Investment Rating - The report upgrades the investment rating for the company to "Buy" [1][11]. Core Insights - The company is experiencing high growth in revenue and profitability, with expectations for continued growth logic to be realized [2][6][9]. - The company reported a revenue of 10.236 billion yuan for H1 2025, representing a year-on-year increase of 48.81%, and a net profit attributable to shareholders of 137 million yuan, up 120.43% year-on-year [5][11]. Summary by Sections Recent Performance - In the past year, the company's stock performance has been -9.6% over 1 month, +0.3% over 3 months, and +34.4% over 12 months compared to the Hang Seng Index [4]. Financial Metrics - The company achieved a gross margin of 6.65% in H1 2025, a slight decrease of 0.23 percentage points year-on-year. The overall expense ratio improved by 0.85 percentage points to 5.41% [7]. - The net profit margin increased by 0.44 percentage points to 1.34% year-on-year, with adjusted net profit margin at 1.6%, up 0.60 percentage points [7]. Growth Drivers - The company's ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery order volume, driving revenue growth of 43.11% to 5.779 billion yuan [6]. - The ToB delivery revenue reached 4.467 billion yuan, up 55.42% year-on-year, with notable growth in the food delivery segment [6]. Future Projections - Revenue projections for 2025-2027 are 22.096 billion yuan, 28.475 billion yuan, and 35.542 billion yuan, with year-on-year growth rates of 40%, 29%, and 25% respectively [11]. - Net profit projections for the same period are 2.98 billion yuan, 5.15 billion yuan, and 9.00 billion yuan, with growth rates of 125%, 73%, and 75% respectively [11].
顺丰同城（09699）：盈利高增长，期待成长逻辑持续兑现