交银国际每日晨报-20250910

Group 1: SF Express (顺丰同城) - The company has shown significantly better-than-expected revenue growth in the first half of the year, leading to an upward revision of revenue forecasts for 2025-2027 by 14%/12%/12%, reaching 22 billion to 30.4 billion HKD, with year-on-year growth rates of 40%/20%/15% [1] - Profit forecasts for 2025-2027 have been increased by 26%/23%/27%, resulting in projected profits of 340 million to 760 million HKD, with Non-IFRS net profit margins of 1.5%/2%/2.6% [1] - The company is expected to benefit from the rationalization of delivery subsidies and the continued deepening of business synergies with SF Express, alongside the cost reduction from the scaling of autonomous vehicle deliveries [2] Group 2: Automotive Industry - In August, the penetration rate of new energy vehicles reached 55.2%, marking a new high for the year, with retail sales of passenger cars at 1.995 million units, a year-on-year increase of 4.6% [3] - Domestic brands sold 1.32 million vehicles, with a retail market share increase of 2.3 percentage points to 65.7%, while mainstream joint venture brands saw a retail sales decline of 2% [3] - The export of new energy passenger vehicles maintained strong growth, with a total of 204,000 units exported in August, accounting for 40.9% of total passenger vehicle exports, a year-on-year increase of 16.6 percentage points [4]