SF Holding(SZ:002352) ZHONGTAI SECURITIES·2025-08-26 06:25Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Views - The company is positioned as a leading comprehensive logistics provider, achieving record high performance. It has rapidly transformed from a leading express delivery service provider in China to a global comprehensive logistics service provider through its "1 to N" expansion strategy. The company benefits from steady growth in express delivery, ongoing diversification strategies, improved profitability from new businesses, and significant cost reduction and efficiency gains [6][12]. Summary by Sections 1. Company Overview - The company aims to become a global leader in smart logistics solutions, having established a strong market position in China since its inception in 1993. It has undergone three major development phases: focusing on domestic express logistics, diversifying its services, and now positioning itself for global comprehensive logistics [19][21]. 2. Competitive Advantages - The company possesses a unique business model characterized by direct management, comprehensive logistics, and independent third-party services. This model ensures high service quality, significant resource advantages, and substantial growth potential [7][46]. 3. Cost Reduction and Lean Management - The company has implemented a multi-network integration strategy that has led to significant cost reductions, with cumulative savings exceeding 3.8 billion yuan from 2021 to 2024. The operational model has been simplified to enhance efficiency, with automation and unmanned logistics being key components [8][36]. 4. Growth Potential - The express delivery business is expected to grow, driven by consumer and industrial demand. The company anticipates an 11.8% year-on-year increase in express delivery volume in 2024, with significant contributions from e-commerce returns and industrial logistics [9][11]. 5. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 312.49 billion yuan, 339.27 billion yuan, and 370.38 billion yuan from 2025 to 2027, with corresponding net profits of 11.86 billion yuan, 14.01 billion yuan, and 16.22 billion yuan. The report emphasizes the company's strong competitive advantages and high growth potential, leading to a positive long-term investment outlook [14][18].