply chain segments, transitioning from sales logistics to integrated logistics solutions, which is expected to translate into increased parcel volume and revenue [7]. Summary by Sections Company Information - The target price for H shares is HKD 48, with the current price at HKD 40.20. The market capitalization is approximately RMB 164.59 billion [1]. - The company has a price-to-book ratio of 2.13 and a net asset value per share of RMB 18.87 [1]. Recent Ratings - The company has consistently received "Buy" ratings in recent evaluations, with the latest rating issued on March 31, 2025 [2]. Product Mix - The product mix consists of 70.4% express and large parcel services, 3.2% local delivery, and 26.0% supply chain and international services [3]. Financial Performance - For 2025, the company is projected to achieve a net profit of RMB 11.93 billion, with a year-on-year growth of 17%. The earnings per share (EPS) is expected to be RMB 2.39 [9]. - The company’s revenue is forecasted to reach RMB 306.1 billion in 2025, with a year-on-year increase of 7.6% [11]. Shareholder Returns - The company has initiated a share buyback program with a total amount of RMB 500 million to RMB 1 billion, indicating a commitment to shareholder returns [7].
顺丰控股（06936）：公司件量增速超预期，并将重视股东回报