Company Updates - The company announced that during the "May Day" period, the total business volume for SF Same City increased by 87% year-on-year, with supermarket and department store volume up by 177%, beverage volume up by 106%, and last-mile delivery volume up by 102% [1] - According to Questmobile data, the average daily usage of the rider app in April increased by 40% year-on-year, indicating strong demand in the instant delivery sector [1] Industry Commentary - The growth in the takeaway industry is driving demand for last-mile delivery, suggesting that the company's same-city delivery B2B business volume may exceed previous expectations [1] - Questmobile data shows that the average daily usage of KFC and McDonald's increased by 31% and 30% year-on-year, respectively, indicating a positive trend in the takeaway sector [1] - The company is expected to benefit from its refined operational capabilities and flexible logistics network, leading to increased order volumes from key accounts (KA) [1] - The company anticipates that its revenue from merchants will exceed 24% by 2025, with KA business growth expected to be even higher [1] - The company's B2C business is expected to grow steadily alongside macroeconomic demand, supported by synergies with its express delivery services [1] Last-Mile Delivery Insights - The last-mile delivery business is projected to continue contributing revenue beyond expectations due to increased demand from e-commerce returns and the delivery of national subsidy products [2] - The integration of the company's logistics network with its parent company's express network is expected to enhance penetration rates and collaborative effects, further boosting profitability [2] - The company anticipates that its last-mile delivery volume will contribute significantly to revenue growth [2] Profitability Forecast and Valuation - The company has raised its revenue forecasts for 2025 and 2026 by 4.7% and 5.5%, respectively, to 20.343 billion and 25.711 billion [2] - Despite uncertainties in pricing trends within the takeaway industry, the net profit forecasts for 2025 and 2026 remain unchanged at 250 million and 406 million [2] - The company maintains an outperform rating and a target price of HKD 13.50, which corresponds to 0.6x and 0.4x P/S for 2025 and 2026, respectively, indicating a 26% upside potential from the current price [2]

Core Viewpoint - The market is witnessing a shift in perception towards third-party instant delivery platforms, with SF Express (顺丰同城) emerging as a key beneficiary amidst the competitive landscape of food delivery giants like JD, Meituan, and Alibaba [1][2] Group 1: Market Dynamics - The ongoing battle for the instant retail market, initially focused on food delivery, has revealed two main issues: the inability of self-owned logistics from platforms to meet diverse delivery demands and the need for merchants to avoid being tied to a single delivery platform [2] - SF Express, as a neutral third-party delivery platform, is positioned to capitalize on these challenges by providing services across multiple platforms, thus enhancing operational efficiency for merchants [2] Group 2: Competitive Landscape - The market for neutral logistics has been disrupted in 2024, with Dada Group being privatized by JD and Flash Delivery facing significant losses, highlighting the scarcity of leading third-party players [3] - In contrast, SF Express has demonstrated strong and sustained profitability, with a 27% year-on-year revenue increase to 15.7 billion yuan and a doubling of net profit, solidifying its position as the only consistently profitable player in the sector [3] Group 3: Future Outlook - The stock performance of SF Express reflects a market re-evaluation of the value of third-party instant delivery services, driven by the increasing demand for multi-scenario fulfillment and the company's strong brand presence [3] - Analysts predict continued growth for SF Express, with expectations of increased revenue in 2025 and 2026, supported by a 40% year-on-year increase in daily usage of its rider platform [4]

Core Insights - The article discusses the transformative potential of autonomous driving and unmanned logistics in reshaping global transportation and supply chains, highlighting significant cost reductions and efficiency improvements [1][15] - It emphasizes the challenges that the industry faces, including technological maturity, regulatory issues, and the need for a viable business model [1][4] Group 1: Market Potential and Trends - The report predicts that by 2030, the automated delivery market could reach nearly $900 billion, with last-mile delivery accounting for approximately $440 billion and mid to long-distance autonomous transport for about $420 billion [1] - The logistics sector is experiencing a significant shift, with the last mile being the most complex and costly part, representing 60% of total logistics costs [8][10] - The cost of logistics unmanned vehicles is decreasing significantly, with examples showing that the price of L4 autonomous vehicles can drop to as low as 39,800 yuan ($5,500) [10] Group 2: Competitive Landscape - The logistics unmanned vehicle sector is crowded with various players, including large logistics companies and emerging tech firms, leading to a diverse competitive environment [4] - Major players like Meituan, JD Logistics, and Cainiao are developing their own unmanned vehicles to enhance their logistics systems [4] - Startups like Ninebot and JiuSi Intelligent are rapidly iterating their products and have achieved significant milestones, such as the delivery of their first L4 city distribution model [5][7] Group 3: Technological Advancements - Ninebot's latest unmanned vehicles utilize advanced technology, including a dual Orin Drive computing platform and solid-state LiDAR, which significantly reduces costs and enhances performance [7][10] - The industry is witnessing a trend of cost reduction in components, with solid-state LiDAR being 60% cheaper than traditional mechanical versions [8][10] - The overall cost of unmanned vehicles in China is reported to be one-tenth of similar products in the U.S., marking a significant breakthrough [10] Group 4: Global Expansion and Challenges - Ninebot is actively pursuing a global strategy, having obtained the first unmanned logistics vehicle license in Singapore and securing orders in Austria and Japan [12] - The company faces challenges in adapting to different regulatory environments and local market needs, which may differ significantly from domestic scenarios [12][13] - The logistics unmanned vehicle market in China is expected to grow significantly, with projections indicating a potential market size of trillions by 2030 [15][16]

