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顺丰控股(002352):Q2业绩稳健增长,经营激活再度加码
Changjiang Securities· 2025-09-07 23:30
Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - In Q2 2025, the company achieved a revenue growth of 11.5% year-on-year, with a net profit growth of 21.0% [3][4]. - The company's operational activation has driven a significant increase in package volume, leading to a continuous market share increase [3]. - Strategic resource investments and flexible pricing strategies have put pressure on gross margins, but a structural cost reduction is expected to improve margins in 2026 [3][4]. - The company benefited from a tax-adjusted investment income of 590 million yuan from the disposal of Southern SF Logistics REIT shares in Q2 [3]. - A "shared growth" stock ownership plan has been introduced to enhance long-term returns [3]. Summary by Sections Financial Performance - For H1 2025, the company reported total revenue of 146.86 billion yuan, a 9.3% increase year-on-year, and a net profit of 5.74 billion yuan, up 19.4% [3]. - In Q2 2025, revenue reached 77.01 billion yuan, with net profit at 3.5 billion yuan, reflecting year-on-year growth of 11.5% and 21.0% respectively [3]. Operational Highlights - The company's express delivery business volume grew by 25.7% year-on-year in H1 2025, with Q2 showing a 31.2% increase to 4.27 billion packages [4]. - The company has seen significant growth in various business segments, including same-city delivery, which grew by 38.9% [4]. Margin and Profitability - The gross margin in Q2 2025 decreased by 1.4 percentage points to 13.1% year-on-year, primarily due to increased strategic investments and flexible pricing [4]. - The company’s operating expense ratio improved, decreasing by 0.5 percentage points year-on-year [4]. Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 11.67 billion, 13.75 billion, and 15.91 billion yuan respectively, with corresponding P/E ratios of 18.0, 15.3, and 13.2 [4].
一季度营利双增,张坤加仓顺丰控股
Huan Qiu Lao Hu Cai Jing· 2025-04-29 04:06
Group 1 - The core viewpoint of the news is that SF Holding reported strong financial performance for Q1 2025, with significant growth in revenue and net profit, marking a record high for quarterly net profit since its listing [1] - The company achieved operating revenue of 69.85 billion yuan, a year-on-year increase of 6.90%, and a net profit attributable to shareholders of approximately 2.23 billion yuan, up 16.87% year-on-year [1] - The net profit margin reached 3.2%, indicating improved profitability [1] Group 2 - The express logistics and supply chain and international business segments both saw revenue growth, increasing by 7.2% and 9.9% respectively, with a total parcel volume of 3.56 billion, a year-on-year increase of 19.7% [1] - Gross profit for Q1 was 9.29 billion yuan, an increase of 8.0% year-on-year, with a gross profit margin of 13.3% [1] - Management expense ratio decreased by 0.6 percentage points, and R&D expense ratio decreased by 0.1 percentage points [1] Group 3 - SF Holding announced a new share repurchase plan, intending to buy back A-shares with a total amount not less than 500 million yuan and not exceeding 1 billion yuan, at a price not exceeding 60 yuan per share [1] - The repurchased shares will be used for future employee stock ownership plans or equity incentive plans [1] Group 4 - As of the end of Q1, E Fund Blue Chip Select Fund became the tenth largest shareholder of SF Holding, holding approximately 35 million shares, representing 0.7% of the total shares [2] - SF Holding also entered the top ten holdings of E Fund Quality Select Fund for the first time, accounting for about 4.96% of the portfolio [2] - The fund manager, Zhang Kun, began building a position in SF Holding in the second half of 2024 and significantly increased holdings in Q1 2025, with E Fund Quality Select holding 16.3 million shares valued at approximately 703 million yuan [2]
顺丰控股盈利102亿分红89亿均创新高 供应链及国际业务收入705亿成第二曲线
Chang Jiang Shang Bao· 2025-03-31 00:20
Core Insights - SF Holding achieved record-high operating performance in 2024, with revenue reaching approximately 284.4 billion yuan, a year-on-year increase of over 10%, and net profit surpassing 10 billion yuan for the first time, reaching 10.17 billion yuan, a growth of over 20% [1][3][4] Financial Performance - In 2024, SF Holding's revenue increased by 26.01 billion yuan compared to the previous year, marking a growth rate of 10.07% [3] - The net profit attributable to shareholders grew by 1.93 billion yuan, with a year-on-year increase of 23.51% [3] - The company plans to distribute cash dividends exceeding 8.9 billion yuan, setting a historical high [2] Business Segments - The express delivery business generated 122.21 billion yuan in revenue, up 5.8% year-on-year, with a business volume increase of 11.8% [5] - The economic express segment reported 27.25 billion yuan in revenue, a growth of 8.8%, with a business volume increase of 17.5% [5] - The freight business achieved 37.64 billion yuan in revenue, reflecting a 13.8% increase, with cargo volume growing over 20% [5] - The cold chain and pharmaceutical segment saw a revenue decline of 4.9% to 9.81 billion yuan, primarily due to climate factors affecting seasonal fresh produce [5] - The same-city instant delivery business grew by 22.4%, generating 8.87 billion yuan [5] - Supply chain and international business revenue exceeded 70.49 billion yuan, with a growth rate of 17.5%, indicating a solid second growth curve [5] Cost Management - Structural cost reduction has been a significant factor in the net profit growth, with continuous optimization of the network and a decrease in average operating costs [6] - The comprehensive gross margin and net margin for 2024 were 13.93% and 3.59%, respectively, both showing year-on-year increases [7] Technological Innovation - SF Holding emphasizes technological empowerment, integrating advanced logistics technology to enhance operational efficiency and customer service [8] - The company has developed proprietary models for logistics decision-making and large language models, improving demand forecasting and operational decision-making [8][9] - The application of automation technologies, such as AGV and RPA, has optimized business processes and enhanced network efficiency [8][9] R&D Investment - Since 2020, SF Holding has invested over 3 billion yuan annually in research and development [10] - As of the end of 2024, the company holds 4,180 active and pending patents, with 2,505 software copyrights, of which 61.5% are invention patents [10] - The company aims to accelerate industry transformation by shifting from a "product-selling" model to a "solution-selling" model, expanding its supply chain capabilities [10]