Investment Rating - The report maintains an "Outperform" rating for the company [2][3] Core Views - The company is expected to see significant growth in its instant delivery segment, driven by increasing demand and strategic positioning within the market [3][4] - The company has reported a strong performance forecast for 2025, with net profit expected to be no less than RMB 238 million, representing an 80% increase from 2024 [3][4] - The report highlights the company's independent third-party platform as a key differentiator, enabling it to capture market opportunities and enhance customer relationships with major brands [3][4] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: RMB 12.4 billion - 2024: RMB 15.746 billion - 2025E: RMB 22.051 billion - 2026E: RMB 30.202 billion - 2027E: RMB 39.568 billion - Year-on-year revenue growth rates are projected at: - 2023: 20.80% - 2024: 26.98% - 2025E: 40.04% - 2026E: 36.96% - 2027E: 31.01% [3][7] - Net profit attributable to ordinary shareholders is forecasted as follows: - 2023: RMB 51 million - 2024: RMB 132 million - 2025E: RMB 238 million - 2026E: RMB 452 million - 2027E: RMB 755 million - Year-on-year net profit growth rates are projected at: - 2023: -117.63% - 2024: 161.81% - 2025E: 80.03% - 2026E: 89.46% - 2027E: 67.04% [3][7] - Earnings per share (EPS) is expected to increase from RMB 0.06 in 2023 to RMB 0.82 in 2027 [3][7] - The report notes a decrease in the price-to-earnings (PE) ratio from 48x in 2025E to 15x in 2027E, indicating a favorable valuation compared to peers [3][4]
顺丰同城（09699）：盈喜符合预期，看好即时配送未来增长：顺丰同城（09699）：