Core Viewpoint - The Hong Kong stock market has experienced a rally, with SF Express (09699.HK) showing significant performance, rising over 33% since May 9, 2023, and reaching a market capitalization of HKD 9.8 billion, driven by increased transaction volumes and a competitive landscape in the instant delivery sector [1][2]. Group 1: Market Performance - SF Express has seen a substantial increase in its stock price, with a cumulative rise of over 33% since May 9, 2023, and a single-day transaction volume of nearly HKD 350 million on May 13, 2023 [1]. - The company's business data during the "May Day" holiday indicates a year-on-year growth of 87% in overall order volume, with significant increases in specific categories such as supermarket orders (up 177%) and beverage orders (up 106%) [1]. Group 2: Competitive Landscape - The competition among major platforms like Meituan, Alibaba, and JD.com in the instant retail sector has intensified, leading to an increase in order volumes for third-party delivery platforms [1][2]. - Leading chain brands are increasingly opting for independent third-party delivery platforms to ensure service stability and reduce reliance on traffic platforms, as exemplified by Luckin Coffee's standardized delivery service provided by SF Express across various platforms [2]. Group 3: Financial Performance - SF Express reported a revenue of CNY 15.746 billion for 2024, representing a year-on-year growth of 27.1%, and a net profit of CNY 132 million, marking a significant increase of 161.8% [3]. - The company is recognized as the only third-party delivery enterprise in the industry that has achieved high revenue growth while maintaining continuous profitability [3].

Core Insights - JD Logistics has upgraded its "Warehouse and Distribution 211" service, enhancing its delivery efficiency for merchants [1] - The coverage of cities for the 211 same-day delivery service has increased by 60%, while the next-day delivery service has expanded by 35% [1]

即时配送也正成为本地化商超、茶饮、零售、餐食的竞争"硬件"，记者了解到，瑞幸咖啡、霸王茶姬、 山姆会员商店、海底捞外送等品牌及各大商圈商场均与即时配送建立了深度合作，平台甚至会根据消费 特点量身打造精细化配送方案。另外线上消费也开始往即时配送延展，比如此前母亲节多个即时零售平 台就上线鲜花专区活动，像抖音平台就推出"鲜花小时达"60元券包刺激消费，商家亦借机加速布局全渠 道销售，结合抖音"小时达"、微信私域以及小红书种草等，覆盖多元消费群体。南京一位顺丰小哥告诉 记者，即时配送对配送方式很有讲究，比如对于鲜花、蛋糕等比较娇嫩的易损品，专业骑士不但需要轻 拿稳放、匀速行驶，还需要根据需求进行喷壶补水及蛋糕保温等，守护鲜花蛋糕的"颜值"和鲜度。 业内专家认为，随着520、618等消费节点陆续到来，即时配送将持续发挥连接商家与消费者的纽带作 用，为消费市场注入新活力。 "即时消费"观念下，刚刚过去的母亲节礼赠场景持续拓宽，"万物皆可送"趋势明显。近期淘宝、京东等 平台加入"外卖大战"，淘宝"小时达"升级为"闪购"，并联合饿了么推出"超百亿补贴"，进一步带动"外 卖"过节热潮，为第三方即配带来增长机遇。顺丰同城最新数 ...

开餐具消毒配送厂需要先考察市场，这是非常关键的一步，原因如下： 分析市场竞争态势明确竞争对手情况：了解当地已有的餐具消毒配送厂的数量、规模、服务质量、市场份额以及价格策略等信息。分析竞争对手的优 势和劣势，有助于找到市场空白点或差异化竞争的方向。例如，如果当地的餐具消毒配送厂大多服务于大型餐饮企业，那么可以考虑将小型餐馆、小 吃店等作为重点开拓的市场领域。 了解市场需求确定潜在客户数量：通过市场考察，可以了解当地餐饮企业、酒店、学校、企事业单位食堂等潜在客户的数量和分布情况。例如，在餐 饮行业发达、酒店众多的区域，对餐具消毒配送服务的需求可能相对较大。 把握客户需求特点：不同客户对餐具消毒的要求和配送服务的需求可能有所不同。比如，一些高档酒店可能对餐具的消毒标准和包装档次要求较高，而学校 食堂则更注重配送的及时性和价格的合理性。通过市场考察，能够把握这些需求特点，以便更好地定位目标客户群体，提供符合他们需求的产品和服务。 挖掘竞争优势：通过对竞争对手的分析，结合自身的资源和能力，挖掘出自身的竞争优势。比如，可凭借更先进的消毒设备和技术，提供更高质量的消毒服 务；或通过优化配送流程，实现更快捷、准确的配送，从而 ...

