GOLDEN SUN SECURITIES·2025-11-26 00:45Core Insights - SF Holding (002352.SZ) is transitioning from a leading express delivery company to a comprehensive logistics service provider, leveraging its strong control over the entire logistics chain and heavy asset layout to maintain service quality and brand influence [3] - The company has achieved significant cost reductions, totaling over 3.8 billion yuan since 2021, through multi-network integration and operational transformations [3][4] - The "activation operation" strategy has led to a sustained monthly volume growth of over 30% in 2025, although there is still room for profit margin optimization due to prior investments [4] Summary by Sections Company Overview - SF Holding is recognized as a direct express delivery leader, with a robust logistics network built on its direct operation model [3] - The company is expected to see supply chain and international business become its second growth curve [3] Cost Management - The integration of multiple networks has enabled resource reuse and cost reduction across the logistics chain, with a cumulative cost reduction of over 3.8 billion yuan since 2021 [3] - Operational changes, including optimization of transfer efficiency and automation, have contributed to ongoing cost improvements [3] Growth Potential - The company anticipates structural efficiency improvements and cost reductions in Q4 2025, with a forecast of stable net profit growth for the year [4] - SF Holding is positioned to benefit from economic recovery, which is expected to enhance its profit elasticity in the medium to long term [4]