SF Holding(SZ:002352) China Post Securities·2026-01-15 11:29Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights the collaboration between SF Express and Jitu Express, which is expected to enhance their overseas logistics capabilities and improve service quality [5][6] - SF Express is the largest logistics service provider in Asia and has a strong international presence, while Jitu Express has shown rapid growth in Southeast Asia [5] - The report recommends investing in SF Express and keeping an eye on Jitu Express due to their potential for global value capture through their partnership [7] Summary by Relevant Sections Industry Basic Information - The closing index is at 2447.76, with a 52-week high of 3008.46 and a low of 2325.54 [1] Recent Developments - SF Express plans to issue 226 million H shares to Jitu Express at HKD 36.74 per share, while Jitu Express will issue 822 million B shares to SF Express at HKD 10.10 per share, leading to SF Express holding approximately 10% of Jitu Express post-transaction [4][5] Performance Forecast and Investment Rating - SF Express is rated "Buy" with a closing price of CNY 39.19 and a market cap of CNY 197.5 billion, with expected EPS of CNY 2.34 for 2025 and CNY 2.60 for 2026 [9]