Regulatory Actions - The State Administration for Market Regulation and other departments have interviewed major food delivery platforms like JD, Meituan, and Ele.me regarding competition issues, emphasizing compliance with laws and regulations to ensure fair competition and protect consumer rights [1][1][1] Company Developments - Neta Auto's associated company, Hozon New Energy Automobile Co., has been filed for bankruptcy examination, indicating potential financial distress within the company [2] - Meituan's food delivery service Keeta is set to enter the Brazilian market, with plans to invest $1 billion over the next five years [1][1][1] - Xiaomi's SU7 Ultra has faced backlash from hundreds of owners demanding refunds due to discrepancies between promotional claims and actual product performance [4][4][4] Market Trends - The price of gold jewelry has dropped below 1,000 yuan per gram, with significant declines reported across major brands [4][4][4] - The price of crayfish has plummeted by nearly 50%, with wholesale prices dropping from over 40 yuan per kilogram to around 18 yuan [5][5][5] Financial Performance - JD reported a first-quarter net profit of 12.8 billion yuan, a year-on-year increase of 43.4% [14] - Fortinet's first-quarter revenue reached $1.54 billion, reflecting a year-on-year growth of 13.8% [13] - Huya's first-quarter total revenue was 1.51 billion yuan, with a non-GAAP net profit of 24 million yuan [15] Strategic Partnerships - Apple is collaborating with startup Synchron to develop a new brain-computer interface aimed at assisting disabled individuals [5] - Amazon has resumed its partnership with FedEx for large item deliveries, marking a significant return to collaboration after a previous split [9][9][9]

作 者 | OJRB Investment Research 编译 | 华尔街大事件 Uber( NYSE: UBER )率先推出众包叫车服务，并已发展成为该领域的全球领导者。自 2009 年由特拉维 斯·卡兰尼克创立以来， Uber已拓展至在线餐饮、食品零售、包裹递送和货运代理服务。如今， Uber的业 务覆盖 全球 15,000 多个城市，每月平台活跃用户 (MAPC) 数量达 1.71 亿，年总订单量达 1,800 亿美 元。 Uber 是一家由供给驱动的网络效应企业。最终，客户需要的是 1.) 优质的服务、2.) 较低的等待时间以及 3.) 合理的价格。为了实现这些目标，平台需要拥有强大的司机网络。作为全球最大的司机网络，Uber 无 疑为客户提供了最佳服务。随着司机网络的不断壮大，这种情况将会得到改善。 Uber 互操作的配送和出行平台是其竞争优势的关键。在供应端，双平台允许司机通过多种创收方式最大 化其收入潜力，包括外卖配送、杂货提货/配送、包裹递送和网约车服务。这种可选性激励了更多司机使 用该平台。例如，Uber 出行平台司机的首次出行中有 20% 来自快递员。Uber 不断增长的深厚客户群也 ...

凌晨2点，江西兵哥送菜实业有限公司，仓库和办公区域物品摆放整齐划一，身着统一迷彩工装的员工 们开始忙碌。"企业里大部分员工是退役军人及家属，军人作风已经成为企业的重要内核。"江西兵哥送 菜实业有限公司党委书记、董事长陈堃源说。 陈堃源曾在武警江西总队南昌支队服役8年，从优秀士兵、优秀共产党员到3次荣立个人三等功。2010 年，陈堃源恋恋不舍地脱下军装。 之后，他当过保安、做过司机，投资过茶叶生意。"从部队这所大学校'毕业'，除了厚厚一沓荣誉证书 和一身过硬的军事素质，我还拥有了顽强的毅力和不服输的精神。"陈堃源说，他在部队干过后勤保 障，有一定经验，最终把目光投向了生鲜配送行业。 2013年，陈堃源和两位战友一起在南昌市青云谱区租了一间50平方米的店面，踏上了创业之路。"凌晨 一两点我就要去采购，3点多开始分拣，6点蹬着小三轮去送货，白天要一条街一条街地去找客户、谈业 务，每天如此，风雨无阻。"令陈堃源感到欣慰的是，凭借优质的服务和过硬的质量，公司在第二年的 销售额就突破了千万元。 陈堃源在大棚搬运蔬菜。 受访者供图 行力强。"陈堃源说，5年来，孵化基地累计为5000余名退役军人提供免费技能培训，助力268人 ...