SF Holding(SZ:002352) Huachuang Securities·2025-08-20 09:55Investment Rating - The report maintains a "Neutral" investment rating for the express delivery industry, indicating that the industry index is expected to fluctuate within -5% to 5% relative to the benchmark index over the next 3-6 months [29]. Core Insights - The express delivery industry experienced a business volume growth of 15.1% in July, with a total of 16.4 billion packages delivered, and a cumulative growth of 18.7% for the first seven months of the year [3][6]. - The industry's revenue in July reached 120.64 billion yuan, reflecting an 8.9% year-on-year increase, while the cumulative revenue for the first seven months was 839.42 billion yuan, up 9.9% year-on-year [3][6]. - The average revenue per package in July was 7.36 yuan, down 5.3% year-on-year, with a cumulative average of 7.49 yuan, down 7.4% year-on-year [3][6]. Summary by Sections Industry Performance - In July, the express delivery industry achieved a business volume of 16.4 billion packages, marking a year-on-year increase of 15.1%. For the first seven months, the total business volume reached 1,120.5 billion packages, up 18.7% year-on-year [3][6]. - The industry revenue for July was 120.64 billion yuan, with a year-on-year growth of 8.9%, and a cumulative revenue of 839.42 billion yuan for the first seven months, reflecting a 9.9% increase [3][6]. Company Performance - SF Express led the industry with a business volume growth of 33.7% in July, followed by YTO Express at 20.8%, Shentong Express at 11.9%, and Yunda Express at 7.6%. Cumulatively, SF Express also led with a 26.9% growth for the first seven months [3][6]. - In terms of revenue growth for July, SF Express again led with a 15.0% increase, followed by YTO Express at 12.1%, Shentong Express at 10.0%, and Yunda Express at 3.8%. Cumulatively, Shentong Express had the highest revenue growth at 14.8% for the first seven months [3][6]. Investment Opportunities - The report emphasizes investment opportunities in the express delivery sector, particularly under the "anti-involution" trend, which aims to reduce excessive competition. This trend is expected to enhance the performance of major express companies in the medium to long term [3][6]. - Key recommendations include continued support for Jitu Express due to its strong performance in Southeast Asia and the domestic market, as well as Shentong Express, which is seen as a pivotal company benefiting from the "anti-involution" trend [3][6].