SF Holding(SZ:002352) Xinda Securities·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a net profit attributable to shareholders of 8.234 billion yuan in 2023, representing a year-on-year increase of 33.4% [2] - The company achieved a steady improvement in its non-recurring net profit margin, which reached 2.8% in 2023, up by 0.8 percentage points year-on-year [3] - The company plans to increase its cash dividend payout ratio steadily from 2024 to 2028, with a cash dividend of 0.60 yuan per share in 2023, a 140% increase year-on-year [7] Financial Performance - The company's total revenue for 2023 was 258.409 billion yuan, a decrease of 3.4% compared to 2022 [8] - The gross profit margin improved to 12.8% in 2023, up from 12.5% in 2022 [8] - The company expects net profits of 9.622 billion yuan, 12.157 billion yuan, and 14.590 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18, 15, and 12 [8] Business Segments - The express and large parcel segment achieved a net profit of 8.453 billion yuan in 2023, a significant increase of 54.6% year-on-year [4] - The same-city instant delivery segment turned profitable in 2023, with a net profit of 0.51 billion yuan, compared to a loss of 0.287 billion yuan in 2022 [4] - The supply chain and international segment reported a net loss of 0.535 billion yuan in 2023, but performance is expected to stabilize in 2024 [4] Future Outlook - The company’s Ezhou Airport transfer center, which commenced operations in Q3 2023, is anticipated to enhance air capacity utilization and drive down unit costs in the future [5] - The company’s long-term shareholder return plan reflects its strategic considerations and is expected to positively impact investor returns [7]