Investment Rating - The report maintains a "Buy" rating for the company [1][11] Core Views - The value of instant delivery services is increasingly highlighted in the logistics sector, with significant revenue growth in the last-mile delivery business in the first half of 2025. The revenue from last-mile delivery services reached 4.457 billion yuan, a year-on-year increase of 56.9%, driven by an increase in penetration within SF Holding's express delivery volume [3] - The company's overall revenue from subsidiaries of SF Holding grew by 63% year-on-year in the first half of 2025, indicating strong performance and operational efficiency [3] - The company is actively expanding services such as "same-day delivery" and multi-scenario urban logistics services, which are expected to continue driving rapid growth in the last-mile business [3] Financial Summary - The company's total revenue for 2023 is projected at 12.39 billion yuan, with a year-on-year growth of 20.69%. By 2025, revenue is expected to reach 21.485 billion yuan, reflecting a growth rate of 36.44% [1] - The net profit attributable to the parent company is forecasted to be 50.6 million yuan in 2023, increasing to 254.27 million yuan by 2025, representing a substantial year-on-year growth of 91.96% [1] - The latest diluted EPS is expected to rise from 0.06 yuan in 2023 to 0.28 yuan in 2025, indicating a positive trend in earnings per share [1] - The company's gross margin remains stable, while the sales, research and development, and management expense ratios have decreased, contributing to a net profit margin increase of 0.4 percentage points to 1.3% in the first half of 2025 [4] - The report projects a significant increase in net profit for 2025-2027, with estimates adjusted to 254 million yuan, 373 million yuan, and 497 million yuan respectively [11]
顺丰同城（09699）：2025年半年报点评：业绩超预期，看好即时配送业务加速增长