SF Holding(SZ:002352) Huachuang Securities·2025-06-20 04:33Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [30]. Core Insights - In May, the express delivery industry achieved a business volume of 17.2% year-on-year growth, with a total of 173.2 billion packages delivered. Cumulatively, from January to May, the industry delivered 787.7 billion packages, reflecting a 20.1% year-on-year increase [5][8]. - The industry's revenue in May reached 1255.5 billion yuan, marking an 8.2% year-on-year increase, while the cumulative revenue from January to May was 5924.6 billion yuan, up 10.3% year-on-year [5][8]. - The average revenue per package in May was 7.25 yuan, down 7.6% year-on-year, with the cumulative average for the first five months at 7.52 yuan, a decrease of 8.2% year-on-year [5][8]. Summary by Sections Industry Performance - The express delivery industry continues to show strong growth, with major players like SF Express leading in volume growth at 31.8% year-on-year in May, followed by YTO Express at 21.0% and Shentong Express at 16.4% [5][6]. - Cumulatively, from January to May, SF Express also led with a 24.4% year-on-year growth, followed by Shentong at 23.0% and YTO at 22.3% [5][6]. Company Performance - In terms of revenue growth for May, YTO Express led with a 14.9% increase, followed by SF Express at 13.4% and Shentong at 13.0%. Cumulatively, Shentong's revenue grew by 17.0% year-on-year, outperforming the industry average of 10.3% [5][6]. - The report highlights that SF Express has implemented an "activation operation" strategy, which has significantly boosted its business volume and revenue growth, maintaining its position as the industry leader for three consecutive months [5][6]. Future Outlook - The report expresses optimism about the express delivery industry's resilience in demand, particularly in e-commerce logistics. It suggests that the industry is moving towards a more favorable competitive landscape, with major players adjusting their pricing strategies [5][6]. - The report recommends focusing on leading companies like Shentong and YTO Express, which are expected to benefit from the evolving market dynamics and potential performance rebounds [5][6].