SF Holding(SZ:002352) Minsheng Securities·2025-08-20 12:14Investment Rating - The report maintains a "Recommended" rating for SF Express and Shentong Express, while other companies like Yunda Express and ZTO Express are also highlighted for their potential [8]. Core Insights - The express delivery industry showed robust performance in July 2025, with total revenue reaching 120.64 billion yuan and business volume at 16.40 billion pieces, reflecting year-on-year growth of 8.9% and 15.1% respectively [3]. - For the first seven months of 2025, the industry accumulated revenue of 839.42 billion yuan, up 9.9% year-on-year, and a total business volume of 112.05 billion pieces, marking an 18.7% increase [3]. - The report emphasizes the strong resilience in demand, driven by trends such as lightweight and small parcel deliveries, as well as the growth of reverse logistics and opportunities in lower-tier markets [6]. Summary by Sections Industry Performance - In July 2025, major express companies reported the following revenue and volume: SF Express at 18.657 billion yuan (+15.0%), Shentong at 4.287 billion yuan (+10.0%), Yunda at 4.120 billion yuan (+3.8%), and ZTO at 5.371 billion yuan (+12.1%) [4]. - The business volume for these companies was: SF Express at 1.377 billion pieces (+33.7%), Shentong at 2.181 billion pieces (+11.9%), Yunda at 2.162 billion pieces (+7.6%), and ZTO at 2.583 billion pieces (+20.8%) [4]. Company Insights - For the first seven months of 2025, SF Express's revenue was 127.812 billion yuan (+10.9%), with a business volume of 9.190 billion pieces (+26.9%) [5]. - The market share for SF Express increased by 0.5 percentage points year-on-year, reaching 8.2% [5]. Market Trends - The report notes a shift towards more orderly competition in the express delivery sector, with a focus on reducing price wars and improving profitability for leading companies [6]. - The express delivery sector is currently viewed as undervalued, with expectations for continued growth driven by e-commerce and new market demands [7].