SF Holding(SZ:002352) INDUSTRIAL SECURITIES·2024-04-02 16:00Investment Rating - The report maintains an "Add" rating for the company [1] Core Views - The company reported a revenue of 258.41 billion yuan in 2023, a year-on-year decrease of 3.4%, while the net profit attributable to shareholders was 8.23 billion yuan, an increase of 33.4% [2][4] - The report emphasizes the importance of focusing on supply-side evolution to drive demand recovery, highlighting new growth points such as same-city half-day delivery and next-morning delivery products [4] Summary by Sections Financial Performance - The company achieved a net profit margin of 3.2% in 2023, with a non-recurring net profit of 7.13 billion yuan, reflecting a year-on-year increase of 33.7% [2][3] - The express delivery segment's revenue grew by 10%, with significant contributions from new products and services [3][4] Cost Management - Operating costs decreased by 3.8% year-on-year, with labor costs increasing by 12.2%, accounting for 40.93% of revenue [3] - The report notes improvements in transportation costs, which decreased by 22.4%, indicating effective cost control measures [3] Cash Flow and Dividends - The company reported a net operating cash flow of 26.57 billion yuan, with a dividend payout ratio of 35%, translating to a cash dividend of 0.6 yuan per share, a 140% increase year-on-year [3][4] Future Outlook - The report projects a revenue growth of 10-13% for the upcoming year, with an expected net profit of approximately 9.9 billion yuan for 2024 [4] - The company is expected to continue innovating its operational model and enhancing its competitive edge in international markets [4]