Core Viewpoint - Guosheng Securities report highlights SF Holding's transformation from a leading express delivery company to a comprehensive logistics service provider, driven by the booming cross-border e-commerce and accelerated overseas expansion of Chinese manufacturing [1] Group 1: Market Potential - The overseas market presents broader growth potential compared to the domestic market, with supply chain and international business expected to become a second growth curve for the company [1] Group 2: Operational Efficiency - Continuous cost reduction through network integration and operational transformation is anticipated, leading to a significant increase in operational volume and improved profit margins in the future [1] Group 3: Valuation and Investment Rating - Considering the company's high-end market barriers and future growth potential, it is expected to enjoy a valuation premium. The target P/E for 2026 is set at 22x, corresponding to a reasonable valuation of 55.22 yuan, with an initial "buy" rating assigned [1]