Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [2][4]. Core Insights - The company is experiencing an unexpected surge in demand for last-mile delivery services, leading to an upward revision of the annual transaction cap for related services to RMB 128.45 billion and RMB 205.51 billion for 2025 and 2026, respectively, representing year-on-year increases of +101.7% and +60.0% [1]. - The company's flexible transportation network and strong delivery capabilities are expected to significantly enhance revenue from last-mile delivery services, driven by factors such as the growth of e-commerce returns, network expansion, and diversified service offerings [1]. - The company anticipates continued strong growth in express delivery services in collaboration with SF Holding Group, particularly during peak periods and in regions lacking local delivery personnel [1]. Financial Projections - Revenue is projected to grow from RMB 15.75 billion in 2024 to RMB 42.18 billion by 2027, with a compound annual growth rate (CAGR) of 27.1% [3]. - Net profit is expected to increase significantly from RMB 132 million in 2024 to RMB 869 million in 2027, reflecting a robust growth trajectory [3]. - Earnings per share (EPS) are forecasted to rise from RMB 0.14 in 2024 to RMB 0.95 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 96 to 15 over the same period [3].
顺丰同城（09699）：最后一公里配送需求超预期，上修年度关联交易额